San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1886-01-21

which it is dreadful to think, ana on Inc
other, extravaganza, eneminacy and
love of selfish comfort which have ever
been one Of the surest signs of decay
ing people: these, and many other things
all point to the disOrganiZation and dis
ruption of society among the most i'm
portant nations Of the world.
The Chicago News is inclined to
Judge lightly of the craftsmanship OF
Senator Coke, of Texas, as shown IN
recent speech by him on the silver quei-
ton. 1t says: The intellectual de-
generacy Of the statesmen OF the day Is
painfully illustrated in the speeches OF
leading United States Senators on the
silver question. 1t is utterly inconcelv-
able that Alexander Hamilton, Daniel
Webster. or even Henry Clay, could
have ventilated politiCO economic views
such as now daily fall from the lips OF
Senators Eustis, Beck, Pugh, Vance,
and Coke. and in their day WELD the po-
lftical power that has more or less
shaped the ends Of our national lie. we
find Senator Coke, of Texas, taking up
the time of the Senate in endeaVOrlng 10
prove that silver has not deprecated,
but that gold has risen in value. Now
when by the least reflection it is per-
ceived that this proposition involves
the theory that money OF some
description or other is liked
and unalterable measure OF value,
which, by the way, no political
economist has ever dared to main
tain, the absurdity OF Senator Coke's
proposition is made abundSntly
manifest. On the other hand, money IL
simply an instrument Of exchange, as
variable in value as the property which
it renders readily transferable. A dealer
may be able to purchase 100 bushels OF
wheat one day for 500, and the next he
may be compelled to pay Sl2O for the
same quantity. According to Senator
Coke, there was no variation in one OF
the articles exchanged. According to
the plainest sense and clearest reason
there WAS variation in both, wheat be-
coming dearer rs respects money ana
money cheaper as respects wheat. SEN
ator Coke can scarcely deny that silver
has fallen in value 10 the great marts oil
the world in which the purchasing pow
ers of the precious metals are daily
tested: that is, tested not only by thelI
purchasing power as respects each other,
but as respects all other commodities
| Thus, silver will not buy rs much golC
in london to-day bv about 20 per cent al
it did some years ago, nor Will II al
much of other property in similar ratio
MIR. Coke may retOrt that silver will
to-day buy as much property in New
York as gold, as it did ten years ago
Yes: because the Government ant
banks are as yet able to keep the prom
Use of gold redemption to the public
ear. When, however, silver become
the dominant metal in our currency
then will it fall TO its commercial value
gold rising commercially in proportion
Mr.. Coke totally fOrgets that prices
commodities are not measured by yard
sticks and pints and quarts, but ar
perpetually in an equilibrium, depend
ing on scarcity on one hand or plent
on the other. He should also remeu
Der that money is commodity, an
tina, its value is regulated by prscisel
the same causes that regulate the valu
Of all other commodities; and abov
all. he should remember that until b
able to fully and clearly master thes
facts, which are the basis Of all politic'
economic science, he is Il person total
unified to address the Senate of ii
United States on the subject of silv'
coinage"