The state herald., 1895-05-31


right to demand more than the pound.
Whether silver is cheaper because OF
increased production In America or be-
cause Of the smaller use In Europe can
not effect the equity of the case. When
gold and silver were made money the
debtor had the right to get them any
where on the earth as cheaply as he
Could.
When It Is Gontended that the in
crease Of silver makes money cheaper,
It must be admitted that destroying
silver and leaving gold to do the work
makes money dearer.
It Is deliberately contended that gold
alone should pay debts. and yet It Is
nowhere proposed that the debts should
be discounted to make up for the In
creased value of gold.
The talk Of international agree
ment" is only a dclusion and q snare.
To urge that an international agrce-
m6nt should be had Is to concede the
whole case. ana admit that the bimet-
allist is right. This controversy is be-
tween the use of gold alone and the use
equally of gold and silver, and neither
internationaIism nor ratio has any
bearing ON tho case,
IL both gold and silver should be
money, can 1t be better obtained by
waiting for England or by acting in
denendentlv md trustinp other nations
IN follow In our lend? but aside from
this the wh0td talk of international
agreement has no bearing an the case.
There never was and never can be any
International money. No country has
the power to fix the value Of money out
side Of its Jurisdiction. when Ameri-
can money goes to ENGLAND or English
money comes here Il 10 taken by weight
M bullion. and I'm no other way. 1t Is
taken like cloth, or wheat, or corn
as bartsr Uira and simple. All inter
national trade Is barter, II an Amerl-
can merchant desires to buy 1 900 yards
OF CLOTH Il ia true that the English mer-
chant may demand gold or silver as he
will. Not only this. but he may de-
mand as many ounces or pounds of
either one as he desires II is not true
that he will take only gold. lie will
take silver. iron. cotton. wheat, or any
other commodity or product. He may
not take any of these at the value
which we fix. but unless the American
merchant can afford to give him any
commodity he desires upon the terms
he asks he will not make the trade.
II the American merchant can profit
Inv giving the gold silver or other som-
modi,v demanded he will, make the
trode and ought to make the trade.
II tho American sends his wheat TO
Eurone he will not take silver unless the
silver IA worth more tban the wheat.
n silver becomes rilenty prices will rise.
,mt This is the only effect. and this Is
certainly TN reason why both gold and
silver sbould not Continue TO be the
nancy Of The land. Silver is a ralu-
able commoditv used In every country
Of the world. and one of the chief prod
nets NJ tho limited States There is no
more danger that America can have too
,n,rb silver than that she can have too
much gold or too much iron.
The question NJ ratio Inns nd,bing TO
do with the controversy. So long NJ
money c,-ru,a,.s because of its com
moditv yaIue nil kinds Of money should
be of about the same value. Gold and
silver have remained OF nearly the same
relative value for nearly 100 years. II
Is possible that over long periods OF
time II Ia desirable that the ratio
should be changed. The exae, ratio AT
which two articles will exchange is n
question not OF theory. but OF practice.
To enlarge the Use Of silver would nee
essarily increase Its vaitic. " would
likewise necessarily decrease the value
OF COLA. as both commodities would
then be used to perform the new worl
now done by gold alone.
Up to 1878 silver and gold were
coined on ratio OF 10 to I: they should
be restored TO that basis. II II Ia then
found by experiment that Tho ra.lo IL
not the proper one. MS governed by the
laws OF trade. the ratio should be
changed for convenience until they
float together. but In making the
change neither the debtor nor the cred
itor should be asked to bear all the loss.
The silver dollar should be made larger
and the gold dollar proportionately
smaller until they circulate together.
II is, however, not necessary TINT
they should be of equal value. Sun.
nose the cbeaper money does drive on,
The doarer-what Of III No, doIi,r's
worth OF gold will leave America with
out full equivalent In something.
This Is the law OF trade. II IL should
all 20 TO Europe we would get anne.
thing worth more 10 us than the geld
we sent away. and with tbIs acme.
thing and the productions OF tho eo,n-
try we can buy Il back II IL musl he
had. II silver should be cheaper pron.
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