The times. [volume] (Richmond, Va.) 1890-1903, 1893-04-01
PARITY IMPOSSIDLE.
An Ao.ver to the Reasoning OF some OF
Our Politicians.
Editor Times:


dollar gold. and the practice OF the
tank of England in issuing notes In ex-
(asa of what il has In It's vaults ut their
ta,k is cited TO prove tli;s. -Iluies'
March 18Th -,
ticians. and also OF many or our would
be statesmen, on the silver question:
or the relative value OF gold and silver
row and prospectively. would seem to be
wholly theoretical. and for the most part
:, etioated by .iased motives: whereas
that Of intelligent business men, speaking
out of their knowledge or the laws ana
inevitable fluctuations OF trade. Is more
or less practical II not entirely So ana
also more disintcrcsted
The difference thus suggested must have
been apparent TO thoughtful on-lookers
when one Jones. OF Nevada, appeared
I'm so great a disadvantage before certain
eNperienced and conservative. business
men OF Europe in the late convention at
Brussels.
Moved thereto by the article from when
W.. ouote above, We begin what We feel
tempted TO say by the simple dictum that
MARTY IS a misnomer when used as now
il is, to illustrate the absurd theory OF
maintaining by legislation two different
things moneys) in equality or market
value with each other. No one thing
chandise, remans-is ever permanently
lat par" with anything but itself! In
other words, the value ascribed to every
thing by its owner or holder when-at the
time when-he proposed 70 estimate or
sell II, is it's par value, and thlng mas
been sold at, above or below par-llS
article yalue-according to the price the
party selling IL has been tempted or COM
PEELED to take for it.
Parity is out OF the question until the
thing comes to be sold. There is nothing
for 1t to be at par with, except itsell
until a price is offered for it and ac-
cepted Ii stands alone. II is here to-
day and there tomorrow, and subject 10
every wind that blows, and hence It's
intrinsic parity is not discOVerable; Is
without affinity, so to speak, until trade
creates or presents a genuine one for IT,
when equality may be reached between
the two by exchange Of mutual parity
whether that be at siXty-five cents OF
the dollar" for silver or dollar per
bushel for beans.
Except TO decree what shall constitute
money, and to make, stamp and lesalize
it-anG to keep accounts of the kinds and
amounts mdGe-the question is ever pres
ent among plain people as TO whether or
no Government ought to have anything to
do with it, except TO provide for its own
necessities, like an Individual or state.
1t must, Of course, in making money.
stamp II as being good" for so much,
and If you please, as legal tender for
its stamped value; but it essays an i'm
possibility when 1t proposes TO compel
for il a uniform market or speculative
value-or to enforce parity OF one KIND
with another in the money markets. AS
to it legislating silver up TO permanent
y Wit
we need not go to Calcutta, the Roths-
childs or Wall street for men 10 laugh
at and defy so futile an attempt-such
parity" even If apparently reached, belnS
always and necessarily what Senator HiA
calls a mendacious or lying parity. All
the legsating i'm the world cannot TX
the value OF silver any more than 1t
can that of wheat or turnips. but the
value Of gold is fixed" and preserved by
an indispensable and all-dominating law
Of trade, cceXistent, We may almost say,
with human intercourse.
Gold, by an immutable decree of
trade, we repeat. not only carries in it's
own intrinsic and ascribed value its own
inviolable parity unapproachable by the
parity" of anything else, but IS trade
one (unum-there cannot be two base
type. test and criterion of values, the
world over-that is Of everything en-
braced in the catalogues of credits,
moneys, commerce or exchanges.
II is ary-indispensabe as ought
10 be readily seen without pointing-that
something should be appointed 10 this
supreme dignity and control. Trade. by
the tacit agreements Of all civilized ma
lions. has awarded It to gold, and in
order to be assured Of a margin Of profit
out Of every transaction. decreed that
nothing shall do more than approximate
it's parity as the one standard test OF all
values.
Government may then prescribe stand
ard Of weights and measures. whether for
money or merchandise. and compel con-
formity thereto: but trade, which is au-
tocratic. dominating. If not creating gov
crnments, and denying legislative enact
ments that would obstruct its progress.
must, ever did. and always will deter
mine for itself the value Of whatever
Il touches. whether money or merchan-
disc. and in whatever mart-by subject
ing Il 10 the one infallible test Of gold.
If silver is offered 10 compete here so
may cOon-skins. copper or potatoes be.
They all will stand in their lot and be
by their markets assigned their affinity
Of parity Ca coined expression we con-
cede, but one easily cOmprehended, never
theess) to that more or less of price,
according 10 the ruling Of that trade
autocrat, whose invariable test of all
values, however insuficiently and re-
motely understood by small traders and
the great mass Of mankind, is gold, as
we have already said
What then? This: II parity Of silver
with gold were possible. and II all the
nations Of the earth were 10 combine 10
accomplish such results, they would not
only thereby be establishing over the
world a shameless tyranny, and render
ing trade baseless and Uncertain as to
results. but would presently still every
loom and furl 10 disastrous calm the
trade intercourse Of the nations And as
to ourselves. here in America, the effect
Of such bastard parity, inforced Of Gov
eminent, would be TO send business
Exiting" for a time. but only to sink
the lower into general and chaotic bank
ruptcy followed. I'm all probability, by
even more terrible and widespread con-
sequences.
1t cannot be too often sounded as n
reminder ard warning 10 such as Sher-
man, or such gentlemen as Carlisle. that
gold is the one single necessary sun in
the armament OF finance. moving alone
in the royal orbit appointed it of trade
and admitting Of approximate approach
only by the satellites coursing about it
in their capricious circuits.
As it is best for a MANIFEST for all
persons-to have the highest ideal for
imitation. so the higher the test OF values
the more prosperous the masses. Better
not then. seek To tarnish the standard
OF gold by forcing TO Legitimate and IN
welcome parity" with it an inf arior
metal.
Thanking you. Mr.. Editor-if you are
listening TO what we say-what we may
seek 10 say more on this subject IRE