Jasper County Democrat, Volume 2, Number 16, Rensselaer, Jasper County, 29 July 1899 — THE PEOPLE'S MONEY [ARTICLE+ILLUSTRATION]

THE PEOPLE'S MONEY

The question of what metals are used In the coinage of a nation is a matter of no consequence oilier than as they affect money supply. Tile terms free aud unlimited coinage applied to gold or silver mean that the mints will receive and coin for lite lienefit of the owners of all such metal that may be offered for that purpose, thereby leaving money supply to be determined by the productiveness of the mines, l-’rom time immemorial down to 1873 money supply was fixe.l by the joint product of the gold and silver mines of the earth without any attempt on the part of man to in any way limit the coinage of either metal. The fact that some nations struck their coins from one metal exclusively while other nations struck their coins from the other did not constitute monometallism in any sense so long as the entire output of both metals was coined and entered into the money mass that fixed the world’s price level. Money supply could not be curtailed by England making her coins of gold alone, while Germany coin d only silver and Eraiiet* coined both metals indiscriminately. The fact that England refused to coin silver simply left a larger stock Of that met::! u> be coined in Germany. Austria. Kus-ia and Eranee, While the fact that Germany. Russia and Austria sfruck their <• -ins from silver alone enabled England to se-lire a larger •amount of gold! ImUs riminate cointig-* of both metals in Erance at the rat in of lie g to 1 fixed the relative value of gold and silver coins at the French coinage ratio wheresoever coined and made the result, so far as money supply was concerned, the same as though all nations coined both »m‘tals.

The world's.price level depends upon tlie world's stock of money. When the Stock is large prices tire high. when it is scant prices are low. Price is an expression of the relation existing between money and oilier things. As money is only a means to an end and not an end itself, when fluctuations in money supply are so violent that price levi Is suddenly or rapidly rise or fall -it causes great disturbances in the business world and changes the relation of debtors to creditors. doing an injustice to one or the other. Honest money is money in which debts can be paid without doing injustice to either debtor or creditor, In order to be such, the money volume must increase from year to year in the same proportion that population and demand increases, because any change in its purchasing power between the time that a debt is incurred and the payment of the same involves the transfer of property from one of the parties to the other without compensation. When money supply keeps even pace with demand the success of men engaged in business will be gauged by the judgment, industry and capacity of th ' men themselves uninfluenced by a rise or fall in prices due to changes in the value of money. The supply of gold has fluctuated violently from, time to time throughout all history. The same is pme of the supply of silver, but it has usually so happened that the supply of one was large when that of the other was small, thus each in turn counteracting the evil influences of th? other. Besides, with both metals in use and consequently a larger money volume the variations from time to time in the supply had a less violent effect upon prices than would be the case if one metal only was coined and the volume of money was smaller. The effect upon business and production of an increasing or diminishing money volume is widely different aside from the injustice that accrues to debtors or creditors. An increasing volume of money and rising prices tempts all money into active circulation, starts all the wheels of industry into motion, furnishes employment for all labor, and, if continued through a period of years, gives to labor a larger share of the wealth it produces than it would receive tinder any conditlous, because under - such circumstances money Is constantly losing its power over other things, so that to hold it idle causes loss to its owner, while under ri-ing prices an investment always means to part with that -which is growing cheap in exchange for that which is growing dear. Under such circumstances with all labor employed and with products steadily going to a premium while money is going to a discount, the competition for labor will be so sharp that it will be employed at a small margin of prolit to employers and the laborers will receive as wages a correspondingly large share of the products of their toil. When such conditions prevail production reaches its maximum and but few debts are created. The money lender and usurer at such times are in but little .demand. On the other hand, when the money volume is diminishing and prices falling hoarding money in Idleness is the only sure road to wealth. The judgment, industry and capacity that would win a fortune under normal conditions ean now only court bank ruptcy. Those engaged in production must anticipate lower prices and reduce costs to meet such prices. This means a reduction of wages and a consequent curtailment of l>oth production and consumption. If this condition continues a long time the savings of the laborers are first consumed bn account of enforced idleness and the competition for an opportunity to earn daily

bread becomes so severe that the laborers have no voice in regulating the share of their product that they shall receive as wages. During such periods in the world’s history when the mines were productive civilization advanced by leaps and bounds, slaves disappeared and freemen multiplied upon the earth. But during those other periods when the mines were not' productive and prices continued to fall laborers lost first their savings, then their liberties and finally the money changers destroyed all other classes and civilization itself disappeared. In view of the power of money as a controlling factor in the industrial world it will be readily seen that a combination of the world's creditors and money dealers, if permitted to manipulate the money supply through dictating coinage laws, legal tender aits, and file issue of bank notes for circulation would thereby Ih* enabled to plunder the world ad libitum. Such an organization was formed nearly half a century ago. Lt was through its agency that silver was clandestinely demonetized in the United States in 1873. It is in the interest of that same class that the Republican members of the ba nki ng. cu rre ncy sn d coina go com mi ttees have been recently holding unofficial sessions at Atlantic City. If Mr. Henderson is not pledged to appoint congressional t-onimittees in the interest of that organization he st.-tmls no show whatever of being elected Speaker of a Republican Congress. There is only one question that equals in importance the money question, aud that is the question of creating a large standing army. Militarism would mean death to the republic, and the end of liberty.—National Watchman.

The Gold Standard Farmer. I cannot but pity-many of our fellow men who find it difficult to obtain even the bare necessities «f life, crying for their oppressors. Why. how much, or rather how little—slense it takes to realize that something is wrong when we find millionaires able to pile up other millions from year to year, while upon the other Ijand. the man with a few thousand invested in real estate can, by constant effort, only make a living. Yet too many of them are like the farmer (In* is a McHaimaitei. who said to me. “Times are all right, money is plenty, but soinehow I cannot pay my debts." Poor fellow, he was much like another farmer who said. “1 can not read and don't know nnu-h about polities, but Mr. S •-- says the gold standard is best and he ought to know. Mr. S was a banker and held mortgages against the farmer for probably all that he was worth.

It is passing strange that these same men. when they go to a merchant in. their own town, won't believe him. but think he is laying for them and is making large profits upon everything he sells, when in reality it takes careful financiering to keep afloat. Now. what kind of an animal is the gold-standard farmer? His genealogy is beyond my ken, and I have frequently tried to discover the source of his perversity. Hate seemingly has permeated his very soul; he so detests anything not having the brand "Republican'’ upon it. that he refuses to even view it. Like one whom I saw once knock a jiaper out of the hands of a person and kick it after it was upon the ground. Such people -will always vote the ticket according to its label: they need masters, and for my part I would have no objections if 1 and mine were not included in the serfdom and have to suffer as well. There is hope dawning. 1 now find some, whom we regarded as hopeless, are inquiring after the truth, and may the people unite and in 1900 sweep over this fair land with such force as to presage the utter destruction of the golden calf worshipers. Let Americans rule in America. No treacherous Briton need give us advice. K.