The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-05-12
1HE SILVER QUESTION.
Oar OLD Banker Meditates On the Subject or
valae, aaa Then Has Another Interview
with the vvilA and ~ DOLLY Silver Man.

my interview with Wooliy bliVer man. IN
which set out to convince him that gold has
fixed intrinsic value. and got very much
confused by some unpleasant questions which
he asked. These queries thrust out some
ideas which had never thought OF and wor-
ried me badly. because they Jared and partly
unsettled some opinions OF mine which had
fondly imagined could never be disturbed. and
would never need revision.
On winter evening. when a man comes
home physically and mentally exhausted. and
gets snuCly settled in an easy chair. mildly
toasting his feet before the fire. ring OF the
door bell Is not entirely pleasant, no matter
who tho caller may be- We prefer repose to
anything else. just 80 1t is with us old mon In
everything especially in regard to the opin-
ions we have hold from our youth up. We do
not want to be disturbed. either by now ideas
or BY contradictions Of old ones. Our minds
have nestled down In easy chairs. and we often
unconsciously congratulate ourselves upon
our own wisdom and thank the Lord We are
rot as other men. But, oh. dearl this Is such
a world OF Vexatfon that every generation Is
compelled to discard many OF the cherished
beliefs OF the preceding one. and. rs this proc
ess has been going on for centuries. It Is
likely that our SUCCESSORS will also have to
submit to the annoyance Of constant up
heaval and REIMBURSEMENT Of their opinions on
great variety Of subjects. This is very sad.
but. rs did not make the world. am not re
sfonsiole Tor it and perhaps had better not
try to mako change. The root OF oil this
trouble appears to DO tho unfortunate fact
that in the beginning the Creator was not
quite so conservative as we old bankers have
learned by long experience is both judicous
and necessary Ihnve often thought fbringing
this matter before tho National banking Asso-
citation In tho hope that its united wisdom
would devise remedy: but feared the igno-
rant public would ridicule us. and have thore-
tore Kept silent.
AS told you in the last letter. my perplexity
occasioned by the questions asked by the sill
yer man Gbout intrinsic value was so great
that WAS very tired when / went homo. AS
soon as l got rested. began to think over tho
matter. but again got confused and finally
wondered what value" was any way.
looked over number Of standard English
works on political economy. and. to my utter
astonishment. found what had never no.
ticed before. Not one OF them gave dc.lni.
tion OF value" which would bear thinking
about; and no two defined value" alike.
Then examined the leading works Of econo-
mists written in the French. tho German the
Spanish. and tho Italian languages. l found
they all differed In their definition OF value:"
and each one was more or loss contradicted
BY all the Others
This alarming discovery filled mo with dis
may. l had always supposed that political
economy was next to mathematics In the sci
entinc accuracy Of its statements and deduc-
lions. But here found that its most distin-
guished teachers were all at sea in lcaky
boat In regard to the most fundamental Of all
things relative to political economy: to wit,
the essential nature OF value: what it Isl how
1t Is created: how increa sed. and how dimin-
ished. All OF these authorities had great
deal to say about intrinsic" value. "flcti-
tlous" value. "exchaEgcablo" value. "com-
mercia" value. and SO On. But not one OF them
analysed value itself. and gave an explanation
OF the subject SO clear and 80 comprehensive
as to form a perfect solution OF every question
which might be asked relative thereto.
For several days pondered on this matter.
bat although knew that something was out
OF Joint. tailed to see Just what the Stun
ping block consisted or Finally. 1t occurred
70 me that IL would DO good plan to have an
other interview with the silver man. and ask
min some puzzl'nG questions.
But did not 60 to his house with tho fierce
commence had at my previous interviews.
IN the course OF my long lie nave often OBJ
served that when man Jumps into free
hGnt ana gets promptly Knocked down and
oao'y kicked LOT lallinR. thereafter his
valor is likely 10 be tempered with caution
inns was now my condition. and 1t led me to
"onoer "hether man. VINO heoltually as
sumes the ATTITUDE OF doclie pupil. eager to
learn ana conscious OF ais need OF learning.
does not usually get Glong smoother and
better IN the world than person who pre-
tends 10 be such master OF knowledge that
morning can De tolo MN.
"heh arrived at tne mouse OF the silver
man nc met me very cordially at tho door. but
soon sarcasticaiiS inquired II had heard
any tlaines OF tnat portioh OF Intrinsic value
which inc SILVER uoilar mas iost since lo|Z'
WIN erent d'snity replica thne had not
'ound any trace OF II. 1hen my opponent
shld: am AFRAID you are broken out with |
the same rasn that most other persons are
who set out 70 study finance. You want to
grasp tho whole subject In lorty minutes aud
then get discouraged because you iall'
To hear an old banker. like myself. spoken to
as X he had never really studied finance