Mexico weekly ledger., 1893-08-17
TOElNG THE MARK.
" hO Is on the Platformf-The Mys-
tificatiOn.
To the Editor Of the Ledger,

To the Editor Of the Ledger.
! MEXICO, Mo, ,August11.- In ques
tions that seriously divide communi
ties and parties there is almost al
ways some delusive mystiication
AT present this delusion is connect.
ed with the use that is being made
Of tine word parity" When we
speak of pair we mean two of a
sort-as a pair of horses. We do
not say "parity" of horses or two
horses on a "parity." When we
say two men are on a parity, which
is legitimate use of the word, we
mean that both are equally noble or
ignoble, prosperous or unfortunate.
When we speak of the components
of currencies we say they are either
at par or a discount. The ''parity
of metals' is a new use of the word
originating in the pedantry of scho-
lastic mysticism. What then does
"parity of metals" as used in the
Sherman act and the Democratic
platform mean? Does it refer to the
commercial relation of the values of
the precious metals in the markets
OF the world? Are these to be kept
at parity, or is it that in our curren-
cy the silver dollar shall be kept at
par with the gold dollar, or that the
nations of the world shall use silver
and gold in their coinage at a fixed
ratio? Inthe current arguments on
the currency all these interpretations
are being attached to "parity' and
it is just here that confusion and
misunderstanding come in. 1t is
generally accepted that the prices of
gold and silver bullion can not be
regulated by governments and that
their values fluctuate upon exactly
the same laws that govern the prices
of other commodities, viz: the rela-
ton of demand to supply and the
condition of the currency in which
they are rated. Therefore parity of
metals, as used in the Sherman act
and the Democratic platform, can
scarcely mean uniform value of gold
and silver bullion in the markets Of
the world. Again, it is another fact,
also we'll established, that the COM
ponents of currencies, whether of
paper, brass, nickel, silver or gold,
can be kept at par with one another
by redemption on demand with a
standard coin. In tact, this is what
the treasury has been doing. 1t
has been keeping bank notes, green
backs, silver certificates and, conse-
quently silver dollars, at par with the
gold dollar by redemption of them
with that coin. Was this the "pari-
ty" the Sherman act and the Demo-
cratic platform contemplated. Let
both speak for themselves. The
Sherman act reads: "It being the
established policy of the United
States to maintain the two metals
on parity with each other upon
the present legal ratio or such
rates as may be provided by law"
There can scarcely be any doubt
that this means that whatever may
be the ratio between them, silver and
gold dollars must be kept at par.
If, by mistake, greater commercial
value is impaired to one than the
other, the one having the least must
be held at par by being redeemed by
the other, hence the discretionary
power vested in the treasury to use
either gold or silver as the standard
as occasion might require. The
reader should bear in mind that this
was a compromise agreed to by
both Democrats and Republicans
and adopted without division. On
the other hand the Democratic plat
form sets forth: "We hold to the
use of both gold and silver as the
standard money of the country and
to the coinage of both gold and sill
yer without discriminating against
metal or charge for mintage, but the
dollar unit of coinage of both metals
must be of equal intrinsic or ex-
changeable value or be adjusted
through international agreement or
by such safeguards of legislation as
shall insure the maintenance OF the
"parity" of the two metals and the
equal power of every dollar at all
times in the markets and the pay
ment of debts" From the forego-
ing it is obvious that the Democratic
party proposed three means of main
tanning silver and gold at "parity
Alteration of Ratio, International
Argument, or Legislation. In his
message the President says: "If,
as many of its friends claim, silver
ought to have a larger place in our
currency and the currency of the
world through general international
cooperation and agreement it is
obvious the United States will not
be in a position to gain a hearing in
favor Of such an agreement, SO
long as we are willing to continue
or attempt to accomplish this re-
suit single handed" On the other
hand, Senator Vest has introduced
the following Joint resolution: "That