The Yale expositor., 1895-07-19

yer, except for the aTts-and its pres
ent use as token money does not alter
the general principle involved in that
creation of new money and property
conditions, by law which abrogated
the natural law of labor cost both for
money and property. The testimony of
Lewis Wolowski whoever he may bel
before the French money commission
of inquiry OF 1S65-which he quotes
only intensifies the justice of the cor
relation of all values through (by his
formula) "a measure of values which
shall be stable during the periods which
embrace the transactions of men. !"
That is, which shall not give gold an
advance and property a decline-as
legislation has done-if he means to be
squarely honest in his formula.
Mr.. Eckels brings out another "old
chestnut" "overproduction of silver"
Why not talk of the overproduction of
population and property? These must
go on increasing or the law of prog
ress will be reversed.
Should not legal money increase rel
be allowed to do so in the last twenty
years, the same as before, to be just to
other values created by labor?
This question cannot be honestly
solved by the continued rise Of gold
only, which must be revealed by look
at the future through an honest hind
sight" telescope, such as Mr.. Eckels has
given us in his Mulhall quotation Of
American progress.
Again, Mr.. Eckels should remember
as the answer to his final statement
that I'VE as debtors cannot dictate TO
/ England'-that honest bimetallists are
/ only asking of our congress what Eng
lands business interests are now ask
ing of her parliament, and that the
Bank OF England directors are now
heading the list OF a 100000 campaign
fund to put practical blmetallists at the
head of her government in the next
election in order to give to the world
international bimetallism.
l therefore again quote his statement:
Let us deal with all facts as they are"
To make money facts and property
facts what they should be and not con-
tinue a worldwide wrong because ig-
nOrance or fraud or a combination OF
both have made these present facts
what they should not be. Thus present
facts are now commanding the prac-
teal attention of industrial and money
interests here and abroad in warm
canvass for votes to be given for or
J against their continuance.
Ex-Congressman Cheadle's vigorous
argument in the Record that the United
| States alone can restore the CONNER
cial value of silver by free coinage at
I 16 TO l for the reason that all other
/ countries before decentralization kept
! its value stable by its free coinage Is
/ tantamount TO saying that a fraction
| is equal to the whole in financial arith-
metic. 1t is only two and two that
, makes four here and elsewhere in sill
! yer legislation. One leg is not equal to
/ two in the law of locomotion. 1t only
! remains for him and Comptroller
Eckels to join the genuine information
! al bimetallic party to make their hg-
ures of speech square with the geom-
etry and arithmetic Of scientific none
/ tary figures. They will be welcome to
this cosmopolitan party of progress and
reform.
That party only can win. II either
gold or silver alone wins they will lose,
while II international bimetallism wins
we all win and we will all be happy
when what was money for centuries
and IS money with us again will be
, money everywhere-ounce for ounce
and pound for pound. Then the abnor-
NAL production of either metal, as an
annual addition to the existing volume,
, will scare no one, and whoever raises
such a ghost hereafter, with such his
: tory as the last twenty years have
made. will be considered only as an
other argumentative thief trying to
spoil our "hindsight" after, instead OF
before, such an experience.
1t will be easily seen that the able
argument of Mr.. Calvert in the Record,
and. in fact, of all the writer's on that
! side of the money discussion, are in
! tended to convince voters that more
/ legal money is not needed-that legis-
! lation cannot create a demand for sill
yer that will restore the lost relations
! of gold and silver to all other property
as a measure of it, and " it did that IL
/ would be reputation of debts. hence
! gold must continue as the arbiter of all
other values. Notwithstanding its pro-
duction is limited. while that of prop
erty is limitless, and that cost of pro-
! duction for both has been and will be
| constantly reduced. 1t is also easily
! seen that with such conditions con-
tinued the rise in gold and the decline
in property that must only be meas
ured by it, in their code of financial
morals, will also continue until the
| ability to corner all property with a
corner in gold will only be measured
by the disposition of human avarice to
do It.
Shall we increase such power over
us all for the benefit of few, or shall
1 we compel all values in the future to be
governed IN their exchangeability rel
atively to the changed conditions of