Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1897-09-10

borg man is entitled to have Il gold dol
az de earns it, or whether you are going
to cheat him with something else"
We declare that the act of 1873 = . .
mas resulted In the appreciation of gold.
1t has not RESULTED in the appreciation
of sold.' because gold has not appreciated.
! Any article 'apprcciatcs' 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
coin of the world and the total money of
the world have increased much more rap
idly than the population since 1873. hence
the absurdity of the claim that it has zap
preciated' in value, as the amount for
each individual in the world has greatly
Increased since the passage of the act i'll
question. The gold money of the world
has more than doubled since 1873, the sill
Ner money of the world has nearly or quite
trcblcd i'll that tiine md the paper money
has also increased largely, while the pop
ulation 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 i'll the world is much
greater than in 1873 and that there can
thus he no increased per capita demand
for gold and hence no ''apprcciation' in
lis value. while the fact that II large pro-
portion of the business of the world is now
performed with checks. drafts and other
forms ot 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 aud 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
i'll 1888. The number of silver dollars
coined in the United States in the fiscal
year Just ended WAS two and Il half times
as many as in the entire history of the
minis prior to 1873 and the total number
of full legal tender dollars coined by our
minis since 1873 is 56 times as many as
were coined i'll 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 and n
corresponding fall in prices.
Since it is shown from official statis-
ties that there has been no appreciation
of gold but on the contrary IL vast increase
in its production and coinage and an in
crease III the other classes of money of the
world. an increase much more rapid than
that of the population. the cause of the
fall i'll prices of commodities must be look
ed FOR elsewhere. This fall in prices is
due to the enormous increase in produce
ton, and to the reduced cost of produce
ing and transporting the products of the
farm. factory, forest and mine. Senator
PETER, in his report to the Senate i'll 1854
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 90
rents TO raise IL bushcl of wheat, = n y
in Pennsylvania the average cost of pro-
ducing Il bushel of wheat is about ia
cents. y Wheat in India costs but
about ID cents IL bushel on the farm, II
cents more puts it aboard ship and %
cents additional lands it on the wharvcs
in Liverpool. This tifty-ccnt wheat from
India completes Tin our best market. Eng
landD with wheat on American farms at
an average cost of go cents per bushel.
y = y 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 Dnkotus 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 frcights
are also competitors with lis in all the
markets of the world. The reduced cost
of agricultural products. due to the COM
bination of low frcights and the use of
machinery. finds Il parallel in the reduced
cost of manufacturing in all lines through
similar causes. and also in the reduction
i'll 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 . . Il heavy increase in
the burdens OF taxation.
The increase in the burdens of Federal
taxation are mainly due to the increase i'll
expenditures for pensions. public build
ings and river and harbor improvements,
and any party which would specifically
declare against II continuation of these
would quickly find itself repudiated by the
people.
has resulted In ss a heavy Increase in
the burden of all debts. public and private.
The census figures show that the in
crease in debts since 1873 has been, in IL
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 a result the
grcatest activity and the greatest increase
in actual wealth and genuine prosperity.
We declare that the act Of 1873
moncy-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-
| qucntly have been c~orrespondingly reduc-
| cd. The usurious rates of interest which
were possible in many sections of the
country prior to 1873 are now absolutely
prohibited by State legislation.
We declare that the act of 1873 . . .
resulted in . . . the prostratlon 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 1892.
| and its free trade legislation which fol.