The Kosciusko star. (Kosciusko, Miss.) 18??-1898, 1895-06-07


or getting dear money and pawn,
back cheap money. But in prac
tlce 1t will somehow work out tina
ne will get chep money and pa,
back dear money. SO that in
stead of compensation" the
two metals will be turned into ar
upper and neither mill stone.
IT there be anything about
money systems to be managed,
the danger is that the cunning
lew, or the turbulent mob, not the
sober masses, will do the manag-
ing. And that is why the old
democratic party in the days of its
usefulness and its glory, resisted
every torn of fat money, either in
whole or in part, and stood for
money whose volume and value
should be determined by the
chance of events, and not bv the
designs of plant law makers. The
essence, then, of this alternating
theory is, that given two legal
tender moneys, if one becomes
more valuable than the other
debtors will reject the dear and
use the cheap money, and thus the
increase in demand for the other
will soon re-establish their equali-
ty in value. But in practice il
has been found that the dearer
metal will promptly put on its hat
and take French leave Of the mint,
and country where it has been I'M /
dervalued, and seek the minis of
that country where its value is re- |
cognized. Now these theorists
admit this patent fact, but seek to
avoid it by having all the world
declare the same arbitrary ratio
with full legal tender for the two
metals and thus deprive the dear
n metal of any mint or country to
AXE refuge in.
And this brings us to consider
International monetary confer
noes; subject which | confess |
with something akin to
we. | am not going to say posi-
lively what such a conference can
II cannot do, for | do not know
But | do know this, that when we
ay that the price Of a bale of cot
on IS fifty dollars, we mean that
is fifty times as valuable as that
tile piece Of gold we have named
dollar. Or in other words we
lean that the ratio Of value of this
fifty to one. And when we say :
ne ratio Of gold to silver is SIX !
zen to one, we mean that gold |
sixteen times as valuable as
liver. So that if conference 7 7
an arbitrarily fix a ratio between /
liver and gold and make it stick 7
IS Just as competent for it to /
fix a ratio between cot Z
IN and make it stick, too. And !
seems to me that it would be .
etter for us to get them to fix the T
tito OF value between a bale of D
,tton and a gold dollar at fftv to :
he and thus We will reap a genu- I
e harvest by getting the price
our cotton doubled without in =
easing the price of anything clse.s 7
Now don't understand me to j
'ubt that congress and confer
ces can affect the ratio OF values.
nfortunately they can. But So
n demand and supply, Jas
ould's digestion, the wind anG
.ather in Texas, the strike il
massachusetts,, tie greed Of a cor
error, the whins CT fashion.
Sc all can effect ratios OF prices,
t not all Of them together can ad
My fix such ratios. 4 confer 20
ce having control Of the ele- 50
mt demand might affect the e..
10 Of value of silver to gold BY oses
reasing the demand, but so y.
e as the hundred other e. s.,
nts remain uncertain, so long IS
it cannot control the prefer ::;.
,es of of men, | do not be- ::::G
le that it can fix ratio that ::o
stick. s.
But assume thata conference has ::::Sii
I'd an arbitrary ratio with full 81
al tender for both metals ~
oughou; the world. Now bust 80
s may he broadly divided for :,
venitlrcr into two kinds. cash II
! credit. Legal tender acts can. !
and do not pretend to control .