, 1879-06-09

III Qtfb U0b Lu0 representatives. VI AoASH~uN'"~. |
Tho law Is simply thas Of sapnlY and de'lana' and
IL ~ tncxorabe 40 that OF RFavitatfon itself."
This 10 quite trno, but suoh general r'Fo
III lilo 1,ricas Of merchandise Is roally fall
In tho valuo OF purchasing power Of money.
cas.sea by n sudden increase Id supply With
ont q corresponding tncreaso In dom"nd'
II completely ursets bis doctrine TINT tho
vns~o Of gold IL absolute aul measured by
the cost Of production.
But 1t IL when our Autltor attempts tho
rote Of prophet that tho richness OF his
"o1aot science" ootnea Ia. After 1900
years Of CROPPING IN economical dasknesa we
are at last to have tho tiuauclat future set
forth with tho mathematical exaotnosa at tue
multiplication tablat We quote ono passage
to allow how high he aots up hia stand
nrd,--a broom at tho masthead, like Admiral
vos DEL TnoMp, to sweep from tho ocean Of
Political Economy avery draft upon It's |
waters, aud ovoey proaumptuous oconom'st
that daros to las,uoh another after 11ENnG V.
pooR las sottlod tho business and proclaim |
ed bis "absoluto +" dominion. Just hoar
him. On page 428:
ITO declare old ideas 10 be not only tnade1siato,
hut wholly opposed 10 tho fact woula have been
open 10 tho charge Of unwatrantabls presumption.
nuless followed by demonstrations which hho"id
cone}nsiyb'y establish thu correctness Of anca IN
ssumptton. That no srch charge might bo made,
the whole 0ucstion Of money has hcen Carefully
reconsIdafcd and subjected to psoccss Of rigid
anaIysts. This has shown that its laws, a. laid
down In the books, ,havs from the oatsot been
wholly without warrant n.sd that tho CONFUSION
which has proyalcd in reference 10 thop1 has heon
tho necessary resu1t. Tho appeal 10
tbs empirical has fully sustained tho cnnclueions
OF Induction. Such a rcsntt be!nE established.
thn.e should b. an cnd to this branch Of tho dis
cnsston, not only from a supor1uonsneast hut 10
.pare tho reader rcpr1;,son which might exhaust
| his patience, bnt which could add nothing TO tho
| force Of hin convictions"
| Hut alas for auol vainglorious presumr-
ttou. Near tho closo Of 1875, In letter to
tho lituo Ne,os OF this city, Mr.. PooR ven-
tured to pnt himso1f on record aa to what
would bo tho fato Of resumption, then close
ut laud. This letter was givon tho unde-
served dignity Of q specia! dispatch, md
published with stunning headlines. THUS
unfortunately hazardiug his fame as proph.
et, It needed only tho fapao Of timo to toar
tho lions skin from oil his aaiuiao theories
and show him up rs lo really iB--an egotiatio
charlatan. We reproduce Mr.. Poon's pre-
dic.ion regarding resumption, as published
In tho Nelcs Of Nov. 10, 1873, emitting his
yapid preliminary remarks, which were moro
Iy rohasL Of tho "laws Of money" as laid
down in his book:
'.shoutd ho (secrctary sttrnNAxl. By manIpu-
hitting tho public mind nnd the nsatke.. bring hta
notes to mar, tho colncdorco vii! he bnt moments
a7y. rs the demand fos coin wilt a. certainly set III
upon him ns 1t would for tho principal Ut the bonds
after tnicrest had ccascd upon bunk after 1t II
known that It's taoatfs equal only ono'thrh OF III
liabilities, Tho moment tho 8ecrotary opcnI
his doors there will DO IRISH for hls good money
Tosc at tho head OF tho line will drnw afl his cou
J leaving tl.osc In tho tnl with nothing but fin
nioucy in their hands. snoh result Ia Just a
certain ~ TINT mHnklnd profcr good money TO bna
os.whoic 10 Clipped eo.n. Thu process Of 7tdemp
t!au will nat proceed far, however, bcf0ra th
! Secretary, seeing that his whole accumulation wil
he drawn. wilt STOP payment, ns he has nlrcatt
> | rrpcatmcd he will do In case OF amy cors!lesab
run upon him. SO far Al his gold ID dawn mus
the cutfcncY bo permanently contracted ma llo hn
no means Of getting ont tic notes which he ha
- takcn In. Aftot tho catastrophe. which Is inoy
= | itablc comes tho real tug of was."
Il Was thoro ayer such M obstinate refnau
1t on tho pnrt of faots to conform to tho prin
; / clples Of 'toxaot soienco"?
| AuG VI kA@o 44tfaQ Wv ~ LAX
II tory will be apparont whom 1t IL known ths
If this same HrNnr V. Pom has been the al
ceptod champion Of the gold monometa
u lists. He has beeu tho most persiste1
Q. falsifier of historical facts pertaining To tt
III silver problem, and stands upon tia reoos
n with long list Of predictions Of evil to r
B. sult from reconciliation, many Of whie
r l,ayo gone to the roalm Of dtshonorotl propl
to eeies, with more to follow. III Januar,
" 1878, whom tho assoeiktsd banka Of No
al York, Philadalphia, Boston, md Daltimo
le wished to romonBtrato against tho Siiver b
III then pending In Congress, h1r. Poon vi
D, employed to draft tho memorinl. Th
N document places the banks squarely I
OF the platform OF a. singlo standard
OF gold It gloritoa tho decentralization
OF silyor in 1873, aud oaallopgaa tho wor
In for a aingle reasonable argument agair
es tho priuoiple upon which that acti
was hascd, II saya: "No propositi
l 'as oan ba mora untonab1e than that Go
NJ .M. osnments can by monetizinB ailyer mntoria
I'D raise i.s price"! Also, that '<The nssnn
ttou that Franco is to rotraca her stops. Q
no rastoro silver to tho prominence 1t onco c
40 joyad, ,ta not for moment to DO ent
7" tainsd." Theae and other absurd statomer
I'D In this memorial are curious roafitng In t
M light Of tho fact TINT Franco has ollloial
Ito expraesed hor intention Of returning to
FREQ nintago OF silver ut tho earliest possit
ha moment, md TINT nj! Europe is tsnaing
Ito the samo direction. In the recent dob
'ea none OF the opponents OF tho WARsEs