The Irish standard., 1907-08-10
WE HAVE A DEPRECATED DOL.
LAR

WE HAVE A DEPRECATED DOL.
LAR.
What do those who opposed Mr..
Bryan in 1895 think Of the present
condition Of our deprecated currency ::
There was a great cry at that time
over what was called Mr.. Bryan's at
tempt to create a dishonest currency
We all remember that in 1896 the
American dollar bought great deal
more than the same dollar does at the
present time. but it is not the same
dollar. Mr.. Bryan was right in 1896
The country. was suffering from lack
OF money. from the deficiency in the
medium Of exchange and the conse-
quence was that dollars We're hard to
get, and the inevitable result Of that
was that the dollar purchased more.
Since 1896 the currency has been great
ly increased. not in the way that Mr..
Bryan proposed that it should be in
creased. but in another way which has
served the same purpose. Silver has
not been coined in an unlimited amount
at the ratio Of 16 to 1, but new gold
fields have been discovered and new
methods of treating ore. with the re-
suit that there is a liberal supply Of
gold. The cyanide process has been
applied to low grade ores with the
result that mines before considered
valueless have been worked over time
in turning out the yellow metal. It
may be that in short while silver
will not be the only despised metal;
gold may become less respected because
Of its abundance.
The result of this changed condi-
ton is that our money yard stick does
not measure as much as it used to-
Wages and prices are higher than thew
were IN 1896. Notwithstanding all the
great prosperity that we hear about
rates of interest are high and securi-
ties that used to be gilt edged are now
difficult to sell because OF the low re.
turns made. All this has been brought
about without any act of Congress.
without any change in the currency
law. but simply because people have
gone out and discovered more rold
fields and have learned how to produce
the yellow metal at less than half of
what it. formerly cost. What co the
men who have their money invested in
bonds. what do the salaried folk VIII.
held good positions in 1896, think about
the changed condition? An investment
Of 100000 in 1896 produced far more
pleasant results for the owner than
the same investment does now. The
man who had a position at 500 Il
month in 1896 was pretty we'll circum-
stanced. 1t would take in the neigh
borhood of $4,000 a year at the present
time to do what $1,000 year would do
then.
The men who voted against mfr.
Bryan have taken pleasure in pointing
out what they call the failure Of his
prophesies. He was right. TIE strin.
y"ncy in gold ten years ago gave an
unfair value to money and taose who
possessed it had an unfair advantage
over those who We're compelled to ac-
| qu"e it in order to live, Today the
rlentitude Of gold gives the advantage
- those who have something i, eel;
either labor or mat rial. and those WIN
a:e forced to buy are placed in TIL
position where Their money WIZ not
buy what 1t would ten years ago. Mr.
Bryan proposed to solve the question
at that time by coming silver. He
knew there was something wrong aid
| Re knew what !lc trouble was His
prophesy failed because he did not
know that in a few years vast gold
mines would be discovered. thus en-
ahling the world to supply it's money
from gold. The man who cried out in
h'ly horror against Mr.. Bryans advo-
cacy Of the deprecated currency
knows now. if he stops to think. that
the dollar is deprecated: that ne con-
not buy as much food, 1r as much
clothing. or as much land, or lumber
or anything else with 500 as he could
| in 1895.