, 1876-08-19


CHrcAao, Aug. 1h.-t AM Glad to sec tho position
you take in regard to si!rcr-colnage. cannot see
how any thinker. acquainted with tho Arst pr.n.
clplca Of Political Economy, can tako any other
Wow. though possibly scllsh interest may lead
him to cxpseps different one.
II there IL one principle established in the
science Of Political Economy, Il IL, that the value
Of all commodities depends on tho relative supply
and demand there ia fos them. 1t Is TN error into
which many seem To lave fallen, to suppose that
gold ia an exception 10 this law, md that II Is
perfect and Interchangeable standard Of vaue. In Tho
nature Of things, thers canbo no such absolute
mansure Of real yaluo. All that we haro over had
are nominal and approximate ones, subject to tha
same law Of VAktablcnesa In real value according TO
the supply aud demand, which Affects all other
comu,odttcs.
You may hayo $1,000 In gold to.ssny. worth
over 81, 100 IN greenbacIs. Change the circum-
stances; attempt IL carry Il acrora Lake
hlchlgan, and. II thu boat should take
arc and you bo dependent on swimming or
llfepreservcr for safety. you would be glad to cx-
change your thousand In gold for hundred In
grecnbncks. Among somc OF the natives Of Africa,
a gold eagls might not be wost. as much a. TO-
cent string Of beads, to buy chicken rice
With which to save one from starvation. Five
thousand dollars in gold to''lay might be worth
more tllnA 50, 600 Tomorrow to \ nun whU had
payment to make by which he could aaye hlS estate
OF Credit NG tnl8 see thaL lNc EcA1 fAlae 0l k1M,
~ we'll As othcr money. 10 constantly changing
With circumstances, though 1t remains no,nipally
eysr the sano.
Gold and silver arc. however, on account Of
their tnttlnsc value IN thr arts their precousness
compared with their bulk uhsl consequent ense OF
transportation, tho latar required ii ubt4[n them
their frcetlum from ruht. mud ntneas for diyts!o
Ills uost cunreniert aid beat adapted 10 eoimaSo
OF anything we have. The two ulafcrials together
seuin butter for this purpose than either vGuaruts
The gold, being less bulky. Ii better to cpse.cnt
lnrEo nunis for transportation and stnring; while
sflvar. boiag harder amt lets expensive, Ia n.ose
purchases, ,-FavlnE much If the loss which would
pertain 10 gold BY common wear.
The general use Of this dual coinage by the
world fer ages had adjusted their yAlllcs 10 all
other values that II was a. near perfect measure
Of valne ~ w can ever expect to find. What,
thrlr ro!atss valucas
Every one knows that, II an carly froAt should
destroy half the cosn.csop, the yalne 0f thu rest
won1A be much incrcaaed. Might WE not, lhrrc.
t1rc4 expect that Tho destruction or denlunetizA-
tim OF half tho c0nagt Of tho wDrld would greatly
OF tho rect though 1t could not increasp it, noull-
M! vntuts
II l!u use of ryo for the dstlllatlon ut spirs was
by Ia" suppressed, does any oI.o l0ubt that liz
commercial value would be diminished! II the nso
Of gold az coin and medium Of s1chanxe. Instead
any onc doubt that ite value xnd purchasing power
"ould haye hcen much tessened, who thxi of sil4
YER would hare been greatly iltrcascaf
1t scens: then, that coil.sess las cnnimltteda a
great bltndef and dune I great wrong by enaellng
l9w which has tncrcased tho real value OF slia
den Of every dehIor. Keep It before tue people,
II. r. 6EELKY,