The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1897-05-22

INA position the blmetdlllstS take ref
uge in another just as insecure and IL
logical, but perhaps a little more hid
den by sophistry. The more enlightened
among them do not now assert that to
double the amount of money is to
double prices. They generally admit
that the rapidity of circulation and the
use of credits affect the efficiency of
money and prevent an exact statement
of the relation between amount of mon
ey and goods, but that more money un-
doubtedly means higher prices, and vice
versa.
The per capita idea of money so prev
alent with silverites is disproved In
many ways. Statistics of prices and
amounts of money per capita in use in
different countries at the same or at
different times fail to show any certain
relation between prices and money.
Thus, while prices have declined in the
world and in this country very great
ly since 1900 or 1852 or 1872. the
amount of money in use has increased
enormously. From n per capita circu-
lation of S4.99 in 1900. S14.63 in 1852 and
$3.50 in 1872 we now have one of S23,
and this Notwithstanding the greater
rapidity of circulation of modern dol
lars and the vastly improved and ex-
tended use of credits. Will some more
money" advocate please explain this
great fall of prices in connection with
the great increase in per capita
money.
Again, the per capita circulation of
the gold standard countries of the world
is about SIS; that of the silver standard
countries only about $3.50. Will some
of the silverite professors who are con-
Quoting financial schools" in western
and southwestern states explain to
their classes why prices in silver stand
ard countries are about twice as high
as in gold standard countries. although
the per capita circulation is less than
one-third as great? Will they explain
that the value of the material from
which the money is made has much
more to do with the prices han the
amount of money in use? Will they tell
their classes that gold has always been
nor valuable, weight for weight. than
silver, and that it has recently become
80 times as valuable while most of the
coming ratios OF The world were cstab-
lished whcr gold wa only Is or l6
times as val@aDle rs silver? Will they
then explain fiat the value of both
gold and silver bullion is fixed in the
long run by the cost of production and
that therefore the value of bullion does
net d2~crl upon the quantity of money
IL ti:E...oS?
"; =; : try TO make it clear that If
il takcS five hours of labor TO pro-
GUca Il bushei of wheat and five
hours CT laEor 10 produce 1922
gndiDs Of gold one product will ex-
for the otheT--that is. the price
CT wheat will be ST per bushel under our
present standard? Will they then add
that if it requires cnly 2H hours work
20 produce enough silver (37H grains)
10 make Il dollar that the bushel of
will moi exchange for less than
two ilve dollars and thatthis is the rea-
aon WIZ r:,ccsare higherin silverstard-
ard countries" VIII they explain N"
original american financial policy"
was 10 keep tie coinage ratio as
as possible to the market ratio:
Will they ask the members of their
classes to vote to restore this thor
cughly American financial policy"
IF the corrs of silver professors and
cheap money statesmen who are con
Quoting the national financial school"
fail to answer the preceding questions.
perhaps they are willing TO explain
what kinds of money are included in
making up the amount of money which
affect prices. Does it include all kinds
Of government OF state paper money. as
vel MS gold, silver and copper coins?
Does II iEcluae hank notes, which form
= Considerable proportion Of our rrcs-
ent circulating medium? If You include
government ard bank Eet:s, Why rot
include bank credits? Arc E;lr-I.e<-
changes and greater exchanges effected
BY means of checks than by means CT
either paper money or coins? Is ii no.
as easy for ore who has credit" tide
pcsits) in a bank to buy and sell as II
he had money in his pocket? DO these
credits or deposits necessarily consist
of r:orcy at ALL! If q man has that
amc.c: &C property. caa be net have
S1,CcO.CG0 credit with his bank on which
to draw ciccas at any time? Cannot
s,:ch ! man buy and sell on Il large scale
without the use of ordinary money?
Why, then. should hank deposits not Ii:
included in making up the Per rap:&
circulation of the country?
When the classes of the national
financial school" can pass an %eNarina-
tiou In ihrsc Per ea.i:a" question :. We
viii prepare y set Of questions np uiher
srl- ;.s. fer instance. The cause "f
h.r..i AID .aw irierest rates. the a,iraa-
ta"rs of k;~h rr:ces. the biessi; - Of
chri,, moEry. ctc.-ryron W. Holt.
.r:,cr:a=i ii=ai7css.
"Aproint your ruirm5tters MI !;"t"i.
and let ;ciIr house g Ia work. advises
ihs Chicago TiniP$-l:Prald tr.l
Two crrai Subjects are ROW g,f.>''
uy,cr the horse for consideration -
il tie l.-.-u,trv hill nni m. aitrf !,