Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1899-07-20
The Monetary Problem.
sssssssesssseesssssssss sssssssssssssssssssss
PRICES STILL FALL
DR.. z. BENJAMIN Andrews on the
Present Morbid Condition of
the Industrial Body.

I
| We see in the fall of prices and the
accompanying danger TO 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 9TH
! 1891 ever the free traders firm stand
! by) succumb BIS TO this drift. The reason
of II is perfectly obvisus. Production
now is extra-kazardous and needs shell
ter When prices threaten or begin 10
fall. when stock depreciates upon man
ufacturers' hands. they inevitably
struggle to avert these results, wei
coming any resource that can aid IN
able 10 compass their ends otherwise,
they aeitate for high tariffs. / unhes-
i1atingly 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 Mckinley 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. the reduction might
be permanent and perhaps in little
time. with the approval of all, made
greater still. But / fear that II 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 be imposed higher
than those of the Mckinley act a low
tariff policy can never be established in
these United States so long as gold
alone continues the basis of our cur
rency- By no means all those CRYING
for highest protection, whether here O.
in Europe. believe in protection as a
general policy. Many such, in theory,
favor tariff for revenue only: l. e,
they would advocate such a tariff were
prices stable or rising. Willingness TO
subject your country's industries to
normal foreign competition is one
thing: quite another TO do so when
your competitors are helped to beat
you by a home bonus on expectation.
rs is the case with nearly al exporters
from silver and paper lands to-day In
France these "oppcrtunitist' protec-
tionists are 4 powerful and growing
party. Their logic is as Vet imperfect
" understood in this country: but men
are mastering il more and more. and il
Will insure TO the protectionisJ ranks
armies of recruits in every congress
ional and presidential election till gen
eral prices cease falling.
Such is the diagnosis of our present
industrial disease. In my belief true
cause Of morbid conditions in the body
industrial has been laid bare. The eX-
trusion of silver from service as full
money greatly reduced the amount of
the worlds money available for ulti-
mate liquidation-reduced it absolute
". and reduced il far more relatively
TO those needs for fundamental money
which rise from the growth Of pOpu-
lation and business. 4 distressing ap-
probation of money per unit has en-
sued, meaning a tremendous drop in
prices This disastrously handicaps
all production. It does not entirely
prevent production. Nothing short of
killing OF the race could do that But
il renders production indefinitely feeble
compared with what II would be but
for the handicap. The world needs an
addition TO its fundamental money: not
more bank notes. not more token coin
age, not more full legal tender tokens
like our silver dollars and the French
ecus. but more of the sort of money that
can do everything that any money can
DO. We need, say, a greater bulk Of
money that is exPortable. good in. ulti-
mate settlements. suitable for bank and
government reserves. \ stop must be
put TO mems ubiquitous rush and clutch
for gold. The passion for boarding
must be cured. This can be done only
by abolishing the legal primacy of
gold That is the proper prescription
for our patient. The only question is
whether he can be induced to try the
medicine My belief is that the rehab-
iitation of silver full money by few
of the great commercial states of the
world would instantly bring health. If
so that course is most sirabic.-E.
Ben amin Andrews.