The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1876-09-09
Social Science and Silver.

During the latter part of last week a
meeting Of the National Social Science
Association" was held at Saratoga.
There were present many men of many
minds, men bearing distinguished
names, and who lectured on subjects
bearing names even more distinguished
and longitudinous than their own.
Among these social science savans
came HORACE WHITE, Of Chicago, and
contributed "a paper" on the silver
question. Mr.. Whites paper was in
tended to be learned, and probably was
SO. But it contained nothing that was
new, and good deal that was not true.
Among other things equally wise, or
otherwise, stated by Mr.. White, was this,
--"that any great decline in the value or
purchasing power of gold, or any great
advance in the price OF silver, was pre-
vented from taking place by an Increased
demand for the former metal"
We wonder ii Mr.. White ever knew of
time, or read of time, when the de-
mand for gold and silver was not al
ways equal to the supply. Did this light
OF social science ever hear it said or
sung in song or story that any people
ever refused to take all the gold and
silver they could get? Then how could
there be an 'iRcreaSed demand" for either
metal?
Again, MI. White says that the remon-
etization Of silver "would diminish the
value or purchasing power OF wages and
fixed incomes" &c. How can this be
true? Has such an effect ever followed
or attended the use of silver in times
gone by? Never! Then how can it be
said or inferred that such would be its
effect now? All experience is against
it. Facts are against it. Nothing favors
it but the fine spun theories of Social
Science at Saratoga.
Once more: Mr.. White, after speaking
OF railroad and other corporation bonds
being made payable specifically in gold,
and alluding to Government bonds, says
this:
"All loans actually negotiated since
the legal decentralization of silver, in
Guiding the pending AZ per cent. loan,
are, of course, payable in gold, what
ever may be said OF others. The success
of the AZ per cent. funding operation is,
therefore, no criterion tor any funding
experiments based on silver"
Now this SaYan Of the Social Science
Association is utterly mistaken in his
statement that "the pending Az per
cent. loan" is payable in gold, because
negotiated since silver was demonetized
by the act of 1873. These ~ per cent.
bonds are issued under the funding act
ofJuly IA, 1870, amended by the act OF Jam
uary 20, 1871. And this specially de-
cIares that the bonds issued hereunder
are to be redeemable at the pleasure of
the United States after such date ''in
coin of the standard value of the United
States on said july IA, 1870" And this
condition aud stipulation is to be, and
is, printed on the lace of the bonds them
selves.
Now, silver was not demonetized till
some three years after this law was en-
acted. On the 14th of July, 1870, therefore,
silver was "coin of the standard value OF
the United States," as well as gold
and in "such coin" those bonds are
specifically made payable. Mr.. Whites
cool conclusion that they are "0f course
payable in gold," meets colder mega.
tive in the law and on the face of the
bonds themselves.
We advise the writer's of learned spa
pers" to be read before Social Science
Associations at Saratoga, or elsewhere,
to make sure of their facts before spin
ming their theories; and to make true
statements OF the law before they pro-
nouncc judgment. Otherwise, common
people like ourselves will be apt to
make light of their wisdom and attach
little importance to their doctrines.
Social science without facts is liable to
be infected with heresy and schism.
--
THE street improvements are going