Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1897-04-22
APPRECIATION OF MONEY.
Effects OF = Change I'm the Value o
the Money limit

unit is usually so yelled as to preclude a
| first view its connection with the de
structiTe consequences that necessarily
low from it.
Ii the consequences of an appreciat
ing money standard could be, or were
seen and recognized by people general
| ", such standard would no more bs
tolerated than a pestilence that cOulo
be avoided. But the truth is, few al
| first see or recognize the effect of such
force upon the affairs of life, and
fewer still entirely comprehend its
silent but all-pervading 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 COM
medities, 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 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-
ciates, 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 impenetrable, and the wide
= Il i
is disclosed
It is now generally conceded that in
the last 25 years the relation between
money and commodities generally has
undergone change expressed by an in
crease of at least 100 per cent. in the
value of money and a corresponding fall
of SO per cent. in the prices of COM
modities and of property generally,
other than money and money securi-
ties. Such a change in 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 it in
satisfaction of money obligations, en-
HANGED in value to the extent that money
has appreciated? The slightest inspec-
ton of such force is enough to show
that but 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 power for wrong ut once so subtle,
SO potent, and so all-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 compromising 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.
It is impossible, while such conditions
exist. for equality to prevail in the
dealings of men. In fact, under such
justice is essentially ban
ished from the world! No amends can
be made for a wrong so radical.
Prof. Fisher, of Yale college, in a
long and labored paper, has under
taken to show that this evil is compen-
stated by a reduction in interest. While |
it is not denied that a reduction in in
terest affords some measure of compen-
Sation, many things, as taxes and fixed |
charges generally, are not affected by |
n reduction of interest. Moreover, the |
professor fails entirely to establish |
any direct compromising connection |
between a rise of money and n reduc-
ion of interest.
The aggregate rate of increase in the
value of money since 1873 has been more
han four per cent. per annum. With
lebts amounting to thousands of mil
ions, if there were no interest at all.
vice the quantity of commodities must
low be set off to balance the money OBJ
legations of 20 years ago that other
wise would have been required. What
.ver the rate of interest may be reduced
o, the rate of appreciation must be
ldded to it to find the true increase in
he power of an approaching money.
How long can civilization stand
gainst force so tremendous, working
against the right and for
he wrong? How long can society, as
low organized, continue when the es-
entail elements of equality and JUS
ice are thus destroyed? How long
an institutions based upon the foun-
ation of equal rights for all endure?
Surely the root of all financial evil
) the continual appreciation OF the
money unit. Nor can there be any 9TH
r remedy than the removal of the cause
f the evil. Stop the appreciation of
noneyt It's deadly effect can be over
Iothing else will check the drift of
'ealth to few hands, and with wealth
in the hands of few
either high state of civilization nor
prosperous condition of industry is
ossible. OF what avail in the middle
ges, with all the wealth in the hands
1000, 900 fFeemen, with $4,000, 900 of
laves, would an industrial system have
cen that would have multiplied prod
cts for the million who owned the
'ealth? They could not sell to slaves.
o now of what avail to invent mechan-
.al appliances and set more machin- ,
ry in motion to produce more for the
600, 900 who are already oversupplied
fter the other 100000 have become
0 impoverished that they cannot buy?
Earkets are made by people who can
uy.
Prosperity will never come to our
eo,,le hy lifting q few near the ton !