The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1897-04-23
APFRsolAfloA 81 MoNEY.
EEsosn o. q Change ii the Fhiue 81
the Money Unit.


frst view It's connection with the de-
structive consequences that necessarily
flow from It.
If the consequences Of an appreciat-
ing money standard could be, or were,
seen and recognized by people general
y, such g standard would no more be
tolerated than a pestilence that could
be avoided, But the truth ia, few at
hrat see or recognize the effect Of such
fierce upon the affairs Of lie; and
fewer still entirely comprehend its
silent but all-peryading power,
Indeed, without the knowledge Of the
fundamental laws OF money, it is diff
cult to fully understand the ex-
tent to which the appreciation or de
probation Of the money unit affects
social conditions. But when the true
relation Of money to the prices of CON-
mOdities, the wages of labor, and to
debts to be paid is understood, then the
consequences OF such changes become
at once apparent, and when it is under
stood that price is the value Of a thing
in money and that general prices, or
price levels, express the relation be-
tween money and commodities; or more
strictly, perhaps, between money on the
one side and things to be bought and
sold and debts to be paid on the other,
and that necessarily as money appre-
eiates, or rises, other things go down,
while obligations to pay money for
the most part remain unchanged, the
disguise in which the evil is yelled is
no longer inpenetrRbIe, and the wide
| spread injustice such condition entails
Is disclosed.
1t is now generally conceded that In
the last IS years the relation between
money and commodities generally has
undergone a change expressed by an in
crease Of at least 100 per cent, in the
value Of money and a corresponding fail
of so per cent. in the prices of COM
modities and of property generally,
other than money and money secuTi-
ties. Such G change in a quarter of a
century is without parallel in all his
tory. Changes in the value of money
there have been, due to increase or de-
crease in volume, but never before so
rapid as during the last quarter of this
century; and never with world debts to
be thereby affected anything like so
general or of such magnitude as now.
Who can conceive the extent of the
transfer OF wealth from those who
created it, or formerly held it, to those
who are in position to command 1t in
satisfaction of money obligations, en-
HANGED in value to the extent that money
has appreciated? The slightest inspec-
ton of such a force is enough to show
that but a brief period would be re-
quired to transfer TO few hands, by this
agency alone, the bulk of the wealth of
the world. 1t is impossible to conceive
of q power for wrong at once so subtle,
so potent, and so ali-pervading as that
which springs from the appreciation Of
the money unit. If all weights and all
measures should by some occult process
be made TO undergo a continual aug
mentation in length, volume, or weight,
with no cOmpensOting offset, the effect
such variations would have in the dis
tribution of wealth can easily be i'm
agined; but the disastrous consequences
of such changes would fall short of
those that follow the continual appre-
citation of the money unit.
1t is impossible, while such conditions
exist, for equality to prevail in the
dealings Of men. In fact, under such
conditions justice is essentially ban
ished from the world! No amends can
be made for wrong so radical.
Prof. Fisher, of Yale college, in a
long and labored paper, has under
taken to show that this evil is compen-
sated by a reduction in interest. While
it is not denied that q reduction in in
terest affords some measure of compeu-
satiOn, many things, as taxes and fixed
charges generally, are not affected by
a reduction of interest. Moreover, the
professor fails entirely to establish
any direct eompensating connection
between a rise Of money and reduc-
tiOn Of interest.
The aggregate rate Of increase in the
value Of money since 1873 has been more
than four per cent. per annum. With
debts amounting to thousands of mil
lions, if there were no interest at all,
twice the quantity Of commodities must
now be set off to balance the money OBJ
legations of 20 years ago that other
wise would have been required. What
ever the rate of interest may be reduced
to. the rate of appreciation must be
added to it to find the true increase in
the power of an approaching money.
How long can civilization stand
against a force so tremendous, working
perpetually against the right and for
the wrong? How long can society, as
now organized, continue when the es-
seutial elements Of equality and JUS
tice are thus destroyed? How long
can institutions based upon the foun-
dation of equal rights for all endure?
Surely the root of all financial evil
is the continual appreciation of the
money unit. Nor can there be any 9th
er remedy than the removal of the cause
of the evil. Stop the appreciation OF
money! It's deadly effect can be over
come by no eountervailing measures
Nothing else will check The drift OF
wealth to few hands, and with wealth
concentrated in the hands OF a few
neither a high state of civilization nor
a prosperous condition of industry is
possible. OF what avail in the middle
ages, with all the wealth in the hands
Of 1000, 900 fTeemen, with 24.OOO,OOO Of
slaves, would an Industrial system have
been that would have multiplied prod
uets for the million who owned the
wealth? They could not sell to slaves
So now Of what avail TO invent mechan-
ical appliances and set more machin