People's Pilot, Volume 5, Number 11, Rensselaer, Jasper County, 5 September 1895 — Contraction Did It. [ARTICLE]

Contraction Did It.

Mr. Harvey experienced the difficulties of a single silver plank when it came to a comparison of prices. He had to begin in 1873, the year of the panic brought on by currency contraction. In his discussion with Horr he ignored the fact of the SSO per capita of money In ’GS-6, or counting the northern people alone among whom it circulated almost exclusively, about SBO per capita. He i got away with Horr but would have made a much stronger case if he had set forth the deadly work of currency contraction for the seven years previous to the demonetization of silver. General prices continued to decline as the money volume became less until 1878, when the destruction of greenbacks was stopped and silver was partially -emonetized, when the fall in prices was checked, except as to the great staples of wheat and cotton, which were af'ected by the price of silver bullion and continued to fail with the price of unjoined silver. —Mo. World