The representative. [volume] (St. Paul, Minn.) 1893-1901, 1897-01-06
IN A NUT SHELL.
THE WHOLE MONEY QUESTION
TOLD IN A FEW WORDS.

L dE WHILE MONEY QUES1lON
TOLD IN A FEW WORDS.
Immediately after the election the
editor of newspaper insisted we
must answer two questions he had
written out. To oblige him we die
tated the following article, part Of
which has already turned out to be
prophecy. 1t may dosgood to hand it
to the unconverted. Ed. Repl
I.
What, in short, arr a few Of the
principal reasons Why you favor the
monetary system as set forth In the
platform of the parties which nomi-
mated Bryan?
would say, that favor the remoneti-
zation Of silver for this reason: that
1t is admitted that the prices Of COM
modities, including all products OF
labor, depend upon the relation which
exists in the world between the quan-
tity of primary moneY,or money Of fin
al redemption. and the quantity of the
particular commodity Ia question. It
is conceded by all who have studied
the subject that an abundant curren-
cy means cheap currency, just as an
abundant supply Of wheat means
cheap wheat. On the other hand
scarce supply of money means dear
money, that is to say. it will exchange
for so much more 0G al commodities
and products Of lah In The same
way reduction OF 6eet cEep e
the world means q lest, 9Sd 81
any one desires to fchas6 : blSS3iel
or Wheat he will Pr 10 QlR8f Hsexs
change so much m01&E I9Ec -
-ditY which he p0ss sal
years, at least, Inc 5lmAfy moh4 E
the world consisted d kpld and nh
and there was as MT z 0f one-ag tIIS5o
was of the other; an lthey held re1a-
tion to each other varying from nine
of silver to one Of gold, at the time of
the Christian era, down to sixteen of
silver to one of gold, the ratio in ex-
istence in 1873. when the mints were
closed against the coinage of silver
dollars. The prices Of all commodi-
ties in the world were adjusted to this
double supply of money, gold and sill
YER. The holders of the worlds evil
dences of debt thought that they
could increase the value of their pos
sessions by increasing the purchasing
power of the dollar. To do this they
at first tried to demcnetize gold, and
succeeded in three or four countries
of Europe; but when the supply Of
gold from Europe and Australia fell
off they perceived that 1t would be a
scarcer metal than silver. and they
turned their assault upon silver; and
have succeed in changing it from one
of the money metals Of the world to a
mere commodity. like wheat or corn:
and by closing the mints against it
have decreased the demand for it and
the price fell correspondingly or rath-
er to speak more precisely, the price
of gold rose. Our country, and most
of the countries Of Europe are now up-
on a gold basis. There is only one-half
as much primary money in existence
as there was 70 years ago, consequent
ly prices have been steadily falling
ever since 1873. Falling prices mean
decreased purchasing power on the
part Of the producers and consequent
ly decreased business for the mercan-
tile world, hence those in debt find it
twice as difficult to get out of debt;
thus the laDOrerS find less demand for
their labor because when industry can
not purchase the productions Of labor
compensation. must = be decreased;
hence the world is now upon down
grade," prices are shrinking, enter
prise, decreasing. the land is concen-
trating in the hands OF a few, and this
process continued still further means
q partial return toward the Dark
Ages, and will eyentuate In; the i'm
p0verishment of the great mass of
manktad, the building up OF still more
colossal fortunes, and posi- bly, many
material changes, from Republican
ism toward Despotism. For these
reasons would prefer to see the pri-
mary money Of the world increased
rather than diminished?
II.
Please state in the form of a prophe-
cy how or in what way the United
States during the coming four years,
under Mckinley. will prove or disprove
the above given reasons?
In answer to your second question /
would say that If after this ''boom" as
we call it. this attempt of the people
to cheer each other into hOpefulneSS,
this setting in motion Of the mechan-
ism of business, there should be no
business, then the propos ition / have
stated will prove itself to be true. In
my judgement it is impossible for Mr..
Mckinley, or the Rept blican, party to
give the people of the United States
prosperity during TIE next four years,
however much they may desire to do
SO. The prices of all the great staples,
such as cotton. wheat, wool ETC., are
fixed in the markets across the ocean;
and there they ares fixed upon gold
standard, upon money supply that
has been divided nllalf and ne-half
thrown away. In this state our great
crop is wheat. There is no local de-
vice that can raise the price Of wheat
atove the price that it holds in the
markets of the worlJ, consequently il
wheati is worth SO cents where it used
to be 81, the prosleIsty Of the country
must be corresJ ngly decreased.