The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-09-26
SILVER.
Written for the Chicago Times by HI.
q. Miller.

SILVER upon inns rdtlO, not only III this
country, but throughout the world, SO that
Is ounces Of silver bullion would exchange
N the worlds market for one ounce of gold
bullion?
1t must be borne in mind that the unre-
stricted coinage of a metal makes it a.
oi0rey metal, and that as the mint affords
permanent market for it at its mint valu-
alton its market value will never fall below
his mint valuations: consequently the coined
md uncoined metal have precisely the same
value; and that as the value of either
metal in the state CT situation of bullion.
ike that Of money, is its relation to COM
modities ana other forms of property its
value like that of everything else, is gov
erned by the extent of it's use or employ
ment. II equal employment is given to
gold and silver for monetary purposes upon
prescribed ratio they will upon this ratio
have tn same value.
1t follows from these premises that il is
not necessary in order to secure their parity
upon such ratio that all commercial nations
should join in the use of sold and silver for
monetary purposes, but only that enough
of them should SO join as to give as large
an emploTn.n 1T to silver as is given to gold.
{ Money and Mechanism of Exchange" by
w. Stanlev JeronS, PIP. 141-143)
In recommending our decimal system and
the adoption by other nations of the dol
lar as 4 money unit, this author says,
page IL: "But above all it is firmly adopt
ed as the money of 4 nation which, far
as human wisdom can penetrate the future,
is destined - become the most numerous,
rich and powerful in the world. That
ton which mas arisen from the best stock
of England and has absorbed much of the
best blood of other European nations and
has inherited the richest continent i'll the
world, must have an Importance in coming
times of which even Americans are barely
conscious"
These words We're given to the world in
1876 and Our history since that time has
fully justified the language here employed.
Mr.. JeVons says on page 142 of his valuable
work: III ali the nations of the globe were
suddenly and simultaneously to demonetiZe
silver and require gold money revolution
in the value Of gold would be inevitable
But NJ Wolowski seems to forget that the
nations of Europe constitute only small
part of the. nopula ton of the world. The
hundreds Of millions who inhabit India and
China and other parts of the Eastern and
tropical regions employ a silver currency,
and there is not the least fear that they
will make any sudden change in their
habits
The urgent reason for closing the Indian
this country would suspend the further
purchase of silver. and no one doubts that
if We open our minis to silver the mints
of India Will be reopened for the reception
of that metal. The whole of France can
be placed Within the limits of of our
II states ana the territory left would be
larger than mat covered by the New Eng
land states. We are already the richest
ma lion in the world, and only a compare
lively small fraction of our resources are
flly- nod no Of
are now using about $1500, 600, 900 of silver
upon the ratio of 1512 to l, which must be
constantly renewed and which, by reason
of the increased value of gold since 1873,
is imprisoned in the countries that use it,
and does not flow into the worlds money
stock
In view Of these facts it is most reasona-
bic to expect that with our industries re-
stored IL their normal activity we can,
with the assistance of silver using coun-
tries. which constitute much the larger
portion of the population of the world
give as large an employment to silver as is
given to gold by the comparatively small
nations of western Europe. With such al
Turing prospects before US and the example
of France behind us, should not national
pride stimulate us 10 make the attempt to
walk alone rather than sink down over
come by the childish fear that may
fail? We are in the current which is
sweeping all gold using countries down.
ward to bankruptcy, with nothing to hope
for but conpanionship in the universal
desolation that awaits them. Let US, ami
mated by true American spirit, leave the
current before it Is too late and save our
selves by Using all the material which ma
ture has given rs for monetary use. We
never have had and never can have too
much Of it. The isnobIc sentiment that if
We succeed in bringing the metals to a
parity other nations will practically enjoy
with u The benefits OF b.metallism should
not make us hesitate.
All VIII probably admit that if We should
provide by law for the unrestricted coinage
of silver and gold upon the ratio of Is to
l it would bring the metals to a parity
upon that ratio in this country for we have
seeh thai in that event the coined and un
coined silver would have in the market pre-
cisely the same value AMI that this would
also be true of gold. Fully endowed with
the money function, the coins struck from
Is ounces of silver and the coins struck
from one ounce Of gold would be equivalent
representatives. of cur money unit and
must have the same purchasing and debt
paying power. Let us, then, at once and
forever dismiss the financial heresy that
has recently inspired many party plat
forms that under such circumstances a sill
Yer dollar Is not as valuable gold
dollar for every monetary purpose what
ever or that there be any possible diff
ference between them in their purchasing
and debt paying power. Would it have
this effect upon their relative value in gold
using countries?
The value Of silver bullion and gold bull
lion Is determined by the quantity of com
mpdities they VIII respectively exchange
Ior II l,"D ounces Of silver bullion will
furnish in tho English market the same
quantity Of American products needed in
that market that 100 ounces of gold will
furnish then they will be worth in England
gold using country, 100 ounces of gold
The extent To which one country can main.
tain the parity of the metals in other corn
tries upon tre ratio il has adortcti is dc.
tetnlined 10y IT, ability 10 supply the mar
kets OF those countries with The, products
OF its Industries. The English gold and
silver commission OF 1855 consisting Of siy
bim"tal!ist5 a1l SIX rl1nometdll.tS, in az
counting t.: the separation OF the two
metals, "hich commenced in 1873, said. in
elect tAat he causes apart from legis.
lat;on which wou.I ten1 to serarate fhe
metals SING 1913 were in operation ptio,
to that time, vet that they were practica liz
together from 1893 to 1873 by virtue of ths
himctallic law of France, Notwithstanding
the great changes that had taken plac, il
the relative production of the metals durins
that time. They therefore attributed theil
separation to the legislation eff SO man,
commercial nations which, in 1878 and sub
sequentiy, threw silver out of the world!
money stock.
The reason they assigned for the ability
OF France - keep the two metals praC
tcally upon parity, upon the ratio of 151s
to l. fGt so long period, not only in
France, hut in other countries, was the
fact that she WAS able in large degree tc