The commonwealth. (Greenwood, Miss.) 1896-1923, 1898-02-25
THE PRESID.

ir .gu are M DE gathered -aH di-
miuHtioa OF the volume q 20 .alHc
money iu the past.
Gibbou distinctly att. the
downfall OF the Roman Eli Ium. he
Dark Ages which follow 100, to.
the failure Of the mines T. ~, adc.
quate supply Of gold and the
money purposes Of the Some.
time during the early par d. ,.s pres
emit century Mr. Jacobs, a l--saed Eng
ushman at the request Of Nh. Pitt nm.
dertook to investigate and write up a
history Of the precious metals I had
dos. guaI milking some quotations from
this book, but at this writing cannot
lay my hands on it. But suffice it to say
that Jacobs, while insisting that Glib
bona was basty in concluding that the
scarcity of money was the sole cause
for the downfall of the Roman Empire
and the centuries of human dcgTeda
ton and alavish Ignorance and the retro
graduation Of civilization which follow
ed, admitted explicitly that the dimiu
ntion Of the worlds supply of money
was the chief agency in bringing about
the mispries and evils Of that period
Moreover. he clearly and enphatically
attributes the cessation Of slavery in
Europe, the overthrow Of the leudal
system, the uplifting and cnlighten-
ment Of the middle and lower classes,
aud The nnelioration Of the condition
Of all wage ealuers, the revival Of com
mercc, the advance of arts and sciences,
and education, aud civilization in all its
forms, to The discovery Of America,
the q]aicllening and strengthening
agency of the tremeudous quantities Of
gold and gI36r which followed there.
from into tine impoverished treasures
Of the old world The direct affect Of
the augmentation Of the supply of mon
ey in Europe was to stimula Enterprise,
to raise the price OF all commodities, to
increase the pay Of labor and to break
The shaciles which the wealth accumu
lated IN the handstf the few had placed
upon the limbs OF the many. Jacobs
was n careful and thorough inye Giga-
tor, and while his sympathies and pre-
JUDGES we're on the side Of the wealthy
classes, he was honest and truthful
enough to admit the benifcent effects
which followed on the heels of the dis
coyery of America and the great add
ticn to Che volume OF money in Europe
consequent thereon
Now let us quote from Sir Archibald
AlIisou's history to show what results
follow contraction what effect the de-
monetization Of silver in England
brought about:
Small landed proprietors wero gen
orally ruined from the fall in prices,
The nlagnatos stood for the in increased
lucro from the enhanced value Of their
EES9IylesprGQ5sgsss nI Industry was q]nerulous from
tious from the eNaltation
"The effect ON prices was not less
and appalling. They de-
clined IN general within six months to
hNlf their former amount, and remain.
ed mt that low level for the next three
years,
This is the picture which history
gives Of the evil effects of silver demon
citation in one country alone. The
facts therein set forth are corroboratod
by other testimony, Writing in 1895 ,
Sir James Graham thus narrntes some
Of tho woes which followed on the adop
lion Of the gold standard in England +
Whether wo regard private debts OF
public burdens, the effects Of the meas
are Of 1919 have been to enact that for G
Every less sum owing a greater shall be ]
Drill prices falling, but p|eCuniarv en- i
gngemouts remaining uudimiuishcd, -
lie farmer has no profit, the landlord :
10 rent, the manufactures no customers 81
he labor no employment a revolution q
If property and n arrangement Of the j.
Whole frame of society must ensue.
Amidst the ruins Of the farmer and d
# the manufacturer the distress of the d
lndlOrls aud the ]iusarrection Of a POI. f.
lace without bread and without en- .
loyment, on class prosprred and was
rlurphanti the Hunuitmt oUl tav. a
alter rainicrd in IT, increased value Of It
honey in the sacrifice of uupuuiWtirr n,
'colth in the yiGory ~ .ue IT. 4.
Yer the bees. ~
This was WI Zen Sir 'm,s Gra
ann while the ruisp.s oiluc ot silrr Il
emonotizatiou we're yet visible o. fly
u every hand, But the most appalling 60
'sult of the unnecessary and iniquitous m
Ieasure is STAGED by Archibald Walsh th
hose exhaustive study Of the subject tb
connection with the interests Of Ire th
nd constitute him high authority. In Y
Is remarkable pamphlet published a m,
Nv years since, he says chat at the time vi
liver was demonetized in England thl
reat Britain had tG0, 600 owners Of sht
estate, but that seven years later IF
e number Of land owners had fallen {oI
10000, ~Seven-eights Of the landed stiI
oprietors, in consequence Of the de nae
in volume Of retention money, wa
Pre- forced TO give up their lands to hc
e holders Of ready money or Of oblIga aoi
ms payable in money, pro
Do the mortgages tskeu to secure obl
ms made in the United States BY the u