The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1897-09-10

i
| lar if he earns it. or whether you are going
to cheat him with something else.
| We declare that the act of 1873 =
! hes resulted in the appreciation of gold.
| 1t has not resulted in the appreciation
| of gold. because gold has not appreciated
| Any article "appreciates'' in value only
| when there is an increased demand for it
either because of the reduction in the
| quantity or an enlarged need for it in the
current affairs OF life. The figures of
| the best statisticians show that the gold
| com OF the world and the total money of
| the world have increased much more rap
| ldly than the population since 1873, hence
the absurdity of the claim that it has zap
| preclated' in value, as the amount for
each individual in the world has greatly
increased since the passage of the act in
| question. The gold money of the world
| has more than doubled since 1878, the sill
| Yer money of the world has nearly or quite
| trebled in that time and the paper money
| has also increased largely. while the pop
ulaton of the world has increased only %
| per cent in the same period. 1t is thus
evident that the total amount of money
for each individual in the world is much
| greater than in 1873 and that there can
| thus be no increased per capita demand
| FOR gold and hence no appreciation In
| its value, while the fact that a large pro-
| portion of the business of the world is now
performed with checks. drafts and other
| forms of credit without the direct use of
| money further reduces the demand upon
| gold. The mines of the world produce
more gold to-day than they produced of
| gold and silver together in 1873. the silver
production of to-day is nearly three times
what it was in 1873 and the amount of
| silver now annually coined is more than
| was produced from the mines of the world
in 1873. The number of silver dollars
| coined in the United States in the fiscal
| year just ended was two and half times
| rs many as in the entire history of the
| mints prior to 1873 and the total number
Of full legal tender dollars coined by our
mints since 1873 is 56 times as many as
were coined in the entire history of the
mint prior to the act of 1873.
We declare that the. act of 1873
resulted In an appreciation of gold ana q
corresponding fall in prices.
Since it is shown from official statis-
tics that there has been no appreciation
of gold but on the contrary Il vast increase
IN Its production and coinage and an in
crease in the other classes of money of the
world. an increase much more rapid than
that of the population. the cause of the
fall in prices of commodities must be look
ed for elsewhere This fall in prices is
due to the enormous increase in produc-
ton, and to the reduced cost of produc
ing and transporting the products of the
farm. factory. forest and mine. Senator
PeHer. in his report to the Senate in 1891
on the cause of the fall in agricultural
prices said: 'In Kansas it appears from
the report of the secretary of the State
Board of Agriculture that it costs 30
70 roi n hug hal of who +
in Pennsylvania the average cost of pro-
ducins a bushel of wheat is about 60
cents. Wheat in India costs but
about 13 cents bushel on the farm, II
cents more puts it aboard ship and %
cents additional lands it on the wharves
in Liverpool. This tifty-cent wheat from
India competes lin our best market Eng
laSdl with wheat on American farms a
an average cost of 60 cents per bushel.
Wages of India farm hands run
from 6 to 10 cents of our money per day
The same report shows that the cost of
producing wheat on the great farms of
California and the Dakotas is less than
half the average cost in the Central Mis-
sissippi valley. while similar conditions
prevail iii Argentine and Australia. which
through the extremely low ocean freights
are also competitors with us in all the
markets of the world. The reduced cost
of agricultural products due to the COM
bination of low freights and the use of
machinery, finds parallel in the reduced
cost of manufacturing in all lines through
similar causes. and also in the reduction
IN the cost of mining and the production
of the precious metals. which thus supply
the money Of the world at a greatly reduc-
ed cost of that prime measure of value,
labor
We declare that the act of 1873
has resulted In heavy Increase in
the burdens Of taxation.
The increase in the burdens of Federal
taxation are mainly due to the increase in
expenditures for pensions. public build
ings and river and harbor improvements,
and any party which would specifically
declare against Il continuation of these
would quickly find itself repudiated by the
people.
We declare that the act of 1873
has resulted in a heavy increase in
the burden of all debts. public and private.
The census figures show that the in
crease in debts since 1878 has been. in a
very large share of the cases. for the pur-
chase Of homes or the Improvement of
farms, and that the sections in which this
Increase in mortgage indebtedness has
been greatest, have shown as result the
greatest activity and the greatest increase
in actual wealth and genuine prosperity.
We declare that the act of 1873
resulted In the enrichment of the
money-lending class at home and abroad
The money lending class can only grow
rich by the interest which it receives for
money loaned, and everybody knows that
the rates of interest have greatly fallen
since 1873 and that the opportunity for
enrichment by this means must conse-
quently have been correspondingly reduc-
ed. The usuricus rates of interest which
were possible in many sections of the
country prior to 1913 are now absolutely
prohibited by State legislation.
We declare that the act of 1873 /.
resulted In the prostration of indus
try and the impoverishment Of the people
Industry was not 'prostrated' or the
people Impoverished until the success of
the Democratic party at the polls in 1899
and its free trade legislation which fol-
lowed paralyzed industry in the United
States and transformed its communities
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