New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-24
SELECTIONS FROM THE MAIL.
JOINT METALLTSM.

] DIFFICULTIES ~ TYING GOLD AND SILVER
ToGErHEE-MoRE MONEY NOT NEEDED.
, 70 the Editor Of The Tribune.
Sir: have read letter in The Tribune signed
by Mr.. Arson Phelps Stokes. In which he outlines
% plan which. fir his judgment l understand it.
would completely settle the yexatious question as
- the circulation of gold and silver AMI keep the
for ali time come on i parity with the other.
His reasonln; would indicate TO the ordinary mind
that the pubic debt OF the world with It's rapid
increase Is largely responsible for the frequent
and continued depressions In commerce. and espe-
cially 80 IN view 81 the fact that such debts
coed the known quantity Of gold in the world by
about eight times
Such reasoning does not hold good. however for
no government retains q sufficient amount Of either
gold or silver hand To- meet its Obligations, and
brsiles /. IS altogether unnecessary TO have a
in gold equal - the public deb; Of the world
t. Iouidate such debts in gold If \ in London
owes T. IN the United States 100000, AMI in the
Uni,ei states owes IN London 100000. IT docs
not re4ulr. that there be- 10000 in gold TO settle
the tNo debts
NJ Stoke Ike many Other people concludes that
there IS great scarcity OF god In the world and
Immediately believes that II could only get both
silver and gold INTO circulation on equal terms all
would be well and business would go on thereafter
uninterrupted by panirs. cOntractions ard eXpan-
sons in credits \ similar cry went ny when the
sherman act became q law; more circulation was
required. AMI with increased circulation everybody
would be- happy and business would be contina-
ous,y prosperous. Has tn" Increased circulation
made times better and Is money actually more
plentiful than before that measure went into effect?
The money lies IN the banks. trust companies. and
Other Institutions OF similar nature. and you
can't get ii without rendering labor or the equiva-
lent OF labor; the fact that there Is plenty Of
money gives You little satisfaction
/ dGor With the writer Of the article In ques-
ton that there IS any great scarcity Of gold On
line contrary. am II the opinion that there Il
plenty II g.: but be.u, tie finer metal Of a certain
value" II viii he attracted TO the place whore II *
most required. AMI. In most instances. where IL
viii produce the best results
II seems TO me- that the plan proposed by Mr.
S.ohes is detective: first. because gold beng the
finer metal and the most easily handled as well as
ih" most valuable. would always b. preferred to
silver. and second. silver IL such ~ uncertain
metal as 10 value that u would be a risky thing for
any government 10 undertake to purchase IT on
any such limos as b. proposes Silver is produced
in such large quantities nowadays that it IS bccom-
iug cheaper and cheaper all tn, time. the result
81 Increased facilities cheaper ma hinery for min
Iur aaI reduced waSes. and as this goes or. IL
would require constant change in the Government
price for silver which would Invariably result In
los 20 the government buying silver. suppose the
Government o. this country should. during the
n'\ M ~ ',c' !" eraily 'icrsI nr,rcg
~ 81 ,i.. .t..,,it .,., ,.rn,,,.. q, ,,l,u for "A
INV, ,'. ',,,,t w., h' y,onii not alopt j., his own
,''E'i'i '.'' %. r'''.' ~. 80" IL, u u.s..
~ .'i-. i,,, a,.,,, til,,,r.. ,,i,,
KIM for the tendency Of All Hich articles is down
WIZ IT, '.' D, y ',..,,. '' ~. ~ ,,r'nslI o.,
ciitlrs ~ hand ana tho lower prices Of labor PR
'i'i''. ,.''' ~ i''.'.' I'm 60, o., ~ :, ir
+'.- d. L' '... 'i'.. @ - ~ ,,, h,'
'lN ''' 'i & ~, ,,ii.... ~, :, ,,,''tr niles
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,'i'' ~, .., -. co.. .,,,',.b ,,,,rs,. nfs J;is
& t ilr -i,., .r,,r'l and .urulias rnsi
ill.,, 49, ..,..,,..',,i, he "a ,..ff. rn1V b,v him
, .' ', ~. ii ,ha Ioll,r I'm former vears
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"n .', IN. III t. -, ~, bts i''.,,.ss lin
ai ''h,' 49,, 'i'N" ,.,iIa toeiS rrrariI.ss Of The
''Il'. ". ''-r 49, '' 1''i'', 49, No..
lIop'~'i Jaw 10 l'hN ' pr ''''' 81 '''''''''' i''
'r.' 't .''t ,, .. it. NTH 49,, ,.o,,,I roo,,tr.
nl'''' ',S '.,,''.b , , ,' i,u fh,
'i''I ''ii' ' l'f ''u,' ''i '',,'' -,
"th'r nam" lH,'-l, @ "'n ' , ,,'ui r
,iN"i 10 Pay ui'i ""HE"i'"nS 10 '.l' o't"E ~" -
in silver no same "oulh Apply 10 investors 10,
they would demand th1t th'ir honds anu coupons
h' payable t gold. IN iart. an loans mace aV'r
the adoption ~ thr proposed Law would hay" 20 hr
u. .muhlc iu gold. Such being the case. gold .
would 1rr.,illy l.av. the country. for the most
preferred 20 en- iuf""ior AMI rumbersonr metal !
and hav" no hesitation IN SnylnA tnht Wi'hin nr@
years from inc passing ,l NS' - ~
would be- completely drained Of her gold ana would /
be- silver basis. without cf,it- II Us US JOSS ,
10 attempt - Keep EoI n"I Sn'"r On KIN, ~
II has been tried "f"r ana over again. WIN th' !
sam" result. Nou might "a well mix oil ana water /
with ~. d,terminauon to make them aikr
u might Doc possible to effect som" plan whereby /
IN International agreement 'pud b" entered INTO 10 /
regulate th" price Of silver ana Keep IL on panty
non or IL would be- necessary to regulate the agree
n"nt so ihit LfHIu'i"'l ""u'h "' ''ih't''. u ,,