The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1900-01-11
A "sTABLE- CURRENCY.
The New suppiy Of Geia ass Its Eaeet
In Rrsnas.R Prosperity --sseia-
gses Feota9.

Ug& -F~0aH&.
From the remarks of correspond
ent OF the Springfield Republican, we
judge that the people arr opening their
eyeS 20 the true reason of our present
prosperity, ana 20 the real relations
which the money question bears TO the
next campaign.
The democrats demanded usore money
and higher commodity and labor prices:
the republicans said. not more money. but
one-hundged cent dollar, not higher
prices, but stable prices. Bat what Ia.
happehe1r 0cd. 10 defeat sntan's pet
proposition. q cerasrsd dollar. has direct
ed men 10 The bowels OF the earth. where
gold was on dseosh. and they have brought
forth more yellow dirt IN the last three
years than the democrats have hoped to
see come OF both sold and silver. 40 that
10 spite Of shyiock'E wish ana design, wa
have had more money, ana. aH was fore
told. we have had rising prices tn0s alto
gesher due 10 the increase Of the goid cut
put. Il ls tFu~. but largely SOD. taber is
more fully employed and better paid, and
the republican politicians are bowling
Behold our promised prosperity" But
THEY FAIL TO ADD. MADE MAINLY
on THE DEMOCRATIC FORMULA or
THREE YEARS 400,
This is pretty straight talk, and IL
means something. II cuts right down
into che bowels Of the situation, "a
yon may say. II the correspondent
had felt inclined to 60 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 nctnai circulation 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 10 the actual cir
coiation, and that the gradual rise In
prices has added 10 the volume. Thus,
while the money supply hsk not been
largely Increased, the volume Of circu-
lation has grown larger and larger,
the money coming out of the bank
vaults os the result Of the demand for
II. This increase In the actual cir
eulatIon 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 will remember
the ponderouS essays devised and put
In circulation by our gold standard
friends In which they solemnly predict
ed that Ia the changed relations and
conditions OF business We had seen the
Last OF high prices. Such conclusion
was inevitable from their contention
that the gold standard would give us .
Sound and stable currency" This
phrase meant, II Il means anything,
that the purchasing power OF the col
lar wss 10 remain fixrd and stable, an
invsriable quality in lis measurement
of the value Of commodities. a dol
lar, to be q sound dollar, must have
ixed relations 90 the commodities for
which It Is exchanged; these relations
must be invariable, otherwise the dol
lar Ia not a Sound" dollar. and the
currency which II stands for Is not q
stable" currency. II not soundnea
and stability were mere meaningless
phrases when applied by the writing
contingent of our gold standard
friends.
We think, however, that the1e writ.
ers will admit, 81 they are pushed
closely, that they did mean that the
gold standard would result In hxed and
stable values and prices. and that the
purchasing power Of money would
cease 10 fuetuatc 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 n piece of money, Is
Its purchasing power. One man buys
these gold dollars with cotton, because
he wants 10 buy iron; another buys
them with iron, because he wants TO
secure cotton, or cotton cloths; the
wagc-earner buys them with his labor,
because he wants 10 purchase food
and clothing. and comforts for him.
self and his family; and so on through
the long and multifarious lists of hu-
man wants, desires and ambitions.
When prices rise from any cause
whatever, the value Of the dollar de-
cresses In proportion. Three years ago
the owner Of money could purchase a
ton Of iron for eight dollars. Has he
not Lost some advantage, has not his
money ahrunk on his hands when he
finds that he must now give S23 or s2i
for n ton? Under such circumstances,
we think We would be glad 10 have the
so-cent dollar, which he protested 50
loudly ngainst In 1890, for then he would
have to pay only $40 q ton.
We are truly glad 10 see our gold
standard friends so enthusiastic over
the prescnt conditions Of prosperity.
This enthusiasm we can enter into and
enjoy most heartily. and the more 20
because prosperity has come M the
result Of more active circulation OF
money and higher prices. This re-
suit was predicted by the democrats as
the outcome OF just such conditions
as have recently prevailed. More money
in circulation, cheaper money, higher
prices and prosperity. These things
no together. Under all the circum.
stances, do our gold standard friends
persist In claiming that we have
"ssable" currency ?--Atlanta Consiitu-
tion.