THE CENTRE DEMOCRAT. DELLEFONTE, Asking you to bear in mind, as before staved, that can be learned except by studying broad and large results over considerable periods of time, I ask you to note how beautifully | this chart exemplifies to the eye the effects of the rise of gold, The Une of gold is not uniform, but its general direction is up ward. The lines of silver and commod| ties are not entirely regular, but their gen eral tondency is downward. The corr spondence between the values of commeodi ties and sllver Is very remarkable and | no general law in economics | ought to be very interesting to gentlemen | who deny the appreciation of gold and de clare that there is no parallel between the | prices of commodities in general and sil- ver. You will notice that in 1880, for ex ample, there was a sudden rise of and of these comm ver rose in a mor the other in that year there was pending in congress a prop osition to rehabilitate the white make Naturally sil dities pronounced commodities, because metal As soon as ther restoration of State mained so tariff in s KE compet) ors IQ upon a Ey JHE HNN ARE MER, Sn { i I EG SR TS G—"— silver | degree than and | i Ti _— were correspondingly so. Prices began | falling with the cause and have fallen and are falling ns tho oause continues and in- tensifles. The following is a fairly good statement of these successive stages in the process of squeezing the expanding ener gles of the nineteenth century down to the narrowing measure of the gold standard: Bimetallism to Gold, 1872, Norway and Sweden substitute the gold standard for the silver standard. 1878 —The United States, while on a paper basis and looking longingly toward resumption of specie payments, adopts the gold standard, although silver at the time is worth more in the market than gold and although there has been no public de mand for such action, the people and near ly every man in public life being ignorant real scope and object of the i From of the i amendment to which striking the standard can to this Thus on resum 79 wo became an the becom net, no 1m our colnago of record payments in 15 aggressive sorambl { wre of gold in the world h wins now ect of the eager 77 and ), 000 of in the demand , she h of it, throwing and [% as bullion large masses of tized silver colin, sell HW) pounds 19, rliament authorizes the ROVErnme iver 187 Italy { suspend the free coinage o sl y Latin unior ( 1 Greece b ©) Sus] and Fra r the i 88 : 82 80 78 76 74 72 190 . ] 1501 : 1.5 se... 1.5 And the roy: ¢lared that the Ir in India had 1 Bir, there is why prices began falling anhout the year 1878 and have kept falling with more or less regularity ever sinee Down to that period gold and sliver shared together the functic f ul timate money among the great « nations of the world 1 formed one vast money aggregated contents measure values and constituted the u tion of all representative and credit money England's action in going upon the gold standard In 1516 had not impaired this re lation, but the sudden and nearly contem poraneous adoption of that standard about 1878 by several leading governments, fol lowed at frequent intervals hy others, made a sudden and tremendous lessening of the mint demand for sliver and threw upon the volume of gold the double bur den of sust ng the oredits and the re formerly bourne by This nor 2.960 of 1888 de hasing power of silver fall iain mmission anple reason ns « mmercial reservoir, whose 1 all exchange TR Itimnte solu (14) demption unotions both metals jointly mously to the stra id, rendering it relatively soarcer more obtain, Increasing almost beyond concep. tion the demand for it, while Hs supply did not materially alter, The Inevitable result was to raise the ndded gether they difMioult to | | vale of gold, to | make It constantly neccessary to give more and more of all commodities, on the aver ogo, to got gold, The full effect wos not folt all at ones in 1875, process were progressive, and the effeots The steps In tho | pecie Austrin | the nage of s Italy resu basis and | to do it wit ~The Unit Iver § rinciple 1800-1808, "1 suspends ecle payments on 00 ir. | Btates passes the Sher ur aw, continuing the the Bl perial bank of increases its gold reserve by $120, 000,000 and begins a poli { hoarding gold, which has gone on ever sino 1501-1802. —~A ustria- Hungary adopts the gold standard and becomes a borrower of gold to an enormous amount Roumania adopts the gold stand- vi and act tussin 1 i ard 1808. — India clos age of silver 1504-1805, «Chile sue # her mints to the coin and Brazil adopt the single gold standard and join the ever flercer struggle for the lessening supply of real money 1805, February I'he United States be gins the unhappy and humilitating pro cedure, apparently chronio if we are to preserve the single gold standard, of borrowing millions in times of peace wherewith to pay tribute to the despotism of gold Why will gentlemen persist in shutting thelr eyes to the plainest of evidence? The great fall of prices in the gold standard world since 1873 Is as indisputable as any physical fact in nature, and that it is chiefly due to the appreciation of gold seems to me as conclusively established ns the law of gravitation, In England, where the gold standard was born and where its operation ia tao fill her creditor coffers with unearned iperements of the wealth of all debtor countries, no mystery Is made of it The World In Bondage to Money, Moreover, 80 clearly are the observed of foots of the gold standard conformable tc the cconomie Jaw 1 have tried to state that they have been foretold at different times by men learned the sclence, Many years ago, before the nations bad be cote eraged by the misunderstood exam: plo of England and had not so generally gone to work to subdue the world to & money bondage, Jevons wrote as follows: become in Iam far from denying that if the Italian government decide to « fect Luzzattl's thrent of hazards, and if the Hke the United States and France of Germnny, there [37 disturbance of values for the is it likely that such proceedings be taken by rational statesmen and rational parlinments It is really too surd to suppose that any country will insls having a gold currency at any cost Alas for the fallibility of genius! Jevons not foresee that so parlinn would prove