The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1899-11-09
CONDITIONS OF PROSPERITY.
Nhrn Prices Are Rising lsanstry and
Production Are siimais;ca--
The sisnes sappiy.

| Production Are HfiE1Gfssru--
The nsnes supply.
|
The controlling condition 0f PROS
pcrIiy is found In price,. When price,
are rising industry aud production ar,
stimulated. giving employment ant
wages to labor and profit TO all legit
| innate enterprise. Under such consli
| tion production mcYcH toward a max.
imum, and II ihis condition be Of long
| duration u brings the entire energies
Of a nation and people into full play
| IL the production and distribution oi
wealth. At such times money Is never
found TO be In Idle boards 81 the greai
money ccuteTS. because money ~ losing
| iia power to command other things IN
exchange and cannot be proftahly
boarded. while on the other hand q
profit ia certain II money Is prudently
invested In legitimate enterprise. hut
II prices are falling enterprise becomes
the unerring road 10 bankruptcy. II q
period Of falling prices be long drawn
out. bankruptcies and failures will be.
come the rule and successful enter.
prise the exception. Under these con.
diiions money will accumulate IN vast
hordes In the bank vaults at the money
ccnicrt, and although the rates 81 In
terest may rule low, the fall IN prices
through an Increase Of the purchasing
power Of money itself viii defeat les
profitable use In productive enterprise
and general stngnhtion Of business will
be the rule. with labor unemployed aud
distress universal among NIL classes,
except bond holders, money lenders and
salaricd officials. At such times mort.
cages eat up the equities OF deb ,ors,
while the burdens Of taxntit,a grow
more oppressive and burdcnsume.
There has never been In the worlds
history a period during which the hui
man race made advances In civilization
and wealth. and the massrs Of the peu-
pie constantly rose from u lower 10 y
higher level, except when money supply
was increasing. The productiycncss or
non-productivcncss Of the mines UNI
erringly mark the periods Of advance
mCnt or retrupFession among all ma
iious and peoples as Ear back as we have
records.
Money ~ the unit % price. Prices are
expressed in numerals aud fractions
OF the money unit. Price IL an expires
Eian OF the relation az the money vol
umc 10 the articles bought aud sold IN
the worlds markets. The number Of
money units that can be made Of gold
g. dependent upon the quantity Of gold
co. existence. The number Of additional
money units that ran be added 10 the
worlds volume Of money each wear de
ponds upon the yearly output Of the
gold mines. The same is true az silver.
The only test Of q sufiicicncy 81
money or an adequate annual increase
Of money supply is found IN price lev
eh. u In the absence uf wars that sus-
pend the production and disarramgc
trade. or the absence Of fHmnrs or
prstilcucc that likewise create abnnr-
nal market conditions. the general
price level is failing. Il Is evidence that
the money supply Is inadequate aud
insufficient. N. on the other hand, un-
der normal conditions the general level
Of price j. firm or advancing. no com.
plants will be heard ~ TN insuiliciency
Of money or the inadequntcncss of sup.
ply
So great Is the influence Of money
supply that u all other conditions cx.
let favorable TO the highest efficiency
In production and money supply Is in
sufficient, falling prices, curlaiied pro-
ductiou. enforced idlrncss on the part
81 labor. increased bankruptcies and
general hard times will he the prevail
ing conditions.
From time immemoriul until 1879 all
all the gold and silver that could be
extracted from the mines went into uni
Nrrsnl use rs money. The fact that
some nations made their coins Of gold
alone and others coined only silver
caused no disturbance whatever 80 long
ns one or more commercial nations
freely coined both metals.
NJ this point we desire 20 lay e..
pcciul emphasis upon the fact that the
controlling condition Of prosperity Il
the supply of money, not the color.
specific gravity or chemical tests. Vel
low money win uphold prices, IL the
supply be sufficient, and the world can
prosper using only yellow money II
there be sufficient quantity Of Il.
White money is Just ms potent as yellow
money, AZ money IL not hnality, IL
not used m an article Of individual eon.
sumption by anybody anywhere, but
Is simply accepted In exchange for
other commodities or in payment for
property or debts, the color, specific
gravity or chemical tests are imma.
terial, but the supply is all important
because upon this the exchange power
Of the money depends, and upon the
supply depends the ability Of men 10
procure II 10 pay debts and taxes.
Ancient civilization In Persia, Asia
Minor and Egypt fiourished when
money supply was abundant, but when
the great leads of gold and silver in the
Olympian mountains became exhaust
ed and the sands Of the l'aciolas Yield
ed no more gold, q decrease in money
supply and fail In prices centralized the
wealth Of those nations into the hands
Of a few. plunged the nations backward
into slavery. 30 end In their final iisso-
luton. Rome fiourished while It's vic
torious armies were piundering the
world and bringing gold and silver to
Rome, only 10 see It's population become
slaves, lis power depart, and It's civlixa-
tion disappear when the yield OF the
mines no longer furnished mn adequate
money supply.
From the beginning OF the Christian
err until the discovery OF America the
supply Of money constantly diminished
ard civilization became almost a thing
OF the past. The hordes found In Mex
sep and Peru rejuvenatcd Spain and
caused her TO lead all the world In civ
iligs,ion and spread It's dominions over
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