Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1893-08-22

coins did not materially depreei.,e iu
value. nor silver increase, and both
continued to be valued 20 before, r..
latively to each other; but both de.
creased in value relatively to oom.
modities. Latter on when the Com
stock mines, from 1865 to 1874, bid
fair to make similar increase in oil.
YER. no fall snsuel in the value OF oil.
yer metal, and tho United States ell.
yer dollar in 1873 was worth 2 pc,
cent. moro than it, mate 10 gold.
4. Previous to 1873 the laws Of al
the great commercial nations made
gold and silver interchangeable At
fixed proportions. some making gold
the national unit and some silver, bu,
the greater part silver. Tho free
coinage Of only one of these metal.
obtained in one country, and of both
metals IN another country. 90 - to
make tho privileges OF the two abou,
equal in the world at large; AMI
while the principle Of bimetallism was
not established in theory, tho legal
ratios OF the coins Was, in fact, tie
ratio Of tho commercial value Of the
two metals, unooined. Throughout,
the world.
5. The lessening value Of silver be
gan in 1873 when two among the
greatest OF commercial nations, th+
United States and Germany. having
changed their unit OF currency from
silver to gold. gave notice to the com:
mercial world tha, silver nigh. not il.
the future be a. fully lrga|ized a. i,
always has been up to that time. as "
standard basic money. France, Bel,
Rium, Italy and Switzerland in their
relation a. "'rhe Latin Union," il,
consequence of the action OF the
United States and Germany, deemed
it prudent to stop the free coinage o.
silver. Thus legislation in the
United States aud Germany forced
other countries to legislative acts in>
creasinR the potency of gold, and
decreasing that Of silver.
This legislation alone seems to have
produced the arrangement We nov
see. Reversal of tho legisla tion BY
the United States would therefor.
seem to be the logical beginning of
of the value of silver.
FACTS OF PHILOSOPHY.
l. The average production and
average value of any two commodities
is more equable than the average pro
duct or average value OF either one.
Wheat and corn are the most valu,
able of the staple grains OF the United
States. II debts were payable in
either, on the ratio of SO lbs. OF wheat
to 100 lbs. of corn, creditors and debt
ors would be aware that b. tn grains
were liable to auctuate in production
and in demand 80 that the prudent
business man would find it safer to
have an option to pay 10 either, than
to bind himself to one only. If the
creditor, by legislation, could make
debts payable i'll one grain only, tha,
graf" would 90 up in price and the
other would 60 down. no matte
which was favored. And if any com.
munity were convinced that such q
law were to he enforced at sLme fu.
ture time, the effect would follow,
though not perhaps SO rapidly. Blu,
30 long 10 an option remains, the Law
of averages in production and demand
operates to make the double standard
more uniform than the single one.
AssuredIy, it the production of bot'
increases more rapidly than the de-
ma"d, both may fall in value rels-
lively to other commodities, but it
would not take more OF both to paw
debt, and vice versa. This is \ form
OF auctua,ion in the value Of money.
and all other commodities, that no il.
telligent govern mont assumes to
Rustd against. A barrel OF -four is n,
more bought with the same number Of
gold dollars at different times than j.,
is with the same numb-r of silver dol
lars. The value OF money is measured
always By what it will buy, and Auc.
tuases continually. The only Influence
Law has in the matter il to ordai.