Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1895-06-20

applied 10 30 many Oh OolnS' oJneI
statements; "Ihe boy led"
Admit, for argument, that the sta
tlstics quoted are mere estimates ar
rived at roughly; admit that Alison
was in politics a Tory. Exactness is
not claimed for estimates Of this kind,
ancient or modern, and If we are to
discredit Alison because he was a
Tory fit for Lord North's Cabinet,
the whole foundation for Editor
Horace Whites main argument for
the single gold-basis crumbles, with
Horace crushed. Editor Horace
Whites basal authority, false as we
conceive It, is the first Lord Liver
pool. Lord Liverpool was such a
Tory that he actually did sit in Lord
North's Cabinet-War Minister and
at the very time when the Colonies,
sfterward these United States, were
in rebellion against the Crown.
But Alison named the authority for
his estimates; and other authorities
for similar estimates are to be found,
as, for instance, the German econo-
mist, Jacob, whose figures for the
stock of gold and silver money IN the
Roman Empire at the death Of Au-
gustus Caesar, A. D, IA, Is f358,OOO,-
600, reduced (he estimates) to total
supply Of G33, 100000 in A. d. 500
81, 79O,OO0,0O0 reduced to $165.OOO,-
900.
But whether exact figures were
$500, 900, more or less, Is of little
moment compared with the fact which
"Coin" endangered to make clear,
viz, that during the period mentioned
there had been a great shrinkage in
the volume of money, and accompany
ing that great shrinkage decline IN
all that favors the welfare of man
kind. And in confirmation of the
truth of what "Coin" attempted to
portray, our readers are referred to
the distinguished author of the ex-
haustive article on Money" In the
Encyclopedia Britannica prof. Bas'
table,, who says:
The growth of the Roman domin-
ion 900 200 B. g. led to important
results, since under their rule the
Spanish mines were developed and
became leading source of supply.
The great masses of treasure SCI TO-
ward Rome, so that it became the
money center of the world. Il X
Without placing much value on this
necessarily conjectual estimate, 1t IS
safe to assume that this period (deotb
of AuguStltS, "A. d. ~ marked the
highest point at accumulation. The
succeeding centuries erhab1t a steady
decline. Il The dram of the
precious metals to the East began at
this time and was a subject Of COM
plant to the Roman writers, while
the stock of gold and silver being
thrown into more general circulation
suffered more from abrasion, and was
more likely to be lost than when stor-
ed up in royal treasure-houses and
temples. These causes tended to de-
press the scale of prices, which the
barbarian invasion produced strong
effort upon the supply by drawing off
the mining population and damaging
the various erectlons used for work
ing the mines. The conjectual esti-
mate is that in about 500 A, D. the
total supply had been reduced to
about G33,000,00O, or about one
eleventh of what it had been at the
death Of Augustus, Il The
conquest of Mexico in 1919 gave OPP
portunities of working the silver
mines of that country, while the first
mines of Chill and Peru were almost
simultaneously discovered, and in
1916 those of Dotosi were laid open
From this latter date (1j45) lCe mag
regard the American supply as an
Influential factor IN the matter ana
look upon the stock of money as IN.
creaSing 81 81 Adam Smith in
1910 as the date aUhen prices tCere af
fected in England. C'Wealth Of Ma
tions," p, S9).
Thus, "Coln's" attention is not IL
figures. His deduction of perils tc
the people in our existing monetary
system is we'll founded on the ex
perience of the pregnant past, Exact
ness is not characteristic of numeri
nnl astimatas Hanne. error in "Cnin's'