The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-10-28

man. above all others, should be in fav-
or of a stable, sound currency that is
good the world over, for when the man
who labors exchange. his toll for money,
| il should be good everywhere. and should
not depreciate and become worthless in
( his hands.
HAS GOLD APPRECIATED?
Those who favored free silver, did so
upon the theory that it is necessary 10
OBTAIN a cheap currency 10 pay debts.
saying that although there will be much
| injury to laooring men and farmers VINO
exchange their product. for cheap dol
| lars, that will get cheaper in their hands.
| yet as they will obtain more dollars
! then than now, they viii be able TO pay
| their debts much more easily, and they
| defend this position upon the theory
| that gold has apprecia ted; that a debt
| that was contracted twenty-five years
ago, could be paid much more easily then
under free coinage than now, owing to
the appreciation OF gold, and they al
| tempted to prove that gold has appre-
ciated by showing that products gener-
ally, nave fallen. To appreciate means
10 increase in value. Anything which in
creases in value. does 50 either because
II has grown scarce. or because each in
! dividual needs more o; il for his daily
use. The pcplila ton OF the world mas
increased in fifty years, so per cent. Has
the gold in the world increased at the
same rate as the population? II is estl-
mated that the amount. of gold in the
world, coined and uncoined, fifty years
ago, amounted to les than $500, 100000.
The gold in the world today, coined and
uncoined, amounts 10 over 100000 10000.
Tie world today has about three times
as much gold as it had fifty years ago.
| If there had been no increase in the
population OF the world in the mean
time, there would be three times as
mucn gold for each individual as there
wa. fifty years ago, but the population
has increayed 50 per cent, 50 there is
twice as much, gold in the world for each
individual as there was at that time.
Fifty years ago, only 80 per cent OF the
gold was. coined into money. Now 6S
per cent Is coined. That means there is
four times az much gold for each indi-
vidua in the world today, coined. as
there was fifty years ago. OF the total
money of the world fifty years ago. 20
per cent was gold, but nearly 30 per cent
Of the money Of the world today is gold.
II gold has appreciated, and become
much more valuable, surely the rent OF
money, or what is called interest, ought
ID have increased. Instead OF this being
the case in the last fifty years, rates of
interest have fallen from one-fourth TO
one-half, according 10 locality. This in
dictates that there is a less scarcity OF
money 10 meet the business demands,
than there was fifty years ago. The in
crease OF the gold Of the world has been
enormous in the last fifty years. Up 10
1S45 the average production seldom ex-
ceeded $40 900, 900 a year Since that time
| ID has been from 500, 900, 900 TO 500, 000.-
coo a year, and this year, the world will
produce $3.50 900, 900 in gold. While the
business OF the world has increased enor-
mously. still it Is carried on in differ
ent way than fifty years ago. Then the
exchanges were made largely in money
and there was an actual manual nand-
ling OF the coin. Today % per cent or
the business OF the world is transacted
with checks and drafts and only per
cent is carried on by the actual use OF
money.
THE FALL OF PRICES.
The fall OF prices did not begin in
1873, when our opponents charge tnat
the great crime was committed. 1t be-
gan in 1866, at the close Of the Civil war,
several wears before the act Of 1873 was
passed, so il is impossible 10 charge the
fall of prices TO the demonstration OF
Tar n 1ar i
form. showing that IL has not been the
result Of a general cause. The fall OF
prices since 1865 mas not been as great
as from 1909 70 1s49. The fall during
that period was al the ratio Of 240 10
100 which far exceeds that which oc-
CURED since 1865. According 10 the SEN
ate report on wholesale prices and
wages, the fifteen leading agricultural
products were per cent lower in 1891
than in 1860. Wheat was lower from
1s40 TO 1850 than IL was from 1880 70
1890, and the fifteen leading egricultu-
raj products were also lower from 1s40
10 1850 than they were from 1880 20 1890.
BY reference 10 Sotbeer's tables. we find
that cne products in Hamburg were also
lower from 1910 10 1850. Animal and
Ash products were fifty per cent higher
during the same period. while minerals
and METALS were 19 per cent lower. 4
careful investigation OF prices OF agri-
cultural products clearly demonstrates
tina; prices were lower before 1873 ans
the condition OF the farmers since 1873
compares very favoraoly with their con-
di,ion before that time. There is one
more test o: the actual value Of gold
which is a simple one. the most accurate
and far-reaching OF all those which have
been applied. Il IL this: How much
gold Will a given quantity OF labor bay?
The real standard o. values % me
world Is labor. l. is he real standard
foy which xe measure god T. days
labor vii buy less gold t05ay ,Asa },
did fifty years ago. then IL may y said
that gold aas appreciated II !; viii
buy more today 5han K al fly years
ago. then gold has deprecated. ard II
eac1 grain OF gold VIII also purchase
more % MANUFACTURED commodities than
Il did fly years ago. raen The lsborer
has again multiplied TIC value % MS
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