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Williams On Silver

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Ed. Argus: It isa source of much pleasure to note the interest which farmers are now taking in politics. Many are coming to see thatlaw enactment has much to do with prices of products. What the effect of certain enactments must be is fast becoming the bone of contention. The present political parties teach that the only way in which law can influence prices is by tariff manipulation. During the later years the close student of price causes has learned that similar tariff legislation is not always followed by the same results, and henee sees that some other cause has a greater influence. We noticed that in a February meeting of the Washtenaw Farmers' association the man from near Ypsilanti divided the subject into two heads, viz: "What can be done by legislation to permanently benefit the farm - ing interest;" and "What products in the aggregate will yield the maximum of profits." We noticed that this gentleman took the first división for his theme, whereas all will agree that good prices for what is produced is the main object to be accomplished. Henee we think the gentleman made a mistake in his selection. Of course any legislation which attempts to establish prices for products would not be tolerated. Whatever is done in this mannei must be done as a means. Henee we advance the proposition that the time never was when money was ir active circulation and seeking investment under law guarantees but what labor was well employed, while the price of all producís was fair. Second. That the time never was when money was scarce in trade channels from any cause but what all prices were low. If this be so, the question to solve is what makes money plentiful or scarce in trade channels. We believe it is the control of the money volume and its manipulation which makes all prices. To show a reason for this belief, we suggest that at all times of so-called money stringencies bank report show the largest deposits. For this reason we feel to say that the American people have failed to put their heel upon the viper's head, even though it has poisoned every industrial enterprise of the land. The national bank institution never carne as a national necessity, but after all necessity had vanished. As soon as it had gained its lease of life, it at once set about shrinking the volume of currency that they might control that volume more easily. Be it rememberedthat these were the very men who had demanded 24 per cent, for a loan of their state bank bill, when the government importuned them for assistance. They are the men who secured the exception clause upon the back of the greenback, and by it they have drawn from six to fourteen per cent. upon the gold investment, or greenback investment, upon a gold basis, and the farmers have paid it. While every recent monetary revulsión when it has got in its work upon the farmers, and commenced to take hold of banking institutions has been mitigated by the goverument, throwing loaded money into trade channels. This was done only after farmers had suffered to the full extent. The treasury saw no cause to interfere until Wall street cried, then $200,000,000 was poured out to assist them. The whole systbm is wrong, and will never be righted until the productive interests study causes. This education is feared. It is met with ridicule by those who profit by it. Any factor which controls the money volume in active circulation controls all prices in every country which is not open to the commerce of the world. It abrogates and sets at naught every tariff enactment. We need to rise above the issues of a half century ago and recognize the progress of the years. As the farmers progress with their investigation they will attain to new thoughts and drive others there. The man who would boom a great national thought to-day first secures control of a great paper to unceasingly'advocate the thought and he succeeds simply because the farmers are in the habit of allowing other men to do their thinking for them. It is not wise to advocate poor or cheap money as money. But it is wise to inquire what makes money poor or cheap. Money as money has but one function and that a law function. When the intrinsic value controls, it at once looses its money function unless the law is the changing attribute. It is the conflict in attributes which gives money its apparently changing valué. So long as the attempt is to govern by intrinsic value but one article can properly be used as money. The first great lesson to be learned is that money is created by law irrespective of the commercial value of the article upon which it is stamped and the farmer needs to know that the dearer the money the lessof it he gets for his producís, no matter how that dear value is caused.