The times. [volume] (Richmond, Va.) 1890-1903, 1895-04-21
SEC'Y MORTON ON SILVER.
He SAYS the White Metal Can No Longer
be Used as Sound Money.
"IINE FOR STRALDLERS HAS PASSED"
..Those Who are for Sound Currency on a
Gold Basis Ought to Have the Courage
n Saw so"-Wbat Sound Money Is.

WASHINGTON. April 2o.-Seoretary
..forion gave out this afterro'n n an III
terylow on the silver question. 'omins
Z, am = Cabinet Minister. after the CAB
met council OF yesterday. II ~ tssaIucu
as expressing to a great extent the SEN
tirnonts entertained by the President
When asked IL he thought anything wohid
grow out of the proposed international
monetary conference. Mr.. Morton fepiied.
81 do not believe that an lnterna tional
Congress can establish permanently
commercial ratio between gold and sill
vr any more than it can csiaDl'sh
permanent commercial ratio between rice
and wheat Before an international con-
ference can fix the price in gold and sill
yer it can also fix the price of wheat
or Of any other commodity. ald thereby
avoid all the possible shrinkage5 In yalurs
which tend TO cause panics."
Has gold, used as money, an intrinsic
value, and is II a permanent value?
As TO THE .'INTRINsIc'' VALUE.
Il think the word Intrinsic ought not
to be used. The value Of gold is always
relative. 70 illustrate.
III j sell YOU a thousand bushels Of
wheat to-day for Nj10, the transaction has
established, for the time being; the wheat
value of gold ana the gold value Of wheat
To-morrow's cables OF the utter failure
OF the wheat crcp in Argentina, Russia,
and Europe entirely change the relation
Of gold 10 wheat. and fho thousand bush
els Of wheat purchased at 81 cents yes
terday is worth $l14 a bushel to-day.
Thus. in the meantime, there has been no
intrinsic value Of gold notwithstanding
there has been a change in The relation
OF wheat 20 gold"
what" asked the reporter. should be
the policy. inen, of this country. if moth
ing is TO be GaiIed BY further discus
sion Of this question thrOvgh the agency
Of am international conference ?'
My own judgement is. said the Sec
retary that we must sooner or later
declare that the United States recognizes
gold as the best and least fuctuatine
measure of value and medium OF ex-
change which the commerce of civiliza-
ton has thus far utilized
Would not such a declaration made
| by either OF the great parties drive away
| the silver mon now in those parues2'
IS, replied Mt Morton. III is barely
| possible that the financial fallacios OF
| the Populists aud other vagarists may
| temporarily secure a majority OF th'
voters Of the Unhed States Should suci
catastrophe Overtake the country. th'
l
| they should have learned by diligeni
study and reason"
NOT THE Tiafa FoR 'srEADDLEHs.'
1t was suggested to the Secretary
| that me effort might again be made az
! Il had been made in the past, TO taxi
"A middle ground on she money question
| so as to offend as little as possible an,
/ keep the great mass of voters in linz
as much as possible. Mr.. Morton de
| noHnced this as unsouud policy.
THE time for stradQlers has passed,
! he replied. "Those who are for SCUM
| currency on a gold basis ought TO have
the courage TO say so and abide by th
! results of their declaration IT makes ~
| difference 10 me whether declaration
! Of truth, either upon the tariff Or th
money question, tmporarily driyessyote
from OF allures them to us"
When asked about the approaching iii
ncis convention. and what hc thought o
! the proposed work of that body. Nh
Morton replied in general terms as fol
| lows
Il have no hesitation i'm declaring my
| self utterly opposed 10 all the free coin
age fallacies at the rs TO 1 lunacies an
| all Of the cheap money Illusions ant
delusions, which Populsts and other Va
garists -dvocatc.'
SILVER HAS LOST IT'S OLD PLACE.
Mr. Morton, further discussing The gel
! crai subject took the ground that siIv,
had been retired from its place as sOun
| money, permanently and Tor reason
| which, TO him. were obvious. my jud.
ment is" said he that silver cannot /
| restored TO it's former monetary pla,
IN the commerce of the world. becau.
the supply of silver has outgrown IL
demand for silver in the exchanges
civilization. The relation of supply
demand is the sole rcglator OF velu'
This axiom applies alike TO salt. silve
sugar, and soap. All the legislation
ali the law-making bodies on the fa'
Of the globe can neither mitigate nor al
nul the operation of the ineXorable Ia
that the relation OF supply 20 demand
the sole regulator OF value
WHAT SOUND MONEY Is.
| Secretary Morton answered the que
tion recently put by Senator Stewart an
others as TO what sound money is.
"Yhe Presidents critics" said the Sc
retary. ASK what is sound money? Al
ordinary man OF business may answ
that question. Sound money is that so
of currency which has the most uniye
sal and least auctuaung purchasing pO'
or in the markets Of all countries. tn
money IL the "soundest' for Whic
| throughout the commerce Of thc ciViliz
world. there is the most universal
mand And that universal demand
aiwaye based upon the universal al
auctuating purchasing power Of IN
money. The present epidemic or u
silver fever will in due time abate. 4
the temperature of the l6-to-l patien
declines. mental alterations Will disa
pear. and reason once more resume