The broad ax. [volume] (Salt Lake City, Utah) 1895-19??, 1899-12-23

the money question bears to the next
campaign.
The Democrats demanded more
money and higher commodity and la
Dor prices; the Republicans said. not
more money. but a one-hundred-cent
dollar; not higher prices, but stable
prices. But what has happened? GOD.
TO defeat Satan's pet proposition, a
eornered dollar, has directed men to
the bowels Of the earth. where gold
was on deposit, and they have brought
forth more yellow dirt in the last
three years than the Democrats hoped
to see come of both gold and silver. so
that in spite of Shyiock's wish and de-
sign. we have had more money, and. as
was foretold. we have had rising prices
mot altogether due to the increase OF
the gold output, II Is true, but largely
sol, labor is more fully employed and
better paid. and the Republican politi-
clans are bowling, Behold our prom
ised prosperity But they fail to add,
made mainly on the Democratic formu-
Ia of three years ago"
This is pretty straight talk. and it
means something. II cuts right down
into the bowels OF the situation. as
you may say. IL the correspondent
had felt inclined to go into particulars,
he might have added to his remarks
about the new supply of gold. the fact
that the war with Spain has put into
active and actual circulation a vast
sum Of money that has been boarded
in the banks or In the treasury. that
the increase in the price OF wheat as
the result OF European demand has
made large additions to the actual cir
culation, and that the gradual rise in
prices has added to the volume. Thus
while the money supply has not been
largely increased, the volume OF circu-
lation has grown larger and larger.
the money coming out OF the bank
vaults as the result OF the demand for
il. This increase in the actual cir
culation has not only enhanced prices,
but the increase in prices has added
to the circulation. the movement be-
ing one in which cause and effect are
interchangeable and alternating.
No doubt our readers viii remember
the ponderous essays devised and put
in circulation by our gold standard
friends in which they solemnly pre-
dicted that in the changed relations
and conditions OF business we had seen
the last of high prices Such a conclu-
sion was inevitable from their conten-
ton that the gold standard would give
us sound and stable currency" This
phrase meant. IL il means anything.
that the purchasing power Of the dol
lar was to remain fixed and stable. an
invariable quantity in its measurement
lar. to be a sound dollar. must have
fixed relations TO the commodities for
which it is exchanged: these relations
must be inYariable. otherwise the dol
lar is not a sound" dollar. and the
currency which it stands for is not a
stable" currency. IL not soundness
and stability were mere meaningless
phrases when applied by the writing
contingent of our gold standard
friends.
We think, however, that these writ
ers will admit. II they are pushed
closely. that they did mean that the
gold standard would result in fixed and
stable values and prices. and that the
purchasing power of money would
cease to fiuctuate as compared with
the value of commodities Some OF
them will no doubt take refuge in the
superficial statement that while prices
have risen, the value OF the gold
dollar has remained the same But
the only real value that the gold dol
lar can have as a piece OF money. is
its purchasing power. One man buys
these gold dollars with cotton because
he wants to buy iron; another buys
them with iron, because he wants to
secure cotton, or cotton cloths; the
wage-earner buys them with his labor
because he wants to purchase food and
clothing and comforts for himself and
his family: and 50 on through the
long and multifarious lists OF human
wants, desires and ambitions.
When prices rise from any cause
whatever. the value OF the dollar de-
creases in proportion. Three years
ago the owner OF money could purchase
ton OF iron for s.. Has he not lost
some advantage. has not his money
shrunk on his hands when he finds
that he must now give s2S or s24 for
ton? Under such circumstances, we
think he would be glad to have the
5e-eent dollar which he protested 50
loudly against In 1886. for then ne
would have to pay only SIC ton
We are truly glad to see our gold
standard friends 50 enthusiastic over
the present conditions OF prosperity.
This enthusiasm We can enter into and
enjoy most heartily. and the more so
because prosperity has come as the
result Of q more active circulation OF
money and higher prices This re-
sult was predicted by the Democrats
ss the outcome of just such conditions
a. have recently prevailed. More
money In circulation. cheaper money,
higher prices and prosperity. These
things 50 together. Under all the cir
cumstanees. do our gold standard
friends persist in claiming that we