The morning call., 1892-09-10
IN THE RAPIDS.

The Bon. Michael D. Harter Of Ohio said
in his paper read before the Bankers
Association said:
With current demand for silver dollars
which cannot keep in circulation more than
$4,000. 600 to S67. 900, 900, we already have
coined and in bullion $500. 800. sos. which has
cost the people $50, $50 more than 1t is
worth in the marker, even with the United States
steady buyer OF practically all that Is produced
and not used ia tie arts Ii the United States
were TO cease to buy and begin TO relieve Itself
OF part OF this fearful lOa0-for all OF which ft
Is In debt, too-1t is likely the price would fall
enough to make The loss OF the people under the
Bland and 1890 bills at least $3.50 600. 900.
Notwithstanding we are in the rapids and in
danger Of being dashed over the cataract and
brought 10 financial disgrace and commercial
dismay we still find subdued but dangerous
and threatening demand for free coinage.
Mr. Harter has diagnosed the disease with
supposed accuracy, but he has not proposed
a remedy. Ii we admit that the purchase
of silver has involved the nation in GER
tain loss Of S80.000,000. and possible loss
of $40, co., 900 more, we may well ask what
is the alternative? Win Mr.. Harter con-
tend that one-haif OF the worlds stock of me-
tallie money can be stamped out of existence
without producing financial crisis? VIII
be, or any of the advocates of the gold
standard, contest the proposition that a re-
duction in the amount of money which con-
stitutes the measure of value Of commodities
will cause corresponding increase in the
purchasing power of the amount remain
ing? AS this is a mathematical proposition,
it does not require discussion. Does Mr..
barter consider it safe to pursue a policy
which in the end must take from the worlds
stock Of metallic money the $3.50. 0O0,000
which is silver? The latest estimate of
the Director of the Mint gives the amount
OF gold in circulation at S3,711, $40, 900; sill
yer, S3. 939, SIS, 600. II we measure the
value of commodities by $500 00O, 900. in
place Of $1,000. 0O0, 600, the shrinkage would
approximate 80 per cent.
OF course some silver money would re-
main IN circulation as token money, for the
purposes Of change. but it is only legaI-ten-
der money that is counted in making up the
amount which constitutes the measure of
values. II by any possible operation Of the
laws OF nature the supply of the metals
from which money is made should be
80 increased that the amount should be
S14, O00,O00,000 in place Of S7,000 Geo. 600 the
purchasing power OF money would be d.
minished by 30 per cent The prices of
commodities would rise TO point at which
two dollars would be required to buy what
one dollar will now buy. Owners of money
and persons whose property was In the form
OF securities upon which the rate of interest
was fixed would be losers by such an in
crease in the amount of money. They are,
however, protected against such an increase
by laws Of nature which have been in oper-
alton for thousands Of years. II is not in
the range of possibility that the present
amount Of the precious metals should be
doubled. or even materially increased. But
there is a proposition to decrease the
amount by one-half. Is il not pretty GER
tain that If this proposition is carried out
the world will find itself Sin RAPIDS" com-
pared to which any commotion caused by
the purchase of silver is but ripple.
TIE CALL is not one OF the parties to
a subdued but dangerous and threaten