Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1892-01-29
TIL SILVER QUESTION:.

C.. Bushby Before the North Dakota
Association at Washington.
WASHINGTON, Jan. l7.-[Special.l +
Mr.. H. E. Ward entertained the North
Dakota Republican association last
Saturday evening at his residence on
Capital hill. Those present we're: Mrs.
Marks and daughter, Judge J.. w.
Snyder and wife, and Messrs. Hon. r.
N. Stevens, J. M. Labold, r. Fl. Busted,
&c. Bushby, f. A. Sebring, A. N.
Miller, All. Bell, J. M. Barclay, H. E.
Ward and son Harry, o. Il. Carpenter,
Hon. Fred bennett, G. S. Sloan, +. L.
Dennie and B. G. Tiffany.
Applications for membership we're
made by Mrs. j. NJ. Snyder, and Misses
Marks and Miller.
Joseph F. Miller, Bismarck, and F. L.
Harrigen, of Grand Forks were elected
members.
Senator Hansbrough, who was on the
program for an address, sent regrets. He
was out of the city, but will speak at a
future meeting.
MI. j. c. Bushby then spoke on the
silver question. The following is the
text of his remarks:
MIR. CHAIRMAN, LADIES AND GENTLE
MEN: Your committee on entertainment
notified me that fifteen minutes would
be allowed in wich to tell all that I know
about silver. Their estimate of time
was probably based upon your patience
and not upon the subject. I do not ex-
pect to exhaust the latter but | am not
80 sure of the former.
I never thoroughly appreciated the old
saw that nothing is new under the sum
until l commenced a review of the silver
question for the purpose of complying
with the committees mandate. MY
Celebrations of ideas on the subject have
been anticipated first by Senator Morrill,,
then by Senator Teller, and a speech I
had carefully prepared had been en-
bodied-as I fortunately discovered in
time, in the presidents annual message;
othat Ifeel like paraphrasing Montague
by saying, [ have gathered the burrs
of other mems chestnuts and only the
thread that binds them is my own.
Gentlemen, it would afford me great
pleasure to place this silver thread in
your hands and to lead you as we'll as I
might out of the labrynth of political
economy but / fear that with the limited
time at my disposal I would succeed
merely IN introducing you into a maze of
thought, leaving each to do battle with
the minotaur for himself. I shall there
fore dwell but briefly upon such funda-
mental principles of economies as may
be necessary to link my remarks to.
gether.
1t is important to bear in mind that
whereas money represents values it does
not determine them. The creator of all
values and that which determines them
is the sweat of mans brow; in other
words, the cost of production. This is
the center of gravity towards which all
values constantly tend. The effect of
the law may be valued by supply and
demand and by other causes, but the law
never ceases to act.
II you will pardon an o%stentatious
parade Of wealth, 1 will exhibit a silver
dollar, and a gold dollar for the purpose
of 40 object lesson. You will also pardon
me if | do not pass them out of my
possession. I allude to this cardinal
law of economics-the cost of produc-
ti%on-because it partially explains the
difference in size between the silver dol
lar and the gold dollar; and because the
silver men in their demands for free
coinage ignore its potency. 1 say par
TALLY explains the difference in size be.
tween the silver dollar and the gold dol
lar; because if the silver dollar were an
honest II and did not circulate largely
upon The hat of a great government the
explanation would be complete. Our
silver dollar was once an honest coin,
and upon it's anticedent reputation the
advocates of free coinage seek now to
legalize a larceny from the public purse.
Until the advent of the school of econo-
mists, composed of silver kings and mine
owners (who are disinterestedly willing
to make a personal profit of 331a5 per
cent. for the public good it was gener-
ally conceded by writer's on the subject
of coinage that the stamp of the govern
ment should be equivalent to a certificate
OF the value OF the coin or a trile above
it's worth in bullion, SO that a slight rise
in the price of bullion would not render
1t profitable to melt the coin for use in
the arts.
Acting on this principle, congress in
1892 fixed the legal ratio of gold and sill
= az ilLcCu ~ Oue. lllS However,
was an differentiation of gold, and in
consequence our gold coins we're export
ed to Europe, where the legal ratio was
higher. In many instances our gold
coin went direct to ships for expectation
instead of passing into circulation. This
drainage of gold continued until 1884,
when congress changed the ratio to
sixteen to one, which being higher than
the European ratio of fifteen and me-
half to one, gold returned in great
quantities to this country. L desire to
make this point, namely the difference
between the market ratio, and the legal
ratio, very clear, as it has an important
bearing upon the subject before us, and
before the country.
Gold and silver have two relative val
ues-a market ratio determined by the
cost of production and a legal ratio fixed
arbitrarily by law, but in all well-regu-
lated countries based upon the market
ratio. These two ratios are never in
complete harmony, but any wide dispar-
ity between them causes that metal
which is u~ndervalued to be withdrawn
from the circulating medium.