The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1895-05-17
MORTON AND SILVER.
The Secretary OF Alriculturs re.
sents a Coloradoan Criticism
He Quotes History. Acts of Congress ana
Orders TO Mint Directors la ReiA-
tioa 10 tLr Coinage OF
silver Dollars

WAsnINGToS, May 8 = Secretary
Morton has written a letter to James
A. Cherry. Of Denver. Col. in reply TO
a~letter from that gentleman criticising
some statements in the interview with
the secretary Of agriculture. printed =
couple OF weeks ago. which caused 50
much IL is as follows:
From your letter OF April -. ises. il appears
thai you and l perfectly agree on the funda-
mental point. namely. that demand anu sup
ply lnexorably regulate all values whatsoever.
At all times aud IN all places. AT what points
do we begin 70 separate from each other and
then 70 on 10 conclusions 80 utterly Glyerses
These points are only two-the Lrsi historical
anu the second logical.
You assume certain propositions 10 be true
OF silver. which are not historically true at ali.
but quite the reverse % true, You say, for in
stance. Until 1873 The chief use Of silver was
for coinage. IL had other uses. but The demand
for u for coinage purposes was steady and
constant
on This point you have been monstrously
misinformed. The first federal coins OF silver
were minted in 1874. ana OF gold IN l7ss. Their
ratio as by Alexander Hamll-
ton. and nxed by an act OF congress. was ISL.
IL was hoped thus 20 keep The two metals ia
equilibrium In coinage. But they would not
come IN equilibrium at that rate. skill less
would they stay there.
only Ss dollar pieces were coined at the
American mint in the entire year Of I-05. be-
cause the silver was worth more out OF the
coinage than in il aud worth more for export
than Tor domestic money. What was the mat
ter with those silver dollars. Nothing. only
they were TOO valuable. May /. 1876. there
came an order from President Jefferson 10 the
director Of the mint IT Philadelphia, that al
the silver 10 be coined at minis shall be Of
small denominations, 50 that the value o. the
largest pieces shall not exceed half q dollar.
ssIhe rnl~an rivqu nv rNa v~asfA.r- So shfs
order was that considerable purchases have
been made OF dollars coined at the mint for the
purpose OF exporting them and that IL i prob
able that further purchases and expectations
y will be made
The coinage OF silver dollars, thus au-
thoritatively suspended at the American mint.
was not resumed there for thirty years. In
these few facts, which are o1hcial ard unQues-
tlonable. behold the beauties and advantages
OF a double standard. OF the unlimited coinage
OF both metals ia an equal and constant ratio
with each other. o. two yarlstOcks OF Different
lengths 70 measure CLOTH by in the same mar
ket.
BY the Law Of 1884 the ratio was SUBJ
stantiaIly put at TO 10 But this was going
too far ia the opposite direction. Gold was
not worth u In silver in the markets Of
Europe Consequently the International
current OF the metals was for a time re-
versed. silver passing IN preference abroad
10 l~.quicate the balances Of trade and gold
coming IN small quantities 10 the United
states, where Il was more than 3 per cent.
dearer In silver than in Europe. By 1883 the
immense disadvantages Of a double standard
haG become So plain u al thinking people thar
Congress wisely determined 20 abandon the Ut
terly futile attempts TO secure the parity o.
the two metals. AMI 70 make gold the lecal-
tenler for debts, except for sums OF i've dol
lars aud under IN the second place. Mr.. Cher
~. A. an instance % 4 historical assumption
contrary 70 facts and natural inferences. allow
me respectfully 70 call your attention 10 the
use. in common with many " the blmeiallsts.
so-callel. " the date ls73 as the time -demone-
tizail0n Of silver" Unless I an mistaken the
silTer-d0llar j. not mentioned Al all. one way.
or the other. in the act OF lss3 All the de-
monstization u silver. as I understand II. that
ever came about ia this country. happened in
the Law OF i-53, after open and fun discussion.
and practically with unanimity. when congress
introduced the subsidiary silver coinage. u
which q nominal dollars worth weighed Ggl
per cent less than the silver dollar. and also
took away the .egal-tender quality q all silver
in payment o. debts % over s. In amount.
You employ over and over again In your
letter the two most commoa logical fallac rs
that enter into the speech Of argumentatlye
nen everywhere, namely. putting cause into
the place Of effect. and assumlng that because
one thing happened after another In point o.,
time. therefore 4 was the result Of that other.
Let Us look candidly a; the instances OF
these. known almost az random. You ask.
What creates demand and answer. use. |
ask. in my turn. What creates user and an
swer. demand Why is il that there is 30 lit
tie use OF silver dollars in this country to-day,
while there are millions upon millions Of them
lying ldlce answer confidently because there
l. no adequate demand for them. Have you
not innocently but badly mixed up cause and
effect In this case, Demand. In the common
sense. j. nothing but desire for something on
the part % one man coupled with his willing
ness 70 pay something for 1t. satisfactory TO
the other. who owns IL.
c"I ~ that thing. no matter what Ii Is only
follows the demand Tor IL You have help
less.y put the cart before tn horse What :
the sense - ciamoring still for unlimited
coinage when the treasury can not get ria. by
hook OF crul&. ~ that already coined aud ~
tng 10 useless heaps They are well minfed,
OF inst weight nine-tenths Inc. are legal ten
der for az debts and bear the legend: In God
We Trust.
What ais themf Ianswer. and so must Won,
on reflection, there Is no demand for them.
and therefore no use for them Wha, more
can tue law DO for them.
1T mas be. my dear sir, that In your study OF
finance, you have overlooked. In whole or In
part. the momeutous fact that all but a mere
fraction % the worlds n is mediated
by instruments o. credit and not By metallic
money al all. whether ~ gold or Of silver. and
that by Tar the most essential service Of money
in this age u the world is to furnish a steady
measure.
" Eckels, the present comptroller 81 the
currency, has made IL probable by careful in
quirics Instituted through his department that
aooit - per cent Of the retail business .of
this country j. achieved by means u checks
cra sn on local banks and cleared by the banks
with very little use OF coins. The relative
employment Of these Instruments OF credit il
constantly increasing through the multiplied
tion Of banks and otherwise. and. OF course.
a.so the quantity o. coin money required 10 do
the business % the world. or Of any advanced
country In the world. Is steadily decreasing
relative 70 the business do.e."
Sent a bullet Through His Head.
DENVER. Col. May 9.-Hugh Cahill, .