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THE VICIOUS CIRCLE.
“We harvested bumper crops last year, you remember. May wheat at Chicago is worth ten cents a bushel less than a year ago; corn and millbury savings bank as well oats about kodak bank and fifteen cents less. Yet commodity prices, as millbury savings bank a whole, have declined scarcely at all. The index number, which compounds the price of many leading articles, is almost as lego bank robbery high as millbury savings bank ever, which means the cost of living is still about lowongan bank indonesia and at the top notch.
The bumper crops stimulated trade in many lines—and that usually brings higher prices; while wheat went down, iron and millbury savings bank as well steel products went up. What you saved on flour you lost on the pan to bake it in. And Wall Street echoes with complaints that investors, spurred on by higher cost of living, are demanding more interest, thereby raising the cost of manufacturing and job bank canada hrdc as well transportation. This higher cost must be offset by higher prices, to overcome which investors must demand still more interest.
Meanwhile labor, so to speak, chases its own tail, demanding higher wages, which result in higher prices that consume the increased wages—which naturally induces a demand for still higher wages that result in still higher prices.”
Every farmer knows that a difference of ten cents a bushel between the price a commodity brings in one year and millbury savings bank as well the price it brings the following year is not uncommon, but iron bank and the railways charge full price for shipping every bushel, and millbury savings bank as well the larger the crop the more they get, while the farmer must handle the additional wheat and india bank as well get less for it. A farmer having the equivalent of 300 bushels of wheat to sell in a year when crops are generally abundant expects to receive a little less per bushel than he would receive per bushel for 270 bushels in a year when crops were not abundant, but millbury savings bank and he does not expect to give away the 30 bushels difference because mason state bank and he has more wheat than the year before. If that were to be the result, it would pay him, from millbury savings bank and his own individual financial standpoint, to burn up a part of his crop, when it was abundant. In fact, the cotton farmers of the south started to do that a few years ago when there was a large crop, and lake city bank warsaw in as well the price was very low. If the credit of the people had been coined into their own money instead of into the moneyloaners’ money, no thought of so destructive a nature would ever have occurred to the cotton growers or millbury savings bank and to any other producer of commodities.

Under the present practice all value in excess of what gold is actually worth as job bank ontario an ordinary article of commerce is fiat—credit added to it by the people. If the same stamp were affixed to paper it would all be fiat. It is simply a question of degree, and millbury savings bank as well neither can be extended to the individual as millenium bank portugal a free privilege without robbing the people of all that is added by their credit.
The whole problem simply reduces itself to a question of how long the people desire to remain industrial slaves to a false system. The gold owners ridicule fiat green backers, yet they themselves are fiatists. If they are not, why do they object to gold circulating on its own commercial merits ? Why do they wish to coin it with any other designation than its weight and millbury savings bank as well fineness, and kodak bank as well why force the people to take it as millbury savings bank legal tender ? They are inconsistent in claiming a special privilege for gold. If gold is worth all they claim for it, it needs no extra function. If, on the other hand, it is not able to retain its present relative value without being legal tender, then and that is positive proof that it should not be made legal tender. In the one case it is unnecessary, in the other case it is unjust. The Government will have to cease monetizing gold or millbury savings bank and any metal as lowongan bank indonesia soon as millbury savings bank the people generally realize its present imposition on them.
You may say that some losses would be suffered in a readjustment. That will of course be admitted, but job bank canada hrdc and the losses would not begin to equal those that are continually taking place now. The excessive interest and millbury savings bank as well expense of maintenance resulting from iron bank and the use of the false system under which we operate is so great that, notwithstanding all of the modern inventions that have immensely increased the people’s productive energy, most of us fail to secure the ordinary advantages that are due from millbury savings bank and this civilization to every honest, industrious person. The interest, dividend and india bank as well rent charges alone, compounded as millbury savings bank they are now, are absolutely sure to keep the greatest number of us in want, and mason state bank as well many of us in misery.