New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-03-18
NEW PUBLICATIONS
SILVER AND NATURE.

MONEY. SILVER AND FINANCE by J. Howard
Cowperthwait. G. 7. Punams Sons, 1-92, 12mo,
Mr. Cowperthwait has the tremendous advantage
most rca soncrs tho silver question that he
knows something about practical business, its methods
and necessities. Knowing what he i, talking about
when he speaks Of the uses Of money, he speaks 10
the purpose. and has withal less than usual Of the
disability sometimes found in those who practically
acquainted with business. namely, that they are In
capable Of realizing how aNi0ms Of daily experience 10
them have TO be demonstrated for some other people.
Portions of the book have been previously published
in magazines or public Journals and if these had been
rewritten, and the whole arranged in more logical
order OF topics treated IL night have been even moro
effective. 1t IS full OF meat, and 70 silver fanatics
who prefer not to learn Will be found highly in
dgcstible.
A dominant thought Of the book Is that the worlds
monetary systems the result of natural evolution
each nation I'm turn getting for Itself the Kind OF
money that suits its state Of trade, civilization ana
industry. Where the average weekly wage is higher
than can be conveniently carried In the pocket In
silver. that metal is dlsused, just as wampnm or
oowie shells are not wanted where there is large
commerce. The assumption that gold is NOR" stable
than silver, because always contested by silver men, Is
@ weakness. which, however. does not afccs the
argument. The rythmical movements Of prices are
also attributed b. natural laws. and not TO monetary
changes. The notion that money makes higher
prices is condemned with the natural Disgust Of ono
who has known actual business and the decline during
the last twenty years Of about 80 per cent in prices
Is oontrasted with the increase OF 90 per cent
IN the volume N circulation.
Mr.. Cowperthwat IS especially forcibe in treating
the notion that cheap silver helps India TO compete
with this country in wheat growing, ard IN the array
Of facts proving that partial disuse OF silver which Is
said have depressed prices must in that case have
been blessing 70 the nation as whole, because
WAGES have advanced while things bought with wages
have in fact declined. The chapters this branch OF
the subject especially stro7g and deserve wide
attention. Perhaps Mr. COwperthwait seems to go too
Tar IN urging that part Of the decline in prices
Is left to be attributed to the dSue of silver, but
the proof is surely abundant that by far the greater
part OF the past decline in prices must be ascribed
10 other causes.
The exposition OF foreign exchanges IS minute and
clear though there is lack Of evidence 10 sustain the
statement that the failure of $75OOOOOo in gold ex
ported early last year return in the fall and the
shipment Of securities from Europe instead due
TO fear Of the American silver legislation rather
than to growing depression abroad from failure OF
crops and need Of investors 10 realize. Both causes
doubtless operated alike I'm drawing out gold in the
spring and sending back securities in the fall. But
the reasoning is entirely sound and clear that Con
gress, by making money Ebnormally plenty and
cheap here powerfully irnuences gold to 60 abroad
Mr.. Cowperthwat's arguments against the present
Silver law embrace IA mistaken assumption that the
United states has changed from silver exporting 10
q nOn-exporti"g country. For n time In 17'o TINS
seemed 10 be the fact but in the past seven months
the ne: exports OF silver lave been S7.4OOOOO IL is
rightly argued. however, that payment OF the new
notes ain coin" Is required. no silver bullion is set
aart or held for the redemption Of the notes. either
al bullion value or any other; and if IL were so. a
small gold reserve would be infinitely better. a 30
per cent reserve OF what everybody wants Is better
than 100 per cent reserve Of what nobody wants"
II Is also Just criticism that there is no provision
for suspendng the operation Of the law in cmergen-
cies.
Mr.. Cowperthwaits exposure OF The falacy that
foreign coined silver, because nominally worth 81 3
pcr ounce. would not come here il the United States
we're paying by free coinage 81 1929 per ounce though
the actual value Cf that foreign silver IS less than II per
ounce is entirely conclusive. The Frcnchmm would
realize that he could sell his OF silver for 81 49,
take across the gold for It, and with 81 gold or less buy
as much silver he had before clearing % cents gold
on every ounce OF bullion sent hther. on the whole,
Mr. Cowperthwait's argument against silver coin Is
exceptionally strong. for those who do not
quite agree with him that bmctallism has been
stricken down by natures hand and the miracle
OF restoration cannot be worked by the power OF
Government