Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-01-31
TWELVE PAGES
TUESDAY. JANUARY 81. 1899.
MORE MONEY OR WE PERISH

It Is not only truth. but neces-
eary truth, that the volume of current
money in the world at any time is the
value at that time in that money Of all
the assessable and exchangeable pro-
perty. commodities, labor and products
Of the world. How all values fall as
money becomes scarcer and scarcer!
How they rise as money becomes more
abundant! Yet 1t is none the less true
that supply and demand also regulate
values, and sometimes q plenty OF
money, tending to raise all prices. Is
met by an enlarged supply, or de-
creased demand, in some article, and
it's price may fall instead of rising
with the others. Nevertheless. the
abundance Of this article, or its dimin-
ished demand. does not put 1t as low
in price as 1t would have fallen but for
the enlarged volume of money in cur
rency. Contrariwise. a decreased sup
ply. or an increased demand, co-ope-
rating with an expanded currency, will
altogether raise the price OF an article
higher than 1t would go with only a
decrease Of supply in its production, or
an Increase of demand for 1t. or only an
enlargement OF the money-value. So,
the price would go higher STILL If de-
creased supply. increased demand, and
more money, all three concurred.
The great English philosopher. Locke,
said that money "is the instrument and
measure Of commerce in all the civilized
and trading ports OF the world" He
says further that money lis made
equivalent to all other things, and is
consequently the universal barter or
exchange. which men give and receive
for other things they would purchase
or part with. for n valuable considera-
ton; and thus, as the wise man tells
us. money answers all things" Ger
nuschi and other learned flnanclers and
political economists, hold that the vol
ume OF money not only determines all
other values. but the value of money
itself: the greater its volume the less
its value. but the greater the value of
all other things; and the less It's vol
ume, the greater its value, and the less
that OF all other things.
1t Is largely governed by the laws OF
supply and demand: the demand con-
slant and unlimited. the supply Cor vol
ume) variable and limited. Because
gold and silver were not artificial pro-
ducts. or materials capable OF being
made or produced at WILL in any guam
tity but were scarce natural products,
limited by nature. and very difficult to
otpa m
were made the money and money
metals of mankind. There never has
been too much of them, and 1t was be-
iieved that they were beyond the reach
of the tricks Of adulteration. expansion
and contraction until the fraud of 1873
was diVulged from London, and it was
found that in the February OF that
year Congress. in the hands of sharp
ers, had violated our supreme consti-
tuition. repealed the law of 1892 regu-
lating our mint and coin, and broken
the laws of nature and of God to which
we had committed the safety of our
money and its supply, by demonetizing
silver Suddenly cutting off that natu-
raj supply, and contracting our cur
rency one-half.
This was done 10 enhance the value
OF gold; to make gold the monopoly of
all finance, public and private: to dou-
BILE the value of the diminished supply
OF currency; to make money scarce and
hard to get; and to drive all capable
OF doing so to borrow from those pri-
vate institutions called national banks
that are furnished with free notes from
the national Treasury. Cutting off the
people from the free and unlimited