The Beaver herald. [volume] (Beaver, O.T. [Okla.]) 1895-1923, 1895-06-27

specallst-buJ roor statesman
Lincoln was good statesman, but
would have made a poor banker.
The audience was mostly in sympathy
with Mr. Gage, except thoso who had
lecn won over to Com the day before.
I would like to ask . question, "
said Mr.. Gage.
Proceed said CoIN.
How can you have, at any fixed
ratio, the same commercial vsipc on two
separate metals, that are from time to
time varying in the quantity Of each
produced?"
This is the stock fallacy' of the
gold meuometallists, said CoIN. "All
commercial values are regulated by sup,
ply and demand. The commercial value
Of any commodity depends on supply
and demand. Ii the demand for par.
ticular commodity is continuously rising
and the supply does not increase, the
commercial value will continuously rise
"Wheu the saints of the world are
thrown open and the governments say,
We will take all the silver and gold
that comes, an unlimited demand is es>
tablished. The supply is limited Now
with an unlimited demand and limited
supply, there is no'hing to stop the com.
nteycidi value Of the two metals going
up 10 the market, except the govern
men,s saying-'lIold on--these metals
are for money-we fix the value It
which they circulate. This unlimited
demand is for silver at 81 for 3Tli
grains, and 81 for % 90 grains Of
gold-we stamp these into dollars yes
spcctively in those quantities.
"While an unlimited demand has
been estab lished, the point at which the
supply can take advantage Of that do.
mand is f1ed. Aud the demand pulls
them both plumb up to that point.
At lG to | and 81 4 grains of silver as
the unit, the, commercial value Of 37l3
! grains Of pure silver is a dollar, ana an
ounce of silver is worth Sl29 % 100,
and % = 10 grains of gold is worth a
dollar, anA an ounce of gold would be
worth S2O,6S 6i100.
II will illustrate it, aud a. CoIN
said this he quickly drew Gu the black.
board behind him the picture Of two
hands each drawing cord through a
hole in a beam Of wood with blocks on
the ends of the cords.
"N)w," said Con-, as he leased over
and borrowed from Mr.. Owen i. Adj,
hts cane, and pointing at the drawing
on the blackboard, continued: The
hand drawing on the cord represents the
power Of unlimited dcmaud-the beam
represents the price q, which the demand
stops and the twJ little blocks ON tht
ends Of the cords, as close up against
the beam as they can get, represent sill
yer and gold,
The demand is represented by the tive
hands; il the one on the silver corJ
should relax its pull, the little woot
block rcpr, senting silver would dror
lown. The unlimited demand for on,
metal (silvar) was taken away-thc un
limited demand for the other meta
gold waa continued, The whole dis
turbauCe since then has come irom tn,
demand being taken away from silver
Mr.. Gage had renamed standing 70.
time, then resumed his scat, and be
came interested
Corv oogunUing, said;
? England demonotizod silver in 1876
bu; as Germany, France and the Latii
Union, and the United States had th,i
min,s open 20 the tree coinage of silyc
aui gold, the demadd thus created wa
sulh lieut. to maintain the parity (equa
yalue) Of the two metals, aud the atiiol
of England had no effect on the price .
silver.
NO one in England would part will
r his silver for less than an equal value il
gold, when he could cross the chauue
into Frapoa and get an even exchange
so the price Of silver as measured in eol,
was during all the years prior to lS7,
substantially at par 10 England aud tn
world over,
The United States closed its mint
to silver and made gold the sole meas
uremont Of values in February, 1879
Germ any followed and passed IN
same law iu July, 1873, The action Q
these two large nations caused drop i
q the commercial value OF silver as mea.
ured in gold Of . per cent by the Gu
of that year.