The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-07-13
The Silver Problem in the Denver
Manifesto.

1t will do nobody any harm, no
matter how ardent a monometalist
be may be, to read the manifesto OF
the Denver Silver Convention upon
the present financial situation. 1t is
a very remarkable document. Its
wild and foolish reasoning and its
real and well grounded fears are alike
deplerable. 1t is at once a marvel of
bad logic and the earnest cry OF a
people in great peril.
The document divides itself natur-
urally into two sections The first
deals with the question OF monetary
standard and the underlying causes
of the decline in the value of silver
and the consequent overthrow of
credit. OF this part, it is not too
much to say that it reads like the
wild rawlings of insanity. The second
part deals with the prospective effect
upon the silver States of the abandon
ment of the silver standard and of the
check in the absorption of the visible
supply by the United States Govern
ment. This part of the manifesto
calls for the most careful and sympa-
thetic study, not only by statesmen.
but by citizens at large. Even as
Stunning. as is probably the case, that
it greatly exaggerates the impending
dangers, it still shows that much real
danger exists; 1t shows that the peo-
pie of the States in question have rea-
son to be frightened, that their fright
is real and not the faxed buncombe of
a selfish wealth-grabbing combina-
ton. This is a most important mat
ter, and we think the Denver protest
establishes the fact. There it enough
in the facts and arguments to impress
the greatest sceptie, and the tone OF
sincerity is unmistakable.
1t would take more space and time
than we have at command to refute
seriatim the errors of the opening
portion of the manifesto. They are,
besides, so gross that almost any un-
biased reader will detect them at
once. Neither do we care to reply to
the absurd charges of conspiracy
made against the President, the Eas-
tern banks and capitalists, the powers
of Europe and Heaven knows who be-
sides. These can only be excused on
the ground of the panic which now
possesses their authors, and in view
of that panic it would be foolish TO
comment on them.
1t seems profitable to remark only
on two errors, if indeed they do not
resolve themselves into one, which
are at the very foundation of the sill
yer theory as explained by the Den
yerites. The first and greatest error
is embodied in these sentences
Had gold been demenetized instead Of silver
retaining for silver its greatest use and chief
est function, and depriying gold of its greatest
and chiefest functions-goid would not today be
werth SIS per ounce, and silver's value and pur-
chasing power would be increased largely above
its former highest figure.
Now here is the very fundamental
error, the notion that either silver or
gold derises its intrinsic value from
its use as money, just as if the direct
opposite were not the case. 1t is, of
course, plain to unprecedented people
that it is on account of the intrinsic
value in gold that it is the best COM
modify in the world for money and a
monetary standard; that value de-
ponds upon its util ity in the arts and
the limitation of the worlds supply:
but the experience of all the centur-
les places in the category of the most
utter improbability any sudden in
crease of supply which would affect
its commercial and consequently it's
coinage value.
The second great error of the Dem
verites is really in principle the same
as this; it is the deliberate ignoring Of
the true cause of the downfall of silver,
the o~verstocking of the world with a
supply greater than it has any use
for. After centuries of comparative
stability in the value of silver this has
at last come to pass, and the reason!
for it are in part stated in the second
part of the Denver manifesto, which
shows how whole States depend upon
its continued production for their very
life. This over production the Denver
protestants will not see and will no
admit. The decline in the markel
value of silver is 1.-The contamination
OF the conspiracy organized at the
close of the Franco-Prussian war t.
destroy one-half the coined money Of
the world'-what dire trashl-it is THE
work of Great Britain forcing bel
yoke upon Germany, the Latin Union
Austria and the United States" 1t il
everything but the real thing, and
that the Denverites will not have, be
cause it leaves them without O case.
A word remains TO be said touching
the second portion of the manifesto
that which pictures the state of thing
in the silver States. Here we hay
% million miles of territory which
have become peopled in a few year
with some two million men anc
women. largely through the impetuI
nf sfha silver mining industry. Tnesl