The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1897-09-09
GOLD BASIS A BONUS.
HOW 1T Is IMPOSSIBLE FOR
AMERICA TO COMPETE
Aud Yet Pay Living Wages to Home
Labor-Tsxt of the Address of Mrs.
EIizab s,h SheIdon TillinEhast
at the Picuic Thursday.

at the fIcniC lhursuhS'
Following Is the address Of Mrs. Eliza
beth Sheldon -Tillinghast, at the grand
picnic held under tie auspices Of the Can
ton branch Of the woman's AmericAr
Bimetallic Union, at Meyers lake, Thurs
day, Sept 2, 1897:
The Republicans claim it was the lAci
Of confidence, the maintenance Of the golt
standard and the Wilson bill that caused
the hard times and that the Dingley bill
Is oausiag the revival, but though
gold standard 5licy was assumed by this
result of the election, and the msir
feature Of the Dipgey bill were known
months ago-tte revival began only with
tie rise in the price Of wheat and Other
farm products.
Bimetallists claim that the hard times
we're caused by the continued fall in the
general level of prices They say that this
revivsl-as the revival CT ls01-1S92-is
due to the rise in the price Of farm pro
ducts which assures profit, which will
that this prospective demand sets the
mills to work and that the great for
eign demand for our goods assures
a bslarce of trade in our favor.
They cl i n that a rise Ia the general
level Of prices always brings prosperity
and that y continued fall al ways brings
hard tines.
1t is of the utmost Importance then TO
learn the cause Of rise or fall in the gen.
eral price level All political econom lists
agree that when money is abundant gen.
eral prices are higher-and other things
being the same-when moreY is scarce
prices are low; that general prices rise
when the amount Of new money exceeds
he demand made for it by new bust
mss that general prices fill when the
amount Of new money does not equal the
demand made for it by new buslnes-.
New busiLess is caused by increase 10
population, by new iuve entions Every
increase 10 popul alton necessitates a larger
amount ofmoney q circulation but every
rev inven ion, every new division Of
labor, every devel0pu ent in business, art
or civilization requir. larger percspitA
CT cul alton. Savagel mead but little
money b, cause each one supplies his own
wants and his wants are few. They do
not netd money for bicycles ncr books
nCr a college education because they have
not earned tl value these things.
Spa per capita money supply that was
ample 80, 25 or even 10 years ago is
much too small fer present development
and present needs. The res capita circula-
ton for 1897 is almost precis ly the same
that it was in 1882, fifteen years ego In
winter the depth of snow in any spot de-
pends upon two thiDgs-first upon the
amount of srow that has fallen-the
average de, tn; and Cescon', upon the
action of the wind in that particular spot
by which the average Gepth is maintained
or is Increased or diminished.
So it is With prices. The general level
Of prices depends upon thu amount cf.
money in circulation. TIE price of a
partic ular thing is then maintaiDed at
that general level or it is increased or
diminished according to the supply aud
demand for that articl'. AS it is posi-
BILE to have few big drifts tven with a
light fall { f snow-though in that case the
surrounding ground must be bare, or
nearly s.-in the same way the price Ct
a feR tAiags may be high even With
sc ace money.
temporarily raise tie prics Of our wheat
and bread stutfs, or a tariff or monopoly,
or both, can arbitrarily raise the price
OF particular thing like sugar, but if
ths morey SUPPLY remains the same
prices of the other things must fall until
the average is ri established.
The only way that ell prices can he
raised is by inCre sing the supply Cf
money,
Gold men sly that money is plenty be-
cause the banks are foil of money laying |
idl'. But that does not indie ate that
mere money is not needed in business. |
1t merely indicates that the kinds Of pro
ductiou or business in which money can
be proGtably inv, sted while prices are
falling-are very fsw.
The mora money that is lying idle the
more certiin it is tnat business in general |
is Improbable,
4 Why should falinR prices paralJze |
business? 1t is said If man gets less
for what be sells he also pays less for
what he buys.
That Is true and If all business were
done strictly for cash, falling prices woula
make less difference. But modern bust
ness is founded on debts, done With bor-
rowed capital A debt is a promise to
pay a certlin number of dollars. If prices
are falling it takes Lore and NO pro-
duct to get a dollar, moe and more work
or time, which constantly increases the
burden of that deSt-then profits diminish
and ages are cut. When profits ceass
are clio ed and both capital and
labor are idle. When work is slack people
have but little money to spend, and when
they ara idle they have more at all. Then
demand even for food and clothing is re-
iuoed to its lowest terms. The demand
% political economy docs not mean what
people want nor even what they need but