The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-03-07

onoyaI situation yer there, with which
Sono+0r Villas seems so we'll SATISFIED
I'D would have duplicated here. IL
there is any exceptions 1T Is in France,
which has an immense circulation of
both silver and gold, and which, finan-
cially. is the most self balanced nation
in Europe.
Much has been said about the 'hOnest
dollar" Is that a dishonest dollar
which, as the figures have shown us, is
to day eXchangeable, eve at its bull
lion value, for as much wheat, cotton,
and commodities Of the world generally
as it or gold would buy ten years or
twenty years ago? And silver is con
demned because, fOrSOOth, it has de-
Cllned with respect to gold, and there
Is much talk about it's "Value" and
intrinsic value" What makes the
value of gold? What but a law hat to
day happens to exist that says that
anyone having gold bullion a take it
to the mint and have il coined on a
certain basis 1t has not always been
so with respect to gold. There Is moth
ing new in the idea of demOnetizatiOn
which has been applied to silver in
these later years. After the discovery
Of gold IN Australia and California the
mOnOmetallists of Europe attacked
that metal, as later on they attacked
silver. During the years OF the 0
active output from thOse countries the
annual yield averaged approximately
$3.50 600, 600. In one year it reached
1898. 600 600, a sum eve Gqualed In
the production OF silver
An English writer IF repute pub
llshed an elaborate calculation, which
led hun to the G. clusi1n that the god
production would Don amount TO $780,
coo, 600 per annIm. Chevaller, a dis
tinguishcd French theOrIst. and others,
published books on the subject, predict
ing a great fall III the value OF money
as related TO commodities, and under
the influence Of tits cutlery Holland,
Belgium, Germany and Austria III 1877,
deInOneglZed gold, and adopted silver
as their sIngle standard. The American
CyclOpB TIA volume II, page 746, says:
In those countries gold Only circu-
lated as a commodity, subject to daily
fluctuations In value, and as a II
queuce, deprived as 1t was of it's legal
support as money, II was little used "
1t did not largely hlctuate Ordecline,
for the simple reason that no large
number Of nations )lned i'll its demon
etizatICn, as they nave done in later
years with silver. The Monetary Com
mission Of 1876 says:
1T Is probable that the movement
would have bee IN universal in Europe
but for the resistance of France"
The production Of gold soon declined,
and 1t has ever been One OF the remark
able features Of these We metals that
10 large simultaneous increase of them
! has occurred when the production of
one has Increased the other has de-
ClIned or remained stationary, so that
the addition Of bath to the existing
stocks has never exceeded safe and
suitable limits. From this it Will be
seen how their combined use, with
gradual increase III volume, promotes
stability III values aud provides for the
uses Of man. And II i3 the magnitude
of the entire stocks Of these metals that
gives steadInesS to their value and to
the values Of commodities, and these
are not affected by their annual supply
except IN very slow and almost imper-
ceptIOle degrees. for the annual add
tiOn is but a small percentage of the
gen raj stock OF the world, which is
the measure of values of the Commodi-
ties of the world.
What IS "ntrinuic value" as to
either gold or silver? Who can Jell2
II gold was demOnetizad its market
value as bullion would largely fall, for,
while the production is limited, it is
almost double what Is required by the
arts and manufactures. l. Is law alone
that ever has mad or ever can make
either metal worth It's coinage value,
unless, indeed, the production of One or
the other should at any time be less
than the quantity required for other
uses, l n which case the market value
would exceed the coinage value.
no BE CONTINUED