The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-06-05
rs THERE 4 MEASURE OF yALUE,
Oar Old Banker Has Another Interview
with tho silver Man. and Henrs Unpiea--
ant Things About tho Gold Ynrdstick.

ant Things About tho Gold Ynrdstick
My last letter ended Just after relating MI
escape from the perils OF conniption fit
This was produced by the silver man telling Q
shocking story to tho effect that between 1856
and 1880 an attempt was made by somo of the
European bankers to destroy the money func
lions Of gold by Legislative action!
When got home IL took mo some time &c
get rested. and. even after my physical condi.
ton improved. found my nerves were still all
unstrung Finally. 1t occurred to mo that in.
| asmuch as my morbid condition was caused
| by unpleasant remarks made by tho silver
| man. and as believe In the doctrine. "Similia
similibus curantur." 1t would be wise to have
| another interview with the unpleasant fellow.
So I called upon him. and. concealing my real
purpose OF getting cured by hearing more
unpleasant remarks. asked him to BIO kind
enough to complete his statement OF what he
called the yardstick humbug."
The silver man replied: THE conspiracy
which originated In Europe to increase the
value OF each monetary legal tender unit, no
matter whether 1t was named pound, a
| franc. or a dollar. by diminishing the number
OF metals from which those units could be
coined. made no progress after silver was
declared the national money Of Prussia and
Austria in 1857. Soon after that time the pro-
ductiveness OF the gold mines had. ma terally
| fallen of and then came news Of tho discovery
| Of rich mines OF silver. In 1865 a conference
| OF those who had previously been engaged in
the scheme to demonetize gold and other
nnanciers who had recently become convinced
OF the feasibility Of manipulating tho currency
| In the interest OF the rich was held in Europe.
| These mon represented not millions. nor hun
dreds Of millions. but thousands OF millions
worth Of bonds and other securities calling for
the payment OF monetary units. After COM
| pairing opinions and considering the matter
for some time those conspirators united upon
certain conclusions:
:" First-The principle OF procuring legisla-
ton 30 that legal tender money can be made
from only ono metal instead Of two metals. az
at presently is correct Such legislation will
increase the use Of and the demand for the
| favored metal. This will inevitably increase
the value OF the coins made from that metal.
and this will increase the value OF tho seouri-
ties which require payment OF those coins
We shall thus increase our wealth by the ratio
| in which we may be able to increase the value
| OF each individual coin. II we can make It
worth one-third moro than it now is. our bonds
and mortgages. as well as our money on hand,
will also be increased in value one-third. For
carrying on such good scheme we can afford
| to make liberal contributions.
"'Secondly-Gold mining is moro matter OF
tho chance discovery OF speedily exhausted
deposits than the production of silver is. The
latter Is more like q regular industry which
Will respond to an increased demand for the
product by an increased application OF capital
ana labor TO silver mining. Therefore, 1t Is
unlikely that q material diminution Of the
amount OF silver IN human possession will &C.
cur But 1t is probable that gold will become
80 scarce. relatively to the demand for It as to
largely increase the value Of gold coins. This
natural increase in the value OF gold will be
made enormously greater II We can artifcially
incre ase the demand for that metal by legis-
ia1ion. consequently. we Should secure the
demonetization OF silver instead OF gold.
moreover we can urge that gold Is moro VAL
uaole IN proportion TO It's weight. and there
lore more convenient FOR use than siver
Thirdly-Our most serious mistake in the
past was iaek OF 1udictous artfulness. We
made BAD blunder by admitting that leetsa-
ton could nave anything to DO with the value
OF either gold or silver We made another
nlunoer by openly avowing that the demone-
tization OF one metal was desired for the ex-
press purpose OF increasing the value OF tho
o OH" ana thereoy increasing our own wealth.
Inc people saw that our gain would be their
ioss. anu 'ney were "liiul enough ID OBJECT
inese oonc'us'ons were unanimously
auop'eu Measu ,u, wore .heh taAen 10 secure
un,v auo p.nusio'e CONSISTENCY ~ eSers move
-, ., Ap'.'1. .,io VII
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