The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1900-07-06
THE PARAMOUNT QUESTION.
Some Advice for the NaunS NJ"
IL About To Cast His Eirss
Vote.

6rst vote for president this year pro :
noses he saws, TO vote upon the mer- I
its az the questions of the hour rather q
than as his father did, or on party {
lines framed ON bygone issues. and
asks what is meant by the money {
question. Such a resolution, accord
| ing TO the National Rural, Is COM
mendable. II more, both old ana
Young, would follow his example ana
make a careful. independent study OF
present-day problems and vote ac-
cordinglv. without regard to previous
marty affiliation, the monopoly OF
either money. transportation and in
dustries would not long remain en-
throned in a free country
we will define real money as coined
metal or paper stamped or PRIME"
with a certain face value by cons'ltu-
tional authority, and made py law
the agent of valuation, measure OF
price or basis of exchange, the me
dunn of exchange and the legal in
strument for the payment OF dept
ANY money or alleged money when
does not possess these legal attributes
to the fullest degree is defective, ana
"a the extent that it lacks these quail
fcations is mere substitute Tor
money. No money is wholly sound or
honest which Is not legal tender
The money question as now in con-
troversv rnay be divided into four co
related questions:
First. The question OF the quantity
of real or basic money in relation 10
the quantity of wealth, production ana
~ yoluma Of commerce and debts
second The material out OF which
il shall be made.
Third. The question OF character or
legal tender, and,
Fourth. Whether the nation or ma
tional banks shall issue and control
the necessary volume of paper money.
The first is the all-important ques-
ton, and involves the second and
third: sixteen TO one" and 'free sill
YER" so often alluded 10 in the daily
press. are minor facts relating TO the
one great problem. how to expand
basic money to keep pace with our
;sSy ssfEssgg,r " ,braHsiHvNs Fgeaana6ffss
and maintain stability OF general
prices.
II is a well-established principle. ac-
knowledted by all standard writers
unon the subject and recognized by
banking. brokers and speculative cir
Giles. that general prices are regulated
by the volume of basic money. In oth
er words, that the law of supply an'
demand applies equally to money a
10 other things. On this principle.
money is increased 10 keep pace witt
production. no matter how much pro
duction may be cheapene. as regard
labor by labor-saving machinery o
other devices. general prices Wi
maintain the same level with the re
suit the producer will receive fai
share of the wealth he creates.
IT, on the contrary. money is no
supplied in proportion to producuo
and the demands of commerce, as ur
OF fortunately at several periods durin
lus the past IS years il has not beer
the prices will fall and commerce ana u
yer dustrv will be curtailed until one
" two things happen-either the DEF
me cheney of money is supplied or gener'
PIE prices will fall 10 the general Level
pc the quantity of money. A conditio
ma. Of falling prices or relatively 10
OF prices bears heavily upon the pr
ne ducing classes. upon whose shoulde
'er- lies the burden Of payment CT
the debt. fixed charges and incomes.
ana cause on account of the lower ran!
on of prices it takes more labor al
ne more of the wealth labor creates
nui- cancel such obligations.
the !; co. oco ooo ne secured |
of .x;,, AN, raetirr unon 4
anu shoulders Of industry in this countr
a fall in prices becomes serious ms
inc ter. 1t is apparent also that una
hat 49,, .;rcn,stances what i lost TO I
Ner, industrious is transferred to the cree
OF of the money lender. bondholder a
ne absorber OF fixed charges and incom
ID Is II. on the other hand, money
may eny reason. whether by natul
rea. means, as by products of the min
,hat or by acts of legislation. becomes
lded creased in quantity in relation TO
g'on demand for it, prices will rise ur
the general level of prices overtal
the enlarged quantity OF money. !
der such conditions industry and &C
~, merce are stimulated, and the ind
trial workers. receiving larger sh
no OF the wealth they create, are pr
porous.
Substitute money. bank and OF
credits also exert an influence
- = prices. but it is uncertain. fiuctuat
~. and speculative. Ultimately, and
haps we may say periodically. un
the imitation of credit substitutes
now money. panics ensue and tne gene
ital. level OF prices will seek the level
mo- the quantity Of basic money.
Gratis basic money is meant money poss
ing oil the attributes Of real mo
pro- without limitation. regardless OF
; not material out of which il is made.
cool In view Of this principle, IT will
rival readily seen why money owners, Il
. the ers and fxed income classes are 81
MI Am Lar III MI