The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-04-21
GOLD MAKES THE BEST MONEY.
SECRETARY MORTON TALKS on
THE SILVER QUESTION,


An International Conference Not
Able TO Fix the Value of Gold and
siIver-BOth Liable 10 FIuctuate.
But Gold Less So Than SiIver-The
Secretary Opposed to COmpro-
mise-If the SiIverites Triumph IL
VIII only he Temporarily.
Washington, April 20-Secretary Morton
gave out this afternoon an interview on
the silver question. Coming from a cab
met minister after the cabinet council of
yesterday, it is regarded as expressing to
a great extent the sentiments entertained
by the President.
When asked If he thought anything
would grow out of the proposed interna-
tional monetary conference, Mr. Morton
replied: Il do not believe that an inter-
national congress can establish perma-
nently a commercial ratio between gold
and silver, any more than it can establish
permanent commercial ratio between rye
and wheat. But if an International con-
ference can fix the price in gold, or silver,
it can also fix the price of wheat or of
any other commodity and thereby avoid
all the possible shrinkages in values which
tend to cause panics."
HAS gold. used as money, an intrinsic
value, and is it a permanent value?"
Il think the word intrinsic ought not to
be used The value of gold is always rela-
tive. To illustrate: If 1 sell you thousand
bushels of wheat to-day for $50 the trans
action has established, for the time being,
the wheat value of gold and the gold value
of wheat. TO-morrow's cables of utter
failure of the wheat crop in Argentine,
Russia and Europe entirely change the
relation of gold to wheat and the thou
sand bushels of wheat purchased at 81
cents yesterday IS worth $1.14 a bushel
to-day. But in the meantime there has
been no intrinsic value of gold, notwith-
standing there has been a change in the
relation of wheat to gold"
What" asked the reporter, should be
the policy. then of this country If nothing
IS to be gained by a further discussion OF
this question through the agency Of an
International infiuence?"
My own Judgment is" said the secre-
tary, that we must sooner or later de-
clare that the United States of America
recognizes gold as the best and least fluc-
tuating measure of value and medium of
exchange which the commerce of ciVili-
cation has thus far utilized"
Would not such a declaration made
by either of the great parties drive away
the silver men now in those parties?"
Yes" replied Mr.. Morton, lit is barely
possible that the financial fallacies of
the popuHsts and other vagarists may
temporarily secure a majority of the vot-
ers of the United States Should such a
catastrophe overtake the country the
people must learn by experience what
they would have learned by diligent study
and reason"
1t was suggested to the secretary that
the effort might again be made as it had
been made in the past, to take a middle
ground on the money question so as TO
offend as little as possible and keep the
great mass of voters as much in line as
possible. Mr.. Morton denounced this as an
unwise policy.
replied. "Those who are for a. sound cur
rency on gold basis ought to have the
courage to say SO and abide by the results
of their declaration. 1t makes no differ
ence to me whether declaration Of
truth, either upon the tariff or the money
question, temporarily drives votes from
or allures them to us"
When asked about the approaching
Illinois convention and what he thought
of the proposed work of that body, Mr..
Morton REPLIED in general terms as fol-
lows: II have no hesitation in declaring
myself utterly opposed to all the free
coinage fallacies, all the 16 to l lunacies,
and all of the cheap money illusions and
delusions which .populists and other va
garists advocate"
Mr.. Morton, further discussing the gen.
eral subject, took the ground that silver
had been retired from its place as sound
money permanently and for reasons which
My Judgment is" said he, that silver
cannot be restored to its former none
tary place In the commerce OF Ine world,
because the supply of silver has outgrown
the demand for silver in the exchanges
of civilization. The relation of supply to
demand is the sole regulator of value.
This axiom applies alike to salt, silver,
sugar and soap. All the legislation of all
the law-making bodies on the face of
the globe can neither mitigate nor annul
the operations of the inexordbie law that
the relation of supply to demand is the
sole regulator of value
Secretary Morton answered tiIe question
recently put by Senator Stewart and 9TH
ers as to what sound money is The
Presidents critics." said the secretary,
'ask what is sound money? Any ordi-
nary man of business may answer that
question. Sound money is that sort of
currency which has the most universal
and least huctuating purchasing power
in the markets of all countries. That
money is the 'soundest' for which,
throughout the commerce of the civilized
world, there is the most universal de-
mand. And that universal demand is al
ways based upon the universal and un-
huctuating purchasing power of that
money. The present epidemic of the sill
yer fever will in due time abate. As the
temperature of the 16 to / patients de-
clines, mental alterations will disappear
and reason once more resume its sway"