Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-08-28

.-ouoruic uhenulnenn. Wages and prisrs
-sr be affected by combinations on the
one hand and by legislation on abe other;
Joub,l.ss within limits, but within limits
~, ., narrow or so easily defined a.
VA. formerly thought. SO the yalue Of
money Is subjecs 10 legislation IN no
small degree. Paper money, though Of
the purcst fat character, with no hope
or promise Of redemption in specie, may
yet perform with reasonable efficiency
the functions Of a circulating medium.
No doubt the degree Of effect Is limited.
aud the expeiiency Of particular forms
Of legislative action IS more than doubt
fnl. But the possibility Of effect can
not be denied. In granting so much. we
may give aid and comfort TO those whose
proposals on the currency are mischiey-
Gus: but truth, fairly faced, compels
the admission that the value Of money
Is not fixed By natural law in the sense
tia, it may not be seriously affected BY
legislation. Looking to specie alone, II
is clear that convention and legislation
are at least the immediate cause Of their
high value. II Eold ceased 10 be used
as money, AMI II OIL the gold IN the world
were 20 be used in the arts only, Il
is beyond question that its value wonld
fall, and would remain low for IN in
definite time to come, while a great and
sudden extension in the use Of gold for
monetary purposes. such as legislation
might conceiyaby bring about, would
| ouicktv raise tie vatac
1t may be answered, and
certainly with much show Of reason, that
the decline in the Price Of silver has been
due largely to legislation. The civilized
countries, one after another, have given
up the use Of silver and by so narrowing
the field for It's use have caused fall
in tho price to take place which otherwise
wonld have been aycrted. Germany
gave up the use Of silver, except for sub
sidlary purpczes, in 1878, The United
States dropped silver from her list OF
coins the some year. France and the
Latin Union virtually closed their mints
to the free coinage of silver in 1874.
Italy and Austria, in rcsuming specie
p w. s"'n', 'Dp "u' =" - '1 h,. ,,,i
standard II In all these countries silver
had been freely coined; n in Germany,
Frarce, the United States and Austria
silver had retained the footing before tue
law which it had twenty-five years ago.
the price undoubtedly would not nave
fallen so much, and the objection to It's
use from the fall In its price would Ger
tnihy be much less strong than 1t Is.
Unquestionably the great increase In the
production Of silver has contributed to
bring dowl lis price; but 1t Is at least
probable that the fall would have been
less. and idccd that there would have
been little fall. If any, in the gold price
Of silver II the minis of all those conn
,rtes had rernained omen 10 silver as they
var, IN $50 Whether such a state Of
tti,,.s ,vonll have bocn conducive to the
gs,era1 prosnnets Of those countries is
san,ta. anostio, 1oohipy mcrrly nj fine
~. n,,, ,,1or considoratjop-tbe oouse
- 81 no ioy nricc nf silver
"1' n., aJ,,,, ,h,+ logis,o,ion has been
TO- ,anso amanc bo.e flint
an 'ulpO ~ '' - ,'s'' '''
O' vvs :, 800 ..,,,,,r onost, or
When me most sVno'"ll' npns"e
,i'o''9 ,',,s an h,,,,.a ,.,,un az s,iver
.he uoei'ur u ''1 pu n.', ~" o,,,, 4,
nus ue.,' e,usv" y "Vs,i'r s, on, ,t ,i,a
Wn.en 'pe u',.'H Ill - os n ,taro
ursl iiv'''s' y "o'' 49, ' .,t,,, ~" -, I,,.
aupu,u w 81" '"' ~ '1' w
pg nat ne r,r,,,, Ia, o,o,ho- srr.
~ ~, s,a ~, ,.-sa,s IA a1,,i,,
go NV. ,,,a can as .rr., b,s 49,
fsnovcd bv fnn Of other products ex.
ccp,lpr eold.
$50 FAR as tho e,perence of the past Is
concerned. Il Is not TO DO questioned that
IN fact there has been n general decline
In prices since the date. roughly sneak.
ing. when silver began TO be discarded
and gold became the sole basis of the
medium Of exchange. The year 1879
brings at once the hish-waicr mark Of
general prices and the beginning Of the
decentralization Of silver. Daring the last
twenty years wholesale prices and retail
prices have steadily pressed downward
So far there is a prima-facie case for the
proposition that It is gold that has ap
pfeciated rather than silver that has de
prssialed'
II the name of the author of this