Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-02-07


lowt, that whenever an inferior val
ne is made by statute to rank with
superior value as legal tender the
inferior takes entire possession of the
field and drives the superior to 9TH
er countries where its intrinsic value
is respected. Under this rule then
our 80 per cent. silver coin would al
once assume the mastery, and our
par gold coin, would, as rapidly as
possible, be shipped to foreign parts,
and we should thus lose about one-
half of our metallic currency. And
this is not all our silver, the 4gh
clothed by statute with full legal
tender power would still be rated in
purchasing power in oil commercial
transactions at it's intrinsic value
now 81 per cent. power-possibly
when the Bonanza kings shall have
unloaded their stores of silver bricks
by hundreds OF tons and pocketed
their prospective gains it might fall
to a condition of feebleness sufficient
to corrupt, and in the end to blight
and mildew, all the material inter-
ests of the nation. This descent
would be easy-Facilis descensus
Auer,si. But the struggle to return
to o healthy condition would be slow
and painful. We have already made
this descent under financial delusions
and are just now ready to take the
last step to land Us back on solid
ground yet strange as it may seem,
there are those who assume to be
guides. who by accident or through
the designs of an unfriendly Provi-
dence are clothed with some brief
authority, who call halt pointing
back to the lowest depths of Auerni
and urge immediate return.
There are two we'll established
general rules to which all financial
measures should be made to conform.
1st. That in the determination of
values in commerce the unwritten
commercial law is superior 10 Stat
ute law. Congress may at it's die
having a commercial value of Is or
so cents, stamped and made legal
tender for one dollar, the effect
would be it's purchasing power would
follow it's intrinsic value as deter
mined by commercial exchange and
Boards Of Brokers, and not as deter
mined by the government impress.
And in the matter of tender the eff
feet would be to cripple all credit
and unsettle all paper values.
End. That all commodities passed
from hand to hand in trade, are, I'm.
der ordinary conditions, rated in
price according 20 the ratio of sup
ply in comparison with the demand.
Abundant supply and light demand
where commerce is free and without
monopoly, creates low values, and
vice versa. Money is the common
measure of values, but even money,
whether in coin, or in paper prom
Uses circulating as money, is subject
to this commercial law. A redun.
dant supply creates an imitation of
all trade values /; or, what is the
same thing, lowers its purchasing
power, and by reversing the condi>
tions reversed effects are sure to fol-
low. 1t is prosperous nation f.
nancially, where correct equilibri-
UNI as between supply and demand
touching its circulating medium has
been secured and is steadily main
tanned. By correct observance of
this rule England and some other
European nations, have long enjoyed
great prosperity in trade, and finan.
cial stability which is the admiration
of the world. Taken out from the
control Of demagogues and subject
ed to the rule of statesmen, this
country, which manifestly, has larger
and more abundant elements of
wealth and advancement than Great
Britain, would soon outstrip that
nation in every attribute of great
ness. G. X. D.