Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-04-21
THE MONEY QUESTION
oltUTlsI VIII I Cabinet 0mNr On
SilYei.
They Are Believed 60 Represent
60 n Great Extent the Sentiments
What IL sonna Money!

WASHINGTON. April ?o.~-secrctary
Morton gave out this afternoon an inter
View on the silver question. Coming from
, cabinet minister. after the cabinet
Sounscl OF yesterday. II Is regarded as
Expressing TO great extent The senti-
nents entertained by the President. When
asked II he though, anything would grow
but OF the proposed international none.
larry conference Mr. Morton replied
Il do not believe that an International
tongrcss can establish permanently
commercial ratio between gold and silver.
my more than II can establish a perma-
teni commercial ratio between rice and
Wheat. IL an International conference
Ban fix the price in gold OF silver. IL can
llso fix the price OF wheat or any other
commodity. and thereby avoid all the
possible shrinkages in value which tend
10 cause panics."
HAS gold. used as money. an intrinsic
salGe. and is 1t a permanent value?'
Il think the word Intrinsic ought not
10 be used. The value OF gold is always
Relative. To illustrate: IL / sell you n
thousand bushels OF wheat to-day for
610, the transaction has established, for
khe time being, the wheat value OF gold
Dni the gold value Of wheat. Io-mor-
bows cables Of utter failure of the wheat
prop in Argentina or Russia In Europe
tntirely change the relation OF gold 10
wheat, and the thousand bushels OF
Eheet purchased at u cents yesterday
Is worth $l14 bushel to-day. Thus, In
the mean time. there has been no In
brinsic' value Of gold, notwithstanding.
thcre has been a change in the relation
81 wheat 10 gold.'
OUR POLICY.
"Wha,." asked the reporter. should be
the policy, then Of this country. II moth
b. is 10 be gained by the further dis
pussion OF this question through the
agency OF an International conferenceY'
My own judgment is" said the Secre-
harry that We must sooner or later de-
Flare that the United States recognizes
gold a. the best and least fuctuating
measure Of value and medium of ex-
thange which the commerce Of ciyiliZa-
Hon mas thus far utilized"
would not such declaration. made
BY either OF the great parties, drive
away the silver men now In those
paruesY'
possible that the financial fallacies OF
he Popuiists and other vagarists may
Temporarily secure a majority OF the
voters OF the United States. Should
buCh catastrophe overtake the country,
the people must .leavn 10y experience
what they should have learned by diliSent
Study aud reason"
1t was suggested to the Secretary that
the EFFORT might again be made, as 1t had
In the past. TO take battle-ground on the
money question. so as 10 offend as little as
POSSIBLE and keep the great mass OF Vo-
tcrs in line as much as possible
Mr.. Morton denounced this as unsound
policy. The Time for straddlnS has
BASED" he replied "Those VINO are
Tor sound currency On gold basis ought
10 have the courage TO say so, and abide
b. the results OF their. declaration. 1t
makes no difference 10 me whether a de-
slaration OF truth. either upon the tariff
DR. the money question, temporarily drives
lotes from or allures them to us"
ILLINOIS.
When asked about The approaching
illinois convention, and what he thought
bf the proposed work Of that body. MI
Morton replied in general terms as fol-
lows: II have no hesitation in declaring
myself utterly opposed TO all the free
Boinage fallaces, all the is 10 l lunacies
and all or the cheap-money illusions
and decisions which populsts and other
Sagarists advocate"
Mr.. Morton further discussing the gen.
SraI subject. took the ground that silver
had been retired from iis place as sound
money permanently. and for reasons
which. TO him. were obvious.
''Ay Judgment is" said he, that sill
Uer cannot be restored 10 its former
monetary place in the commerce of the
korld, because the supply OF silver has
Dutgrown the demand for silver In the
exchanges OF civilization. The relation
az supply 20 demand is the sole regulator
or value. This axiom applies alike to salt,
silver, sugar. and soap. All the legislation
OF all the law-making bodies on the face
bf the globe can neither mitigate nor
Rnnul <le operation of the ineXorable
law that the relation Of supply 10 demand
= the sole regulator of value"
SOUND MONEY.
Secretary Morton answered the question
recently put by Senator Stewart and
others as 10 what sound money IS. 1.-THE
Presidents critics." said the Secretary.
kask. What is sound money! Any ordi-
nary man of business may answer that
question. Sound money Us that sort of
kirrency which has the most universal
IND ieas. fiuctuating/ purchasing power
In the markets OF IAN countries. That
money is the 'soundest.' for which,
throughout the commerce OF the civilized
world, there, IS the most universal de-
hand AZd that universal demand Is
always 6ased upon the universal and
ouctuanmg purchasing power OF that
nor ~. The present epidemic of the silver
EI~$er will in due time abate. AS the tenn
vHerature OF the 10 10 ! patients declines
bental alterations Will disappear, and
kason once more resume its sway
-. .Sx,, Ir.CuE