The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-04
A FRIENDLY OPEN LETTER.
ADDRESSED To THE SPEAKER or
THE GEORGIA LEGIsLATURE.

He Is Told That the Financial Policy
He Advocates VIII bring sorrow to
All Holders Of Life Insurance and
10 All Who Have Money in Savings
BankS-His Mistakes Pointed Out.
Savannah. Ga May 3-Afr W. H.
l Fleming: Dear Sir. My association with
YOU has been so pleasant that I take
the liberty 10 express the regret that
We are not agreed on the great currency
question. 1 am sure OF your thorough
sincerity. but there is a fellowship in
doctrine that makes us sad 10 lose from
our view one attractive TO US.
I have read your letter. as well as many
other discussions on this subject. and II
seems to me the fatal defect Of your side
is that you expect congress TO accom-
plish more than in the nature Of the case
is possible. That to do this you leave
the foundation principles of economics
and substitute theories that history has
disproved.
In the first place legislation cannot
make values. IL may affect values by en-
barrassing the natural movements OF
commodities, hut'value is fixed by natu-
raj laws beyond the control OF legisla>
tive enactments. The scientific basis OF
I
based on his desire and the difficulty OF
attainment. The easily obtainable less
desirable representing the lowest value
from that issuing to the universally OF
desire and difficulty of attainment. Value
may depend on either end-commodities
may lose their value by surplus supply
or the difficulty of attainment
may lift them. Ike the ira
reach of desire All trade is an exchange
between valuable commodities. For CON
Nenience the commodities that from in
4 terest excellence, indistructibnity, con
Nenienee OF portation, equality in the mat
ter OF supply, and other elements are most
generally desired become the means
through which all these exchanges are
made. n this way they become at length
20 De what are roughly, inaccurately, but
from the limitation of our finite natures,
called measures of values In this way
there IS an inevitable tendency to one
commonly as the ultimate measure of all
value. Now, this is a tendency in human
nature, II is the action of the nature of
things il can not be controlled by legis-
lation. II may be interferred with and
complicated by legislation in this. work
ing a hardship to the people. but IL op-
crates from natural law like the flow
ing OF water from the mountain spring.
This principle measures the value of leg
islatiOn as well as commodities. The
state says this article shall be money. In
few days this natural measure of value
or, II you please this generally desired
commodity, says how much of that paper
or copper, or other material the fancy
or legislators may decree is money. IL Will
take for itself and other commodities
adjust themselves to that valuation. The
world says | am willing to give 81 in gold
take g of your paper money as equal TO
this gold dollar. Therefore you must give
me g for my bushel of wheat. The same
measure of value is applied TO the curren-
cy as to the wheat and the impudent hui
man nature sets its estimate on the action
of your congress. This fact will not be
disputed. The price lists of from 1862 to
1873 prove it. The study of comparative
prices IN all our legislative, scientific or
commercial Investigations affirm it..
The foundation of values is in human
demand and supply. 1t Is liked not by the
law of a nation or of all nations, but by
the notions of human needs. In order to
discover this commodity and its relations
to our welfare we must ask what is the
most universally desired commodity. To
form a correct conclusion we must look
beyond our village, state, nation to the
world of culture, highest standard of liV
ing, largest intercourse. That commodity
that IS thus desired will form at last the
primary money, the ultimate measure of
value, the measure of all cur exchange
from products, lands and even currencies
itself. This is the law of the nature of the
subject we have in hand and as memorable
as the law of gravity. No action of the
American congress can change it. 1t did
not do It from 1862-1S79. France, with all
its wonderful domestic enconomy, could
not do it. Nothing but national disaster
can result from an effort to reverse this
law.
The worse thing I could wish you as a
politician would be success in your under
taking, because your success would be
shortlived, and an angry people would
hold you responsible for having misled
/ notice that you quote the stock in
trade statistics to prove an appreciation of