The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1899-07-06
SILVER
SPon the worlds stock
of Money.

Z VI Nii sum hitihi lINl may ht hH'iNA
for that purpose, thereby leaving
money supply TO be- determined by the
I pruductiycHcss Oi the mines. From
( time immemorial down TO 1873 money
supply was fixed by the joint product
OF the gold aud silver mines Of the earth
without any attempt On the part OF
lnan TO in any way limit the coinage Of
either metal The fact that some m.
tions struck their coins from one metal
exclusively while other nations struck
their coins from the other did not cuu.
Etitutc muuumptallism in any sense su
long "a the entire output oi both met.
nls was coined and entered into the
money mass that iiNed the worlds price
level. Money supply could not be cur.
tailed by England making her coins ui
gold alone. while Germany coined only
silverand France coined both metals in.
discriminatcly The fact that England
refused 60 coin silver simply left a
larger stock Of that metal TO be coined
IN Gcrmauy, Austria, l'ussin and
France While the fact that Gcrmnuy
Austria and Russia struck their coins
from silver alone enabled England ia
secure larger amount Of gold.
ludiscriminntc coinage of both met.
ais Ia France at the ratio ~ fifteen aud
unc-half to one fixed the relative value
Of gold aud silver coins az the French
coinage ratio whcrrsorycr coined and
made the result, so far as money sup.
ply was concerned, the same as though
sll nations coined both metals
The worlds price level depends upou
the worlds stock ~ money. When w,
stock Is large prices are high, when II
Is scaut prices are low. Price is an CN'
precision of the relation existing be.
tween money and other thngE. ~
money is only q means 20 an end and
not an end itself when fluctuations iu
money supply are 30 violent that pric,
levels suddenly or rapidly rise or falI
IL causrs great disturbances in the busi.
ncss world and changes the relation oi
debtors to creditors, doing an injustir,
TO one or the other
Honest money Is money Ia which
debts can bc paid without doing in
justice 10 either debtor or creditor. ~
order Co bc such, the money yolum,
must increase from year 10 year In the
same proportion that population and
dymaud increases, becNusr any change
in les purchasing power between tn,
time that n debt is incurred aud the
payment of the same involves the trans
fer Of property from one OF the parties
90 the other without compensation
When money supply keeps even pace
with demand the success Of men en-
gagged IN business will be gnugcd 10y the
Judgment, industry and capacity Of the
men themselves uninfurn,"d by rails,
or fall In prices due to changes in tie
value Of money.
The supply Of gold has iuctuatcd yio
lrnily from time to time throughout all
history. The same il true of the Sup
ply of silver. hut II has usually so hap
pcncd that the supply Of one was larR,
when that Of the oth'r was small, thu.
each in turn cuunicrncting the evil IN
fucnceS of the other. Besides, with
both metals in vsc and consequently d
larger money volume the variations
from time 60 time in the supply had 4
less violent effect upon prices than
would be the cnsc u one metal only
was coined and the volume Of money
was smaller
The effect upon business and preduc'
ton of an increasing or diminishing
money volume is widely different arid,
from the injustice that accrucs To debt
crs or creditors. An increasing volume
Of money and rising prices tcmpts al
money into active circulation, starts all
the wheels of industry into motion
furnishes employment for all lphor
and, IL continued through period OF
Years, gives to labor a larger share OF
the wealth II produces than 1t would
receive under any other conditions. be
cause under such circumstances money
is constantly losing its power over
other things, so that 10 hold IL idle
causes loss to- It's owner, while under
rising prices aH investment Away
means 10 part with that which is grow
ing cheap in exchange for that which
IL growing dear.
Under such circumstances with al
labor employed and with products
steadily going to a premium while
money is going 20 discount the com
petition for labor will be va sharp that
3, will he employed at small margin
OF profit to employers and the labor
crs will receive as wages correspond
ingly large share Of the products oi
their toll. When such conditions pre-
vail production reaches it's maximum
and but few debts are created. tn,
money lender and usurer at such timer
are In but little demand.
ON the other hand, when the none,
volume IL diminishing and prices fall
ing boarding money in idleneEs Is tbs
only sure road TO wealth. The iud2
meat, industry and capacity that woni,
win fortune under normRi condition.
can now only court bankruptcy, Thos'
engaged In production must anticipai'
lower prices and reduce costs 10 mee
such prices. This means reduction
OF wages and consequent curtailmen
of both production and consumption
u this condition continues a long tint
the saviags of the laborcrs nre frs
consumed On account Of enforced idle
meas and the competition for an oppoT
tunlts to earn daily bread becomes "
severe that the laborrrs have no soie'
In regulating the share Of their prod
uct that they shall receive ns wages.
During such periods In the worId'
history when the mIneE were preduc
tive civilization advanced By leaps ans
bounds, slaves disappeared End free
men multiplied upon the earth. Bu
during those either periods when tn
mines were not productive and price
continued 20 fail .ahorcrs lost first thei
#nyings, then their liberties and final
ly the money changers destroyed al
ether elasaes and civilization Itself dis
appeared.
| In ylew Of fhe ncWsr of mDunT es