Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-07-03
JOHN SHERMAN CONTROVERTEl

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SIR:-A few weeks ago the Hon. John
Sherman ia substance stated that he
favored the rehabilitation of silver, but
was in favor of coming silver at It's
present gold value. which would be
about 81 to l. The leaders OF the Rolc
sentiment realize that the silver ques-
ton must be settled, otherwise bank
ruolcy, ruin and Reputation stare all In
the face. The ability OF the Debtor ito
pay, II the gold standard continues,
will be destroyed, therefore the seenrl-
ties OF the creditor will DO largely i'm
paired aud In many instances a total
loss. But II is in the settlement OF
the rates that the gold bugs expect to
retain what they have already stolen.
John Sherman is now aud has been
the recognized spokesman OF the gold
sentiment In this country. What does
his proposition mean? Ia the United
States, for instance, there are In round
numbers 5000, 600, 600 of gold and $780,
600, coo of silver in circulation. II Sher-
mans proposition should be adopted the
United States would be compelled TO
call in the 5000, 600, 600 Of silver and re-
coin two dollars into one. The govern
ment, Of course, being compelled to
make good the loss, which would be
$500, 900 coo on the new notes. As in
famous and outrageous as this would
be, the people might afford to stand II,
if this were all, in order to
get the question settled, but 1t
is the smallest part OF the loss.
The rs-coinng OF $500, 900, 900 Of silver
into $500, 600. coo would contract the
quantity of our money base % per cent,
or from 81, 200, 900, 900 to 50, 600, 900. 200.
The effect Of this condition would be TO
increase the value OF each unit. OF
money IS per cent. at least II not more,
as compared with property and LABOR
which would require the debtor TO give
% per cent. more OF his property or
labor than formerly to procure the
money to pay his debt with. In short,
by this contraction the purchasing
mower OF a dollar would os Increased
and the value of all property and labor
decreased accordingly. The effect OF
honest Johns proposition, by In
ternational agreement would be
10 control the number OF
units OF gold and silver circulating in
the principal nations Of the world from
=, 651, coo, 600, $3.50, 900, 600 which
would increase the value of purchasing
power OF each unit Of money, and cor
respondingly decrease the value Of all
other property and labor throughout
the world. This is just as true as that
the natural law of supply and demand
itself exists, and all the human laws
aud armies OF the world can not pre-
vent il. What is the honest rate be-
tween gold and silver? Take all the
gold and all the silver in the world
available for money, and coin the same
number Of dollars out OF each metal,
the relative,weghtS OF the two coins
will be the coinage rates. This is what
is meant by the coinage rates
that proportion by weight which Will
give US the exact same number OF full
legal tender coins from each metal" y
The statistics show that if all the gold
and silver available for money were
coined the present coinage ratio would
be about Is TO l. Any increase in the
present weight OF the silver (coin) OF
the United States is to that extent a
confscation, without remuneration, by
the money, credits and fixed income
clause OF the property OF the debtor
property, producing and laboring clauses
aud there is not man in the United
States who knows the truth OF this bet
ter than the Hon. john Sherman. II
the present production (of gold) were
20 cease altogether, and the pres
ent production of silver continue,
even then IL would require many years
for the coinage ratio 20 reach II TO l,
(the annual production bei0g so small
as compared with the stock in use).
The gold mOnOmeta!lists care nothing
for either gold or silver within them
selves their sole and only object being
TO contract the quantity of the worlds
money, thereby rObbing the people.
These classes expect In the final settle
ment, which must come, TO increase the
weight Of the silver coin and in order TO
do so will stop al nothing. VIII the
people let them do it? No. 1t is com
monty supposed that the value of money
dare not iluctuate, but this is an error.
The fluctuations in the value of money
are concealed from the popular view by
the facts that the names and forms Of
the coins remain unchanged, and that the
prices of all other commodities are given
IN money. The rise or fall in the value
Of money is easily mistaken, therefore,
for rise or fall in the prices Of goods.
Then soon after the opening of the civil
war, goods and labor were said TO have
risen in price; and after the close Of the
war, prices were said to be falling;
whereas, the rise in prices was real
fall in the value, or purchasing power
OF money, and the subsequent fall in
prices was rise IN the worth OF money.
And money has steadily continued TO
rise in value to the present time. This
is whats the matter with Hannah"
now. The gold monometalliStS, or prop
erv speaking contractionistS, resort 10
every means in order To confound, in
the minds OF the people, the coinage
value of gold and silver, which
is arbitrarily fixed by the
laws Of the various civilized
governments, with the intrinsic or COM
mercial value Of the metals. Every
honest student OF this question
knows that the coinage value OF gold
and silver is far above the intrinsic or
commercial value OF the metals, and
furthermore knows that the intrinsic or
commercial value of the metals has
nothing TO do with determining their
value or purchasing power as money.
Gold and silver, or any other form of
money, as money, has no intrinsic value.
The owners of gold and silver bullion,
of course, naturally would not sell their
bullion for commercial purposes for less
than they could obtain for 1t for coinage
purposes, therefore, il any one desires
TO buy the metals TO use for commercial
purposes he must pay the coinage value.
The Intrinsic value Of gold and sill
yer could not be accurately deter
mined unless the various governments
were TO demonetiZe both metals anG sci
them on the market for commercial
purposes, then we could ascertain the
Intrinsic value Of the quantity of metal