irrational that great countries should Ix of the gol | srry Into buying g course bi might will upon Even many and sinitten nts standard he advoeated as t Pia thelr lifeblood for it History of Industry. ure the g of tis period ir pi » grain drill Ihe first suc Bh the ful reaper was mproved in 1845 tion at the where it tool which time It came rapidly tween and 1576 nearly 8.1 were taken out in this country alone for and thelr attachments The thrashing machine was brought to perfec tion In 1868. The self hinder belongs to a later period, but its effect and that of im provements on the inventions named had nothing like the significance for agricul ture which the devices that came | m 1850 to 1878 had To this period also be longs the inning of ul ture and the use of img and manu factured fertilizers on a the tematic and general breeding of cattle horses apd sheep and the inauguration and considerable of hows factory system In manufactures it is sufficient the lending pr and had become commercially period-<the cotton gin and spinning jenny, with thelr principal attachments and im provements; the power loom, ealico print ing aud color weaving: the hot blast in fron manufacture, perfected by 1545, by which ne previously refractory ores were renderod reducible and the oos smelting was diminished nearly half; the steam hammer, rolling mill and turning Inthe; the bossomor steel a8 nnd the ehlef improvements In producing and fining iron, the vasting, forging and rolling of the heated metal and turning and planing of the cold metal; the Jouk, the slotting, key grooving, milling and shap ing machines; the process of assembling, or the making of Interchangeable parts of machines, permitting the vastly cheaper manufacture of articles lke watches, clocks and firearms; the sewing machine, dating effectively from about 1800, be twoen when and 1878 about 2,000 patents Ishi harvesters n fr scientific ried beg agri large sonal development the name machines that effective In this CORSOR prox the ER Y, SEPTEMI] 17, 1806 it were granted in the | the pnuematic calsson in centrifugal pump, tun hivnery, and the tion with gERng wwindll machinery nbout th mly departure im since that time being the use turning Bianchard's spoke HY 1 conn finery nr saws new ] senle SITAR We inery, y for turning irregular forms; planing mills washing machines art he general working machinery for furniture fn al kinds the tween princi; knitting machines, thu i it and shoe machinery Effects of a Changing Standard, MOrt gages ness and reclessly suring off ne i ivaien circum enter Fhe oes 1D all human products such stances there Is 1 inducement t e or to investment in producing Indy % No man wants to pri ness in whi but prefer securit) # collects the m centers and emph ver of the money lender, must be I and who borrowers t I= a make his bad 10 use better wht in his lair n terms with ptom when *°| : reeding’’ money phrase low k's an appreciating standard the very proovsses of or stop to of aw they n nit only nn fow and 1885 gold inted that the holders of the pub of England could buy In the lat ter ir £200,000,000 worth more of all commodities on the average with the prin olpal of the debt as it was in 1874 than thay conld have bought with it In 1874 In other words, the property and industry of Kngland were robbed of £1,000,000,000 in 11 years and a present made of 38 to the holders of her bonds, The Manufacturer of Feb, 1, 1868, shows that the gold standard has presente | 3 English trade since 1860 with a gratuity of nearly $2560,000,000 that the of farm lve stock In the United States has fallen in three years #6 The United States paid 000, 000 of her debt between yor, ns Andrews we reckon it In the beef, corn, wheat, oats, pork, « and bar iron, the debt was nearly cent larger afterward than before It is sald that In 1866 we « paid the national debt of this coun O00 (00 of « In 1} 1 iH taken 61,000, nl miso ville O00 out 8750 B70 and 1584 President bans shown eight commodities otton, conl por BO bles tion ! uid wi what wo y cipal and paid have The Single Standard [792 1800 If 4 this 1 dis of ¢ 5st all, FU os fol hereafter fall of 1 loglisintive by precipi ret more than 16 points 0 +ay that or cont differs ) rion shila 4 res hur dreds fi pH fated ¢p the » 0, al 6 raphy CSTE soarae as Saevss nity tiaras ad iee res Ferrer rs 4iaitiiis BER re ss IIPS EEE ess PEaps Tal 3H Tiaasigan Ee A LRT re Bgsnshndos ston aes Sore: ErTerE or Marker PRICE OF SILVER From 1792 To 1894 SHOWING SUBSTANTIAL CORRESPONDENCE With FrRencH Rario(I15' To i) Fin 80 Years Axo RUINOUS EFFECTS of DEMONETIZ ATION IN 1873 AND SUBSEQUENT YEARS. must be the attempt ellver with production . an alleged 1792-1848 1040-1902 1900-187 154-10 FIGHERT AND LOWEST VARIATIONS IN MARKEY RAT 1530-187 . . 15.0 4 ed, HE. 58 1 In the first period twice as much silver as gold was H roduoed ; In the seo nd, thre times ne mach gold as sliver: in the third twice as much gold as sliver; inthe fourth, only 10 por cont more silver: than gold, Yot during the enormously disproportion. ate production of the first threo periods all the variations In the market ratio are embraced within 14 points, while in the Inst period, when production was almost fdentieal In both metals, the matic sank su istance that ering gold if i= one r remedy, calls loudly upon the statestanship of this country, oalis loudly and 1 pray not hope lessly upon the patriotism, upon the intel ligenoe, upon the courage of the splendid loaders of the grand old Republioan party, if we have such left, and 1 believe we have Sir, If a man denlos that these things are true, then he may believe in the perpotus- thon of the present gystem, but if he be- lieves that this pleture, which I have one deavored to show, of the continual fall of sommoditios and of the rise in gold, and the ruinous effects of it, are due to the fant that part of the ultimate money substance of the world has been taken away by law, be eannot believe In its perpetuation. He cannot supinely submit to its continganoe. Ho will arise against it and help pot is aside, I must not forget, «ir, that I promised to say something about wages, am prompt to admit that the great Republican {Continued on th page.) standard wi 1 3 5 IR FOUGIY that in my opinion call
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