Excerpt from Bryan, Sewall and Honest Money Will Bring Prosperity
The address delivered by Mr. William P. St. John on accepting the permanent chairmanship of the National Bimetallic party at St. Louis, July 22, 1896.
By William P. St. John, M. A.
It is among the first principles in finance that the value of each dollar expressed in prices, depends upon the total number of dollars in circulation. The plane of prices is high when the number of dollars in circulation is great in proportion to the number of things to be exchanged by means of dollars, and low when the dollars are proportionately few. The plane of prices at present and for some time past is and has been ruinously low.
The increase of our population at about two millions a year, scattered over our immense territory, calls for increasing exchanges and thereby demands an increasing number of dollars in circulation. The increase in the number of dollars when dollars are confined to gold is not sufficiently rapid to meet the growth of our exchanges. The consequence is a growing value of dollars or a diminishing value of everything else expressed in dollars; which is to say a tendency toward constantly declining prices.
The fountain-head of our prosperity has run dry. Our farmers all over the country have endured the depression in prices, until they get about $8 or $9 per acre for an expenditure of $10 per acre and the like. Their credit is exhausted at the country stores. The country store ceases to order from the city merchant, the city merchant reduces his demand upon the manufacturer. Manufactures are curtailed.
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