The Red Cloud chief., 1895-05-17

regard the obligations OF the past aud
neglect the future, but 10 that event
it will revcl today it may deny itself
in pcnance Of the past, or mindful Of
future qualification forbcsr today.
Either condition will affect the demand
for commodities, but the demand for
money will BE- uuaff ,ct,d. II not
waited T. liquidate the pas, or to
provision the future it is wanted none
the less intensely for induleing the
present. And for the present to for.
20 IT is to have either the past or the
future grasp to possess it.
Cert .inly there never has been a
supply sufi lent to relax the intensity
OF demand, and just as certainly there
never can be. As the division OF la.
Dor attends on advancing c utilization
the universally and intensity Of de.
mand will increase.
Admitted, then, that the demand
for money-legal.tender MONEYS
constant Gold bullion and silver
bullion. under a free. coinage system
are money, are equivalent IN equal
weights with money. Therefore the
demand for gold and silver bullion is
constant.
Commodities, wheat, silk, any or all
Of the many objects desired by man,
limited IN quantity and produced fer
and destroyed by consumption, flnctu-
ate in value under the influence Of the
law OF supply and demand, and Of the
law Of substitution; a sufficient supply
p%redicates n deficient demand, a def.
cicnt supply, an increased demand,
while beS ond a certain measure of
sacrifice use declines and substitutes
less exacting fill the want.
THE VINTAGE PRICE MUST PREVAIL.
1t IS not so with bullion under a
free-coinage system. The uncoinod
metal has the constant and universally
present demandabilrty of money. In.
lucrative are the laws of the market,
and supply and demand as to it.
Fluctuation Of value, together with
scarcity and redundancy Of supply, as
as we'll as efficiency and suficiency Of
demand, are not of it. Value 1t loses
add in its stead a property distinct
from and superior to value is acquired.
Illustration Of demand is lost and un-
iversal,ty and consistency of demand is
gained; and losing the possibility of
excessive supply it acquires the i'm
possibility Of sufficient supply.
If it be allowed that l am RICH,
thus far, there can be no disputine
the proposition that the price of bull
ion, when gold and silver are freely
minted. j. the mintage price, and Car
be none other. If 37l.25 grains OF
pure silver, and 1922 grains of pure
gold are each made the bearer Of tho
unite of value, then the price in the
market of the respective quantities Of
metal will be the unit of value, M
more no less. In the market tn,
quantity Of n is the equivalent o
the quantity Of TIE other; II 81 grain
gold cannot equal 81 20 grains silver
There can be no such thing as ct
fifty cent dollar" under free coinage
One-half is o equal to the whole.
The conclusions so far reached ar,
evolved from an analysis Of bullioI
price under a fr~ee-coinage system
For further argument, let US suppos'
the free coinage of both gold and sill
YER, as prior to 1873; follow it will
demonstiza cation of either metal, ant
briefly examine the effect on the prize
Of the d%emonetized metal.
Recently an editor Of the leading
democratic paper Of New York city II
disputing the proposition that golt
and silver under a free-coinage system
are desirable chiefly to perform th'
function of money said: "The trutl
is that gold and silver perform th'
function of money solely because the!
are desirable as commodities. Three
quarters Of all the gold annually pro
duoed, aad a large amount of the sill
yer, are consumed for manufacturing
and artistic purposes, and their powe
to fulfill these purposes is what make
them valuable, not their use as money.
II his assertion respectiog tn