Daily capital journal. (Salem, Or.) 1896-1899, 1898-07-14
DEAR MONEY FALLcAY.

LOnDIcIClY
ness Man of IlTaco.
The advocates Of dear money as
rule are not practical business men,
The Hon. John Walter Scaborg, Of
llwaco, Wn., is a successful business
man, large employer of labor, and
one whose opinion on any subject
should carry weight. He is strong
free silver man and has the ability to
back his views with sound and con-
ylncIng logic. Several communica-
tlons from his pen haye appeared 10
the columns OF THE JOURNAL. In q
recent issue of the Seattle Times
Mr.. Seaborg has an article which Is
we'll worth attention from those
who think that the money question Is
altogether one sided.
Lack OF space p ecludes the Insertion
OF Mr.. Seaborg's letter entire, but a
few quotations are well worth peru
sal. Among other things, he says;
"Cheap money-or deprecated or de-
based, just as you choose TO call It's
but another way Of saying that prices
Of commodities, labor and values, are
high in price as expressed in money.
That is, cheaper money than we have
at present would mean higher prices
than we have at present for all COM
modlties. value and labor. Just as
money depreciates, caeapens, or be-
comes what you call debased or dis
honest-from It's present purchasing
power, just 10 that proportion the
price OF all commodities, values and
labor rises in price as expressed In
dollars and cents and we receive more
and more money for our wheat, corn,
cotton, wool, lumber, prunes, fruit
and all other commodities, values and
labor than we do with money at its
present purchasing power. But on
the other hand, Just as money be-
comes dearer, appreciates, ,--or what Is
termed honest money-just In that
proportion all commodities, labor and
other values fall In price as expressed
In dollars and cents; and we receive
less and less money for our wheat,
wool, lumber, corn, cotton, prunes,
fruit and other commodities, values
and labor"
He then goes on TO say that, the re-
cent high price Of wheat illustrates
the fact that money had become depre-
clated OF. cbeapened from It's former
value as measured by wheat, and the
high price of wheat was the result;
that is, given amount OF money
would not purchase so much wheat as
formerly, resulting 10 the farmer re.
ceivlng more money for his wheat,
enabling him TO pay of debts and
mortgages that had hung over his
head for years. "Now II money had
deprecated, cheapened-become what
is called dlshonest-in It's purchasing
power over everything else that the
farmer has 30 sell, would not the
farmer have enjoyed a still greater
prosperity P" lie claims that "the
prices OF commodities, values and
labor can never rise as expressed In
dollars and cents without CORE
spending depreciation, cheapening-
or what is called debasement OF our
money" And II must be said that
this Is statement OF fact as unas>
sallable as that dividing the diYisor
multiplies the quotlent or multiply
ing the diyisor divides the quotient
Continuing, he lays down the prop.
ositlon that "prices OF commodities
rise and fall-affected directly by two
different aud distinct controlling
forces,n that, the supply remaining
the same. decree 10 the supply OF
any commodity incorporation 20 de-
mand causes rise in the price Of that
commodity, AS lnustrated by the rise
in the price OF wheat But many
do not realize that the same result
that Is, high prices could be obtained
without decreasing the supply Of com
moditles and starving millioosof peo
pie 10 death, simyly by increasing the
amount Of money 10 circulation 10 the
world"
The farmer was pleased that wheat
brought a high price aud enabled him
% pay on his debts and mortgages;
"but thosa Nho held these debts aud
mortgages could not purchase as much
wheat as formerly with the money
paid themaapd perhaps they were mob
as pleased Al the high price OF wheat
rs the farmer was. Aud here comes