The advocate and Topeka tribune., 1892-11-23


money standards, or may suspend or
limit the coinage Of either gold or silver.
Each and sll of these circumstances
would have greater or less effect upon
the value Of the precious metals, relative
or otherwise. Overmastering exigencies
sometimes compel national suspensions
Of specie payments, and neither national
suspensions nor assumptions can occur
without perturbing effect upon the
value of the precious metals relatively to
other things, nor without such effect
upon their relative value, il the countries
suspending or resuming have their
money standards based on single metal.
But it is not probable, nor scarcely pos
slble, that all the causes Of a divergence
between the metals which have been
operative in the recent case can ever
again be acting simultaneously and in
one direction within any period which
need be covered by the foresight Of legis-
lation. There is an equal chance that
all these causes may operate hereafter
simultaneously in the other direction;
and if it be wise to legislate against re-
mote contingencies, gold should be de-
monetized as we'll as silver.
The tendency OF the two metals to re-
turn to their old relation, or Of silver to
recover from it's fall, il the latter mode Of
expression is to any persons more ac-
ceptable, was manifest very soon after
the silver panic of last July, and has
made degree Of progress which tends to
confirm the belief that, in any event, the
full recovery Of the old relation may be
relied upon. The partial recovery actu-
ally realized, while the causes of the
widening Of the relation Of the metals
still continue active, proves the existence
of great forces always at work to steady
the relation. No mints closed to silver
have been opened to it; no law demone-
tizing silver has been repealed; no threat
of demonetizing it has been withdrawn;
and the supply Of silver from the mines
continues undiminlshed, although some
Of the exaggerations concerning it have
been corrected. Nothing has been done
by our government since July, 1876, to
raise the gold price of silver, except the
continuance Of the coinage Of subsidiary
silver, authorized and commenced long
before, under the resumption act Of Jam
uary, 1875. The influence Of this demand
has been more than offset by supplies
from the increased Gales Of silver by the |
German government since last summer. |
The gold price Of silver has advanced |
since July, 1876, not by the aid of gov.
ernments, but from it's own inherent |
strength. It's value rests securely on
the magnitude Of the existing stock, it's
universal diffusion, and the universal
demand for 1t by the people OF all coun-
tries, and especially by the teeming pop
nlations of the east.
Jevons, who advocates the gold stand
ard for Europe, said two years ago
Money and Exchanges, page 142):
The hundreds OF millions who InhabIt India
Ind China and other parts Of the eastern and
rOpical r. glOns, employ q silver currency, and
here Is NOT the least fear that they will make
my sudden changeln their habits Although
he pouring out OF forty or nifty millions sterling
4 silver from Germany may for some years de-
)ress the price OF the metal, iC can be gradually
absorbed without difficulty By the eastern ma.
IONS which have for two or three thousand
ears received continual stream OF the pre-
ious metals from Europe. IL other nations
hould. one after another, demoneize 81 YER, yet
he east may be found quite able 10 absorb all
hat ls thrust npon it, provided that this be not
lima fO0 PQnfdlv L