The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1892-03-10
BIMETALLlsM.
Continued from page A.

WhtSh VI ehSoO d1CcEuaulv0S Will DO
chosen.
Then look ut the situation as 1t pre-
sents itself, for instance, in Russia.
Thanks to the revival in it's credit,
Russia will soon be able to think of
resuming payments in specie. If it
does so, will she adopt gold standard
or silver standard?
In conclusion, the desire has been
expressed more than once that the
government of British India should
suspend the coinage of silver, and at
tho same time adopt gold standard
under certain conditions. Is this really
to BIO expected some time or other?
Everywhere there is uncertainty what
the future, immediate or remvte, will
bring US; and this uncertainty, which is
the charac teristic mark of the situation,
Is the direct result of the conflict OF
standards.
Let, however, the momentary dualism
come to an end, and all causes of uncer-
tainty will vanish with it; and, further,
the creator number of these probltm ms
will be solved at the same time. And
even where this will not be the case, the
event will not be doubtful. Thus Rus
STA, when the time comes, would surely
rally to the standard of bimetallism.
Secondly, l have given as reason
i wi GHO buN'pC'OH vi DlueIdlllSm ING
probability that by it will be given the
best possible guarantee of the stability
of tho value of money. Everyone is
agreed that there is no possible way to
attain absolute stability. 1t is in
herent in tho nature of things that the
rate of exchange between the precious
metals and other commodities will al
ways be liable to modification; and
money-that is to say, real standard
money, Of which tho mintage is unre-
stricted will always be worth just
what the metal itself is worth.
First Of all, there will be fluctuations
in prices-for price, as ! have already
said, is nothing but tho expression Of
and particular com modify There are
then, in the first place, fluctuations in
prices which Indicate that the COM
modify Is more or less in demand, that
the cost of production Is increasing or
diminishing.
We need not concern ourselves with
these, for they are. as rule, merely
isolated variations, or at most affecting
some parti ular class of commodities
although their influence often makes
Itself felt On other commodities also.
But in any case it is obvious that in
SUCH cases the beginning OF the move
ment does not como from tho sde of
money. And this is still true when
there follows movement moro or less,
indeed, general, which is tho conse-
quenco Of some political or financial &C.
currence, such as a war or q crisis in
credit. 1t is not OF these variations in
prices either that we have to speak.
But there are other fluctuations in
prices which arc not Of this kind. The
beginning Of tho movement can most
certainly come just as vol from the
side of money. Wherever money is used
there IS n certain ratio between it and
all other kinds of material wealth taken
in their entirety, a ratio indeed which
Is extremely complicated since it de-
ponds on the system of credit in coun-
try, on tho movement of business and
many other causes. but all the same as
suredly the ratio docs exist, and this
ratio is of such a kind that if all tho
money circulating through the world
could, at a certain moment, bs doubled
Immediately prices of all commodities,
although. perhaps, they would not act
ually be doubled, yet would experience
sharp rise.
Naturally then, as money can be in
creased or diminished in amount. it fol-
lows that there can be variations in
prices of which such increase or diminu-
ton is the sole and only cause.
So it is likely that there must be, so
to speak, continuous series Of varia-
tions either in one direction or the
other. For, to prevent this, there
would have to be a constant equilibrium
between the causes which effect the
supply of money, and those which effect
the demand for it,
Still, if nothing abnormal happens,
thpSn variations ho nu1u Of mi IN
Importance, and can only make them
selves felt very slowly, since every
cause of a rise or fall in the value of
money has to act upon the enormous
amount of the precious metals already
existing | n the shape of money.
Now let us consider a little more in
detail what are the causes OF variations
in the value of money.
First there may be disproportion
between the annual production of the
precious metals from the mines, de-
duction being made for the quantity
employed in the arts, and the amount
required to maintain the value of the
money in circulation.
Secondly, there may be new needs for
money, such as country under a system
of paper.money changing to a system of
metallic money, or new countries being
developed and opened to international
commerce. The reverse also may occur;
either, though this is hardly probable,
by country in state of civilization
being abandoned, or, what is moro
likely, by country with a system of
metallic money being reduced to resort
to sys tenn of paper money.
Now there is one thing that can be
stated rriori namely, that tho greater
amount OF money ON which these vari
GUS causes of rise and fall have to work.
the narrower will be the limits of tho
variation.