The midland journal. (Rising Sun, Md.) 1885-1947, 1899-01-13
The Rise of Monopoly and Decline of
the Middle Class.

One contention for the cause of low
and steadily falling prices is the invention
of labor saving machinery, but this cause
does not stand critical or analytical ex-
animation. The middle classes were most
prosperous in the very period from 1856
to 1873 when there was the greatest adj
vance in machinery aud improved meth
DDS. The process of consolidation on a
large scale into trusts and huge corpora
tons did not begin until after 1873.
A study of history will make clear the
following fundamental propositions
At certain period of history the ten
dency has been to drive out the middle
class and concentrate wealth and power
in the hands of the few. These periods
have always been coincident with a pro-
longed fall ofprices.
At these periods of increasing money
the contrary tendency has manifested
itself. The middle class has pros
pered and monopoly has vanished
or declined. These have invariably
been periods of rising prices or periods
of stable prices following a rise of
prices that set these forces in motion.
These periods of rising and falling
prices have been invariably coincident
with changes in the money supply of the
world-an increase raising prices and
decrease or cessation lowering them.
Falling prices tend to drive out small
concerns and thus extinguish the middle
class and make monopoly possible. They
also invariably tend to centralize wealth
and power in the hands of the few The
capitalistic class receive only the number
of dollars named in the contract but as
prices fall their dollars become worth
more and more. If prices fall far enough
they may take the entire product without
having done anything to earn it, while
the mass of the people are deceived as to
the true effect because there are only the
same number of dollars as before going to
the capitalistic classes, forgetting the in
crease in their purchasing power.
Our present era of low prices and hard
times for the middle class dates from the
destruction Of the greenback circulation
between 1866 and 1873 when the demon,
citation of silver was clandestinely effect
ed. The products of industry increased,
while the money to effect their exchange
and distribution ceased to increase and
stood still, which caused steady fall in
prices. Had the mint for the coinage of
silver remained open the output of silver
from the Rocky Mountains would have
increased the supply of money in some
thing like corresponding ratio to the
increased production of things to be ex-
changed by it and prices would not have
declined to any harmful extent. Thous-
ands of families who are now homeless
and renters and troopers would have
owned their farms and homes, of which
they have been deprived by falling prices.
There is no visible avenue of escape for
the middle class from their present un-
fortunate condition but the remonetiza-
tion of silver. The steady increase in the
volume of money from that source would
stop the decline in price and gradually
tend to rise, which would renew hope to
the sinking middle class and check the
advancing power of concentrated wealth
and monopoly. The Trust is natural
offspring of falling prices.
After 1889 when the Bland bill began
to add 1000, 900 silver dollars monthly to
the money in circulation, prices and times
began to improve. In 1890 the Sherman
law added about 100000 month to