The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1913-02-04
"ON BOARD THE GOOD SHIP EARTH"
orr World VIDE Meal of Worsh,p--GoM
BY HERBERT QUICK

uries and banks aud safedepost vaults and use them
things by which to measure the yame OF all other
commodities.
In past ages gold and silver both used and
still are in some countries. But latterly the world.
at the request OF the nancers has rapidly abandoned
silver as measure of value and adopted gold.
think the feeling OF the bankers that by the use
OF gold alone the value-measure would not be as apt
10 grow small as IL both gold and silver were used
Financiers are people who debts due them, and
these debts promises pay certain number or
dollars pounds, kopecks, marks. yen or doubloons at
some time in the future. These denominations or
money all by law equal 10 much weight OF
gold silver. When the double standard was In eff
feet the debtors would of in the one that
happened 10 be the cheapest. The hnancers put
through their schemes In the double standard coun-
tries adopt the single gold standard, because IL
looked IL silver going to be so plenty that 1t
would dsplace gold entirely Hence the 'cross OF
gold and crown OF thorns speech in 90 and the
"crime OF '78' in many campaigns
Now a dollars-worth under the gold standard, Is
the value OF the number of grains Of gold in legal
dollar II gold should get plenty as mud. you
could weigh the number OF grains OF IT for
a dollar TO your creditor as now. and take up your
note for a dollar II a region discovered where
gold could be mined In unlimited quantities with
is iron In the Lake Superior country
everybody could pay his debts easily-it would be
equal to a universal act OF bankruptcy. That Is.
gold dollar would not exchange for more cloth, lum-
Der. meat. wheat or other commodity than would an
iron washer OF the weight; and the producers
OF other commodities besides gold would be able to
get gold enough for load OF hogs-for instance
to pay of the mortgage on the farm. Prices. as
measured In the now base metal gold would go kitng
as high as they did In the south measured In the
credit of the confederacy when IL deprecated.
Now while have not found any such mountain
OF gold we producing much that II Is depreci-
atng as compared with other things In 1907 In all
the world there gold to the amount OF about
seven billions OF dollars. Half Of that had been
mined In the previous years. and the other half
In all the previous history OF the world
lust think OF it-as much in single decade as
in all the time since Solomon went into the market
for gold for his temple No wonder the dollar won't
buy muchl Now the great low-grade silver-standard
nations like South America Mexico, India and China,
are most of them trying to place themselves on the
gold standard and are absorbing this gold In an
astonishing way but when their wants are satisfied
II the gold keeps pouring In, shall md that we
squirrels have piled up many nuts that their value
n going down tremendously We shall have higher
prices Increased cost of livngincreasng faster and
faster for years Laborers will be obliged to struggle
harder and harder to keep their pay up to the living
wage scale debtors will be able to pay their debts
easier and easier there will be more labor trouble
more freedom from debt, more turbulent conditions
than we have ever seen-and believe greater actual
prosperity even II grief-all because the Pass
an gers are taking from the bunkers great deal OF
natal which ia very useful but which 10 univer-
sally vorshiped and which IL used as measure OF
value. .
It In as II wages and prices and debts were all
navable in cloth measured by an inda-rubber yard
stick which were growing shorter all the time Good
for debtors bad for wages and sure to boost pfces
See tomorrow's Times for announcement of the
next article In this series