Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1898-06-30
EFFECT OF MoNoMETALLIsM,
was Done by DepOsinE Silver
from Its Debt-Paying Func-
ton Among Nations.

FROM the great gold discoveries in
1he middle of this century down to the
emu OF the third quarter the word was
content with its progress. Huge strides
we're made IN invention, which reyoIk-
tlonlzed the conduct of human affairs.
out with the beginning of the fourth
quarter of the century there were
strange complaints.
In 1876 there was select committee
appointed by parliament in England
and similar one in the United States
to inquire into the depreciation of sill
yer. In 1878 and again in 1851 the ma
uons conferred together upon the adj
visibility of restoring silver to its an
clent place. In 1885 there was appoint
cd In England commission on the de-
preston of trade. In 1856 there was a
gold and silver commission appointed
In Great Britain.
In 1892 another international confer
ence was held. In 1895 England ap-
pointed commission to inquire into
the depression of agriculture. In 1896
an international congress of agricuI-
ture met at Buda-Pesth and declared
that agricultural depression prevailed
IN the entire gold-using world.
what is this new symptom in the
affairs of men? Why was there pros
perity in the third quarter and depres-
sion in the last quarter of the same
century?
In answer we must consider one
vital change which distinguishes the
two periods. In the latter period, by
the voluntary act of the civilized ma
tons, practically all the new supply of
precious metals has been cut off. One
metal has been deposed from its debt
paying function, while of the other
metal, gold, hardly enough has been
produced each year to supply the arts
and make up the wear and tear of the
existing coins.
Thus, by one stroke, the increase of
metallic money of full debt-paying
power was practically stopped, and the
inevitable result began. Population
was increasing, and production was
swelling, while the existing monetary
supply must suffice to do the added
work. AS such decreasing supply
must measure also the increasing prod
ucts it need not be said that these prod
ucts measured in money became stead
tly cheaper.
A period of falling prices began,
which has continued with comparative
steadiness. 1t is not denied that the
staple products of the world have fallen
yearly in money value, until they are
now about One-half as valuable as they
were 2+ years ago. This statement, to
those who view it carelessIy. may seem
n h11 less l,T1t
civilization itself.
Without endeavoring to enter into eX-
tended argument, it may not be with
out profit to ask every business man
to put to himself some plain and sim
pie questions concerning the force of
falling prices, which will be found at
the end, perhaps, of still sadder eX-
perience to be mightier even than the
cannon and the sword.
According to the chart of prices,
which is universally accepted, the Nv
erage of prices of the staple articles of
commerce fell during the year 1894 ten
per cent.
Let it be assumed that you, at the be-
ginning of 1894, were a producer of
cloth at 100 cents per yard in the mar
ket, which fell to 90 cents at the end of
the year. At the beginning of the year
you borrowed $40 1000, which would pur-
chase. at 100 cents, 10000 yards of the
product. At the end of the year you
pay your debt and must sell 11,111
yards at 90 cents for the purpose.
Here, in some manner. there has been
taken from you LII yards of your
goods, which at 90 cents a yard, repre-
scented $1,000 of money. Who has
gained this? Surely no one else than
the money lender. With the fall in
goods your 10000 yards will exchange
for as many goods at the end of the
year as at the beginning. In the eX-
change of goods, therefore, you suffer
no loss, but when you pay your debt
YOU find that money alone has not
shared the fall.
When you buy money to pay your
debt, you pay in goods 1, III yards more
than were due when you borrowed the
money. Among your companions in
industry you can exchange products
on the same basis as before. Only one
thing demands more at the end of the
wear, and that is money.
Has there been, indeed, great con-
spiracy of all the great staple products
to fall in price winch money mas not
Joined? 1t is, in fact, the banker from
whom you borrow who alone requires
more products in payment. BY what
right does he justify his gain? Has
dead money any right which live labor
must respect?
GEORGE FRED WILLIAMS
Loyalty of Democrats.
VIII the administration newspapers
have the justice to give the democrats
.-.n...- nrniit fnr. M trintiSm in mid