Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1897-11-25
ANOTHER OBJECT LESSON.
Sound and Healthy Prices Are Bettei
Than aSounds Money.

Sound and Healthy Prices Are Bettes
Than stS0undo Money.
When Mr.. Cleveland was elected in
1892 the gold trust had reason to know
that the plans it had conceived in its
own interest would receive his hearty
sympathy and support. But something
more was necessary. Congress barred
the way to such legislation as the gold
trust deemed necessary to its purposes.
Public sentiment in and around the
financial centers must be touched up
and crystallized. In order to do this it
was necessary to give the people an OBJ
ject lesson.
The members of the gold trust knew
that the minis of India were to be
closed June, and that this event would
cause a serious drop in values, They
seized upon this event and it's results,
therefore, to produce a most ruinoua
panic. The banks of New York, acting
as the agents of the gold trust, began
to call in their loans, and refused to
make new ones. This, of course, alarmed
individual lenders, and so, in a very
few hours, the effect of the tremendous
money contraction began to be felt
The banks not only refused to make
loans, but actually refused to pay out
money on the checks of depositors, thus
adding to the alarm and misery of the
situation.
The object lesson was successful.
Aided by an administration which
turned against the people, the bond
squeeZers raided the treasury, and con-
gress was weak enough to yield to their
demands. The gold trust, taking adj
vantage of the popular contempt for
the Cleveland administration, was also
successful in giving power to another
OF its agents, so that for four years, less
eight months, the people can expect no
legislation calculated to remedy the
evil results of the single gold standard.
Meanwhile the voters of the country
are receiving another object lesson
which cannot fail to make a deep and
lasting impression on their minds.
They have discovered that the only
measure of relief which has come to
them in any shape or form is the result
of wheat famine in Europe and in the
si!ver-using countries, and that this is
a relief because the dollar has depre-
So far as the people of the south are
concerned, they are having another OBJ
ject lesson in the price of cotton, the
great staple on which the business and
trade of this section largely depend.
The price in New York is within point
or two of the lowest on record. On the
plantations it is worth about $22 bale.
This is the situation which our business
men, who have been impressed by the
false cry of sound" money, would do
well to ponder over. Here we have no
relief whatever from the evil effects
of the gold standard. We are compelled
to face all it's results, which seem to
deepen and grow more distressful.
Would it not be better to have sound
and healthy prices than to have such
sound" money? Did any business man
ever pause to reflect that the sound.
ness" of money relates only to its pur-
chasing power? Would it not be better
fer the people and for all kinds of bust
ness if goods and commodities would
command more money in the markets
or, to put the matter differently, II the
purchasing power Of the dollar were
reduced? It has been reduced with re-
spect to wheat and the effect was slim
ulating. Would not the stimulating eff
feet be multiplied in like proportion ii
the purchasing power of the dollar were
reduced with respect to all commodi.
ties?
Nothing will be lost if our merchants
and business men reflect little over
these matters. A great many Of them
can remember the activity and prosper
ity of the days when the greenbackS
were deprecated with respect to gold,
They were not sound money, but they
gave the people prosperity.
But the greenbacks are paper money,
and we are not advocating that
kind of money except in so far
as it may be Fased on specie. We are
advocating an increase in the volume
of hard money-the money of the con-
stitution-goId and silver. The reason
the gold men say that this would result
in "unsound" money is because the dol
lar would lose a part of its purchasing
power But would it hurt business in
the south if the dollar were to lose half
its purchasing power? In other words,
would it hurt this section if cotton
brought ten or even Is cents pound?
That is all there is to the sound money |
and business men may figure
it out for themselves.
One thing is certain, there can be no
real or lasting prosperity, or any bust
ness activity while the dollar will pur-
chase here 20-odd pounds of cotton.
The object lesson is one to which we
invite the attention of all thoughtful |
people, especially the attention of those
who have been deceived by the false |
hoods about honest" dollars and |
sound" money.-Atlanta Constitution
ROAD TO BIMETAELISM.