The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1895-05-01
GOLD AS THE STANDARD.
SIGNIFICANT STATEMENTS OLA CAB
MET OFFICIAL.
An International Monetary Conference Or
posed as Useless--The Country Must Lean
on All-Gold Stick-Silverites May Win.

on An-Gold stick-silrerites May Win.
WASHINGTON, April Secretary
Morton gave out Monday afternoon
an interview on the silver question.
Coming from cabinet minister, after
the cabinet council Saturday, is re-
garded as expressing to great extent
the sentiments entertained by the
President. When asked if he thought
anything would grow out of the pro-
posed international conference, Mr..
Morton replied:
81 do not believe that an interaa-
tional congress can establish perna-
nentlv a commercial ratio between
gold and silver, any more tt it can
establish permanent ratio between
rye and wheat. But if an information
al conference can fix the price in gold
or silver, it can also fix the price of
wheat or any other commodity and
thereby avoid all the possible shrink
age in values, which tend to cause
panics.
HAS gold, used as money, an in
trinsic value and is it permanent
value?'
'I think the word intrinsic ought
not to be used. The value of gold is
always relative. To illustrate: If |
sell YOU a thousand bushels of wheat
today for $50, the transaction has es.
tablished for the time being. the wheat
value of gold and the gold value of
wheat. Tomorrow's cables of utter
failure of the wheat crop in Argenti-
ma. Russia and Europe entirely
changes the relation Of gold to wheat
and the thousand bushels of wheat
purchased at 81 cents yesterday is
worth s1.14a bushel today. But in
the meantime, there has been no in
trinsic' value of gold, Notwithstanding
there has been a change in the relation
of wheat to gold
What" asked the reporter, should
be the policy, then, of this country, If
nothing is to be gained by a further
discussion Of this question through the
agency of an international confer
ence2'
MY own judgment isl said the
lSecretary, that we must sooner or
!: later declare that the United States of
America recognizes gold as the best
and least huctuating measure of value
and medium of exchange which the
commerce of civilization has thus far
utilized"
'Would not such a declaration made
by either of the great parties drive
away the silver men now IN those
parties"
"Yes," replied Mr.. Morton, lit is
barely possible that the financial falla-
cies Of the Populists and other vaga-
rists may temporarily secure major
ity of the voters Of the United States.
lShould such a catastrophe overtake
: the country, the people must learn Dy
experience what they should have
learned by diligent study and reason" "
It was suggested TO the Secretary
that the effort might again be made as
it had been made in the past, to take
, a middle ground in the money ques
ton. so as to offend as little as possi
j., BILE. Mr.. Morton denounced this as an
unwise policy.
1.-The time for straddlers has pass
< ed he replied. ''Those who are for a
sound currency on gold basis ought
to have the courage to say so and
abide by the results of their declara-
ton. It makes no difference to me,
whether declaration of truth. either
upon the tariff or the money question,
temporarily drives votes from or al
lures them to us. ;"
When asked about the approaching
Illinois convention and what he
thought of the proposed work of that
body, Mr.. Morton replied in general
terms as follows:
II have no hesitation in declaring
myself utterly opposed to all the free
; coinage fallacies, all the 16 to 1 luna
tics, and all of the cheap money illu-
: sions and de'olsions which Populists
I and other vagarists advocate.
l Mr.. Morton further discussing the
l general subject, took the ground that
S Silver had been retired from its place
| as sound money permanently and for
: reasons, which to him were obvious.
My own Judgment is" said he
''that silver cannot be restored to its
< former monetary place in the com
$ merce of the world. because the sup
I ply of silver has outgrown the de.
5 mand for silver in the exchanges OF
1 civilization. The relation of supply
r to demand is the sole regulator of
values. This axiom applies alike to
salt, silver, sugar and soap. All the
Ileeislation of all the law-making bod
y les on the face Of the globe can Meth
e er mitigate nor annul the operation
I of the inexorable law that the relation
of supply to demand is the sole regu-
4 lator of value"
Secretary Morton answers the ques
: ton recently put by Senator Stewart
and others as to what sound money Is
:, The Presidents critics" said the
i Secretary, TASK, What IS sound mo-
e ney?' Any ordinary man of business
7 may answer that question. Sound
: money is that sort of currency which
n mas the most universal and least huct
0 uating purchasing power in the mar
kets of all countries. That money Is
the :soundest' for which through the
: commerce of the civilized world there
g is the most universal demand, anc
- - that universal demand is always basec
i upon the universal and unfuctuatine
: purchasing power Of that money. The
:. present epidemic of the silver fevel
& will in due time abate. AS the tenn
perature of the 16 to l patients de
. clines, mental alterations will dlsap
v pear and reason once more resume ltE
s sway