The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1877-07-27
sILvE1s vs. GOLD.
aOnae Facts and Logic for
Gold WOEshIppeFs.


Leavenworth Daily Times.
It has all the time been held by
the friends and advocates of remon-
citation that the depreciation of
silver" which the monometalists
talk so much about, had been appar-
emit only, and that there had been in
reality no depreciation-that the
quotations did not show that silver
had any less purchasing power, but
that gold had appreciated by reason
of the attempt to make IL the sole
standard OF values throughout the
world. And now q moeI impOr-
tant admission from the London
Economist has come to hand, based
upon the trade returns of East In
dia, and official statements are quo
ted to show that the purchasing
power OF silver has varied but q
trifle during the whole period Of Its
supposed hucluAtion In value. In
other words, while silver has been
quoted at varying figures compared
with gold, 1t has all the time been
available in India and China to buy
the same quantity OF natural pro-
ducts. The Economist says:
The rejected silver OF Germany has
always held, natural outlet, and the
most interesting portion Of this return Is
that which treats OF the effects upon trade
and prices In India Of this great stream
OF new silver that has been attracted to
It. Great though the influx has been, It
has apparently become merged in the
enormous stock OF silver previously &C.
eumulated without perceptiblY increas-
ing its volume. Such, at any rate, IL the
conclusion 70 which the Indian gov ern-
ment has arrived, AFTER careful lnvesti-
cation into the variations torn January,
1873, 70 February last, in the wholesale
prices OF the staple commodities In the
Indian markets. The tsbles which set
forth the result OF that inquiry show that
the prices OF the imports are generally
lower at the end Of that period than at
ports, although the prices Of many arti-
clea, such as lutte, rice, silk, tea and wheat,
exhibit q considerable rise, these have
undoubtedly been subject TO special ia
nuences unconnected with the move
ments OF silver which have EXCHANGED
their values. A comparison Of the prices
OF these commodities in the London mar.
ket would, we think, show similar Varia-
lions and while We should hesitate fully
to adopt the opinion that Esthe tables do.
not indicate any decrease In the value of
silver" we certainly fail to find In them
anything to show that there has been q
marked diminution In its general pur-
Shasing power. The depreciation Of sill
yer has thus far been mainly, II not alto
gether, depreciation of its gold value
only, and that being 30, the effect Of the
1All IN the exchange has been, rs we have
frequently before showed &c would be, 10
| stimulate export and discourage imports.
From this the New York Graph
10 argues that the uncertainty of
values, about which the Inonomet-
allists are so much alarmed, would
most certainly be brought about by
making gold the sole unit of value.
1t reasons that gold is the uncertain
and volatile metal that appreciates
and depreciatee according to the
varying tides of commerce while
silver is more stable wholly on ac-
count of its more general use as
currency, taking all the civilized
nations together. The great mass
of mankind use silver in retail trade.
Gold is rarely used in actual trans
actions. They therefore, who talk
about depreciation of silver are de-
ceiviDg themselves AMI their hear
ers, for silver is more stable than
gold, as is shown by the fact that it
will always purchase about the
same Quantity of the products of
human labor; whereas gold, being
less used, is more sensitive to 3 rise
and fall than silver. In truth, like
the pendulum, which is best con-
structed of two metals, whose diff
ferent degrees of expansion and
contraction correct each other, the
specie currency of the world must
also have q double metal basis.