The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1899-07-21
The Monetary Problem.
PRICES STILL FALL.
Present Morbid Condition of
the Industrial Body.

the Industrial Body.
We see in the fall Of prices and the
accompanying danger 10 business the
true cause OF the worldwide movement.
so confounding 10 free traders. for
trusts and for what we should once have
called inordinate protective tariffs.
These phenomena mark the precise pc
riod. since 1873. during which money
has been swelling in value and goods
losing in value. New South Wales (till
1891 ever the free traders firm stand
by) succumbs 10 this drift. The reason
of it is perfectly obvious. Production
now is eNira-hazardous and needs shell
ter. When prices threaten or begin TO
fall. when stock depreciates upon man
ufacturers' hands, they inevitably
struggle TO avert these results, wei
coming any resource that can aid. Tn
able TO compass their ends otherwise
they agitatc for high tariffs. ] unhes-
itatingly avow the conviction that had
prices since the war been stationary or
only slowly advancing. the rise in
United States tariff rates eliminating
in the Nc kinlcy law would never have
been SO much as thought Of. High pro-
tectionists would have been perfectly
satisfied without any rise and even with
some reduction. The Mckinley rates
have been lowered somewhat. and. if the
change had been preceded by proper
monetary reform. tie reduction might
be permanent and perhaps in little
time, with the approval Of all, made
greater still But fear that il cannot
be permanent. Unless monetary reform
comes soon. the tariff which the demo-
Gratis have been at such great pains TO
give US. viii speedily be ripped in pieces
and rates Of duty he imposed higher
than those Of the Mckinley act. \ low
tariff policy can never be established in
these United States so long as gold
alone continues the basis Of our cur
rencv. by no means all those crying
for highest protection. whether here or
in Europe. believe in protection as a
general policy. Many such in theory.
favor tariff for revenue only; j. e..
they would advocate such tariff were
prices stable or rising. Willingness 10
subject your country's industries TO
normal foreign competition is one
thing; quite another 10 do so when
your competitors are helped 10 beat
YOU by home bonus on expectation.
as is the case with nearly al exporters
from silver and paper lands to-day. In
France these opportunities" protec-
tionists are a powerful and growing
party. Their logic is as yet imperfect
ly understood in this country: but men
are mastering il more and more and it
will insure To the protectionist ranks
armies OF recruits in every congress
ional ana presidential election till gen
eral prices cease falling.
Such is the diagnosis Of our present
industrial disease. In my belief a true
cause OF morbid conditions in the body
industrial has been laid bare. The ex-
trusion Of silver from service as fun
money greatly reduced the amount OF
the worlds money available for ulii-
mate liQuidation-re reduced il absolute
". and reduced it far more relatively
70 those needs for fundamental money
which rise from the growth of popu-
lation and business. a distressing APP
probation Of money per unit has en-
sued. meaning a tremendous drop in
prices This disastrously handicaps
all production. 1t does not entirely
prevent production. Nothing short Of
killing off the race could 10 that. But
it renders production indefinitely feeble
compared with what it would be but
for the handicap. The world needs an
addition 10 lis fundamental money: not
more bank notes. not more token coin
age, not more fun legal tender tokens
like our silver dollars and The French
ccus. but more Of the sort 81 money that
can do everything that any money can
do. We need. | say. /. greater bulk of
money that is cxportahie, good in ulti-
mate settlements. suitable for bari and
government reserves. \ stop must be
put 10 men ubiquitous rush and clutch
for gold. The passion for boarding
must be cured. This can BE done only |
by abclishing the legal primacy Of
gold. Iha. j. the proper prescription
for our patient. The only question T. |
he can I've induced 10 try the |
medicine. Ny belief r. TINT the rehab- |
ilito.ion Of silver fun money by few |
b, the great commercial states Of the :
world would instantly bring health. II /
50 that course j. most desirable.-E. 1
benjamin Andrews
Cen. Warner Denies IL.
The Chicago Record recently printed