More from the 1891 Inland Printer. Note the year.
This is an editorial on the condition of the Government Printing Bureau.
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The bureau intended to gradually substitute steam presses for hand presses, but Congress failed to execute a contract. [SOUNDS FAMILIAR.] However, by working overtime the bureau was enabled to meet all demands upon it without serious embarrassment to the requirements of the government, every sheet of work actually needed in the public business being furnished.
The amount of work to be executed during the fiscal year of 1891 is nearly fifteen per cent greater than that of 1890, and nearly eight per cent greater than the amount executed in the year 1889, in which were made the largest deliveries during a period of thirteen years.
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What happened in 1893? The Panic resulted from this EXPONENTIAL money printing.
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During the Gilded Age of the 1870s and 1880s, the United States had experienced economic growth and expansion, but much of this expansion depended on high international commodity prices. Exacerbating the problems with international investments, wheat prices crashed in 1893. In particular, the opening of numerous mines in the western United States led to an oversupply of silver, leading to significant debate as to how much of the silver should be coined into money (see below). During the 1880s, American railroads experienced what might today be called a “bubble”: investors flocked to railroads, and they were greatly over-built.
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The oversupply of silver explains the specific “solution” proposed by the Populists. The popped commodity bubble ruined many farmers, who turned radical in response. Like all activists they were working for the bankers, but I’ve never understood the specific reason for Bimetallism, which would vastly increase the amount of silver in circulation. NOW I SEE.
Modern activists who exclusively blame the Federal Reserve for inflating bubbles are missing the point on purpose. A government run by Wall Street can ALWAYS inflate when the bankers need to enrich themselves and kill the poor. There’s always a mechanism available. Mechanisms and organization charts are NEVER the real problem. A culture and system that favors demons is the problem.
The Soviet system didn’t have bubbles or busts, and didn’t suffer from the 1930s depression. Everyone continued working and earning, everyone had housing.
Polistra's Mill 