Mohave County miner., 1893-10-14
The importanes Of the Prnepis of Auto
matte Regulations Of Monsy.

AS long AS II u possible 10 produce the
precious metals in quantities sufficient to
keep pace with the production Of other
things, it is possible to haze money sup
ply regulated by the same laws that
govern the production Of commodities
generally, and in this way to maintain
close approximation to stability in the
purchasing power Of standard money.
II gold could be produced in quantity
sufficient to keep pace with the growing
needs for money, arising from increase Of
population and wealth, thea stability
could as well be secured with the single
as with the double standard. But the
admitted fact is that gold cannot be pro.
duced with such regularity and in such
quantity ss is nece ysary to meet the
increasing demand for il in the arts and
at the same time supply the growing
needs for money. Neither has silver in
the past been produced in quantities suf-
f1cient alone to supply the needs for
money. Indeed, at times-and some
times for long periods, as during the mid
die ages-the production OF both metals
together was not sufficient even to keep
the money volume intact. On the con-
frary, from the beginning Of the Christian
Era to the discovery of America the total
stock OF both metals fell from about
81 $40, ,OOO,OO0 TO sl64, 100000 at the
close Of the fifteenth century. But
since the discovery OF America, except
during the Spanish American wars when
many Of the mines OF the new world
we're closed, the production of both
metals has been sufficient TO fairly keep
mp the supply OF money, and thus to
maintain approximate stability in the
purchasing power OF the metals.
While there has been at times lack of
gold ana silver for money, the world has
never suffered from an oversupply OF
these metals, and for the simple reason
that continued oxersupply is impossible
for, il the production OF the metals should
at any time increase beyond the growth
OF population and wealth, the oversupply
would be indicated by rise Of prlces,
which would continue till the point was
reached when dollar could he obtained
with less labor or with less sacrifice by
producing something else than by mining
the metal out of which to make the dol |
lar, and the production Of the metals
would thereby be checked while the pro
duction OF other things would be stimu-
lated Through this regulating principle,
as long as the supply of the metals last,
the stability in the value of the precious
metals may be fairly maintained. 1t is
only through legislation that wide flctu-
ations, in recent years, have taken place.
Because Of this principle of self i
regulation and this alone, the precious !
metals, through The process OF evolution,
have gained acceptance everywhere as
money. Indeed, but for this principle Of
the automatic adjustment Of money sup
ply to other things. there would be no
advantage IN metallic money over paper
money. This principle Of automatic reg |
ulation has been in all ages the conserv-
ing force in securing stability in money
and maintaining the equities Of time
obligations. II has survived all reyolu- |
tions and preserved the value Of money
amid the rise and fall of nations When
this principle is given up what will take
its place? Will it be legislative regulation |
DO they who now clamor for the over
throw Of the bimetallc standard COM
prehend what they are doing? II bimetal-
lism is overthrown the principle OF auto
matte regulation Of money goes with it,
When this is gone, on what will the
equities Of contracts. extending into the
future, rest?
Do gold monometallists understand the
significance Of change from the auto
matte regulation Of money to legislative
regulation, or perhaps to spasmodic reg
ulAtion by banks? There Is safety for all I
in relegating the supply OF standard
money to the laws that govern the supply
OF everything else; and until some method
Of regulation better than has ever yet
been devised, is worked out, the safe side
is to adhere to the principle sanctioned
by the experience Of so many ages.
A. J WARNER,
President American Bimetallic League.