The Delta independent., 1894-03-21
A PLEA FOR slMETALLlsM.
A Former Single Standard Advocate
Materially Changes His Views.

There are two articles on the money
| question in the September number OF
the Pail Mall Magazine, Waldorf As
tors publication. The first is an argu-
ment against bimetallsm by Mr.. Astor
himself which is written in the flip
pant and self-satisfed style of one who
knows all about it and is impatient
with those who do not agree with him.
The second is an interesting article
presenting the case for silver, and is
written by w. IL Grenfell, The writer
shows that, according to the opinion OF
all the leading writers on this subject,
the purchasing power OF money is in
direct proportion to the volume of
money existing This fact being ad-
mitted, the next important thing is to
discover why the volume of money
is being diminished. Mr. Grenfell
claims to show that the volume OF
metallic money throughout the world
has, during the last twenty years, been
diminished at time when the increase
of trade and population demand an ex-
pansion of the currency. He shows
that the bimetallic Bank of France is
becoming more and more the center of
the financial world, the position once
held without dispute by the Bank of
England Two prevailing fallacies in
regard to the present and prospective
quantity Of silver in existence are cX-
posed us follows:
''The first is the general belief that
the United States of America have
masses of silver with which they want
to flood the European markets. This,
l believe, to be an entire misconcep-
tion. The silver in the United States
treasury is performing the function of
serving as money by circulating in the
form of notes, and these notes are not
moro than is required by the enormous
country they circulate in, as is shown
by the careful tables compiled by SEN
ator Jones, who shows that silver has
rather appreciated than otherwise. The
second is that silver can be produced to
almost an unlimited amount. This /
believe to be also n miconception. The
great silver mines of the world have
been the Potosi, the Comstock, and the
Broken Hill. The first two are played
out-in fact, of late years, the Com
stock has been producing go per cent.
OF gold to 40 per cent of silver, and
America has now been SO thoroughly
ransacked for generations that it is
more than improbable that another
Comstocls should make its appearance.
The scientific and expert opinion given
at the Brussels conference pointed to
the fact that the production of silver,
both in the states and in Mexico had
reached its maximum, and would in
the future fall Off; as, indeed, Prot
Suess Future of Gold OF the Univcr-
sity OF Vienna, states will also be the
case with gold, as nine-tenths of the
stock of gold existing in the world has
been obtained from 'placcrs,' which
are becoming very rare, and the pro-
duction of gold must be less and less
1T is certain, he says, that gold alone
will never become tho money of the
world, in which the needs of industry
will be met"
In the course OF the article rumber
ofquotationsa are given from well known
authors, showing the dangerous effects
which follow the contraction or debase-
ment of the currency. Among others
are the following quotations:
John Mills says: THAT an increase
Of the quantity Of money raises prices,
and diminution lowers them, is the
most elementary proposition in the
theory Of currency, and without it we
should have no key to any of the
others"
Also in his ''Treatise upon Political
Economy" "The value of money, other
things being the same, varies inversely
as its quantity, every increase of guam
tity lowering the value, every diminu-
tion raising it in a ratio exactly equiv
alent."
John Mills also says: And again,
in whatever degree, therefore, the
quantity of money is decreased or di-
minished, other things remaining the
same, in the same proportion of value
of the whole, and of every part is re-
ciprocally diminished or increased"
John Locke Considerations" pub
lished 1G9o,) said: Money, while the
same quantity OF it is passing up and
down the kingdom in trade, is really
standing measure of the falling and
rising value of other things in refer
ence to one another, and the altera-
tion in price is truly in them only. But
If you increase or lessen the quantity
OF money current in traffic in any place,
then the alteration of value is in the,
money"
Cernuschi says: ''The purchasing
power Of money is in direct proportion
to the volume of money existing"
Ricardo says Tin reply to Bosanquet):
'The value Of money in any country is
determined by the amount existing.
That commodities would rise or fall in
price in proportion to the increase or
diminution Of money, I assume, Us
fact, that is incontrovertible."
This article, by a man who was until
recently strong advocate Of the sin
gle gold standard, should be read by
those who are interested in the money
question, as who indeed is not 1t
should be remembered that this is an
argument not for free silver, but sim
ply for n bimetallic currency rs distin-
ruished from q single gold standard.