The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-04-15
LrsHr ON a DARN susyKCn


Our Ola Banker IL Dsseustea. Bot Ere.
| poses 10 Set Eve. with Hts Opponent.
New HAVEN. April 13.-I have got rested.
and will now tell you moro about the woolly
silver man. Whom he sneered Mt Grover Glove
| lands opinion that the value OF gold never
| varied, because the metal contained In q $50
gold piece was worth as much before coinage
as afterward. 30 long rs coinage cost nothing.
| was Indignant to ind great scholar treated
with contempt Especially was annoyed to
near the remark that Cleveland could not say
anything without showing that there WAS an
enormous difference between the size Of his
omentum and the size Of his cerebrum."
While sat bordering the heretical ideas the
silver man had thrust at me he asked: Sup
pose 1t cost nothing to convert 412h ers. OF
standard silver bullion into dollar, would not
| the bullion be worth Just as much as the coin 2"
Areplied that 1t did look 80. but did not feel
certain about it.
WELL" says the silver man. suppose II
cost nothing to convert sheet iron into stove
pipe. would not hundred pounds OF sheet
iron be worth Just as much as a hundred
pounds Of stove pipe" I admitted that
1t would. After few minutes re-
Election saw there was something
out OF joint with Cleveland's reasoning.
knew that his conclusions were right, because
they agreed with my conviction that gold
never changed In value. but the road by which
he reached those conclusions evidently ran
over very miry ground. I suspected that
had fallen into hole and sat still considering
how to get out.
Finally my opponent said: MY dear Bank
er. you are In tho same boat that Cleveland Is.
You have both accepted theory. and upon
this theory you have built financial ideas.
But neither one Of you has ever spent a
single hour In examining the founda-
tions OF that theory" To this impudence re-
piled that I was not in the habit OF being
talked to in that style. Exactly" says he.
that is Just what is the matter with you and
with others Of your class. You have never
boon criticised. and therefore have floated
| along without anything occurring to compel
you to investigate and think. do not want to
offend you. but m erey desire to call your at
tention to some facts. The only way to UNDER
stand tho money question is to begin ut the
bottom principles: take one point at time.
think it over and study 1t until you fully and
clearly grasp that point before you pass on to
another one
I've have now talked about three things.
each one Of which is regarded by those who
have only given very superficial thought to the
matter as proof that gold never changes in
value. First. the cent argument. That is.
the fact that gold dollar Is always worth ono
hundred times as much as the hundredth part
of ITSELF Secondly. the par argument. That
Is. the fact that n gold dollar is always at par
with another gold dollar. or. in other words.
that at the same time and place ono thing is
always at par:' that is. always equal in value
to another thing precisely like 1t. Lastly. the
coinage argument That is the fact that gold
bullion. or any other raw material. is always
worth Just as much as the coins or other
goods made from it whenever the process OF
manufacture costs nothing to the owners OF
the bullion or other raw material
Please examine all the ESQ caled) financial
authorities. and when you find any evidence
that gold is always at par with everything but
itself let me know what that thing is Mean
time remember that. at the same time and
place. ono bushel OF white beans is always
worth another bushel OF similar beans. This
docs not prove that white beans have a fixed
value. But n man who should declare it did
would act like n man who says gold has fixed
value because ono gold dollar Is always worth
another gold dollar Let us go to the root OF
this matter. dig it all up. and find out what tho
actual truth Is"
went homo tired. mad. and perplexed. I
felt as If had been after wool and came back
partly shorn. 1t took mo two days - get rest
ed l then went into my library. fully resolved
to get some points which would show the real
truth and confute the silver man. or course,
l always want to stand on the right side. But,
being human. there is n bare possibility that
another force sometimes sharpens my zeal.
Theoretically. We all love the TRUTH the whole
truth. and nothing but the truth. Nevertho-
less. whom we become engaged in game or a
contest OF any kind. no matter to what It re-
lates. how we do hate to get beaten and what
intense pleasure 1t is to get our antagonist
down in the mud and sit on him! Full OF those
Christian ideas. l won't to work.
Tho first document laid my hand on was
letter written several years ago by my friend,
David A. Wells. extolling gold because 1t was
the only money which never varied from
par" l had preserved the paper because
when it appeared the argument looked SO
overwhelming to me. When I first read this
essay. the propriety OF considering what the
term "par" meant did not engage my alton
ton. l now thought some calculation OF 80
vital a matter must have been made by the
learned author. but to NY dismay I found
that my friend had merely said. "tho
gold dollar is always at par" and then
abruptly ended without finishing the sentence
and naming the specific thing or things with
which the gold dollar always maintained an
equality of value. AS have always regarded
Mr. Wells rs great financial light. this omis-
sion to complete his sentence worried me bad-
ly. and read tho paper all over again to see
il it contained hint OF what the gold dollar is
always at par" WITH but not the faintest
allusion to tho special dact wanted to learn
could be found
Incxt spent an entire day In looking over
the writings OF John Sherman another wise
man who has constantly told us gold was al
ways at par. to see il he had ever been kind
enough to reveal the secret as TO what the
gold dollar was always ut mar with Rnt T