The Globe-republican. [volume] (Dodge City, Kan.) 1889-1910, 1895-05-10
DATES IT WAY BACK.
MORTON PUTS DEMONSTRATION
IN 'FiFTY-THREE.
Quotes History and Pulls he Dictionary on
HHtm--He Exhaust the Subject to His Own
Satisfaction at I.east--Usues ME-. Eckles
~ . Clincher.

satisfaction at Least--Usues Mr.. Eckle
~ Clincher.
Washington. May 7.-Secretary Nor.
ton has written a letter to James A
Cherry Of Denver, in reply to a lette,
from that gentleman criticizing some
statement in an interview with the sec
rotary of agriculture, printed couple
OF weeks ago, which caused so much
comment. 1t is as follows:
From your letter of April 90, 1895
appears that you and I perfectly
Agree in the fundamental point, name
~ that demand and supply inexora bly,
regulate all values whatsoever at all
times. and in all places At what
points do we begin to separate from
sach other and then go on to conclu-
sions so utterly diverse? These points
are only two-the first historical and
the second, logical.
First. you assume certain PROPOSE
lions to be true to silver, which are not
historically true at all, but quite the
reverse of true. You say, for instance.
until 1873 the chief use Of silver was
Tor coinage. II had other demand but
the demand for coinage was steady and
constant
''On this point you have been mon
strously misinformed The first feder-
n coins of silver were minted in 1874
ana or gold in 1885, Their ratio was
recommended by Alexander Hamilton
and fixed by act Of congress 1t was Is
20 L. IT was hoped thus to keep the
Two metals in epu.librio on the en- mace.
But hey would not even come INTO
equilibriO on that ratio, still less would
they stay there.
WORTH MORE OUT THAN IN.
only 321 silver dollar pieces were
coined at the American mint in the en-
tire Year of 1905, because the silver was
worth more out of the coinage than in
IL and worth more for export than for
s aome s;. money; What was the mat
ter with those silver dollars? Nothing.
only they were too valuable May. 1906.
mere came an order from President
JenersOn to the director of the mint
at Philadelphia that "all the silva:. to
be coined at the mint shall be of small
denominations SO the value of the
largest pieces shall not exceed half a
dollar "
The reason given by the president
Tor this order was that considerable
purchases have been made Of dollars
coined at the mint for the purpose of
exporting them and it is proba bic that
be made wiz
The coinage of silver dollars thus
authoritatively suspended at the Amer
ican mint was not resumed there for
thirty years. In these few facts. which
are official and unquestionable. behold
the advantage of double standard.
me unlimited coinage Of both metals.
IN an enacted and constant ratio With
each other is the use of yard sticks of
inherent lengths to measure cloth by
In the same market"
PUT AT SIXTEEN TO ONE.
by the law Of 1884 the ratio was SUBJ
stantially put at l to L. But this was
going too far in the opposite direction
ioid was not worth is in silver in the
markets OF Europe. Consequently the
International current Of the metals was
now for time reversed, silver passing
IN preference abroad to liauidate the
balance of trade and gold coming in
small quantities to the United States
Where 1t was more than 3 per cent
bearer in silver than in Europe. BY
1898 the immense disadvantages of a
double standard had become so plain
TO all thinking people that congress
wisely determined to abandon the ut
.eriy futile attempt to secure the parity
or the two metals and to make gold the
legal tender for debts. except for sums
IF IS and under
I'm the seemed place. Mr.. Cherry. as
ton contrary to facts and natural in
Ference. allow me respectfully to call
your attention to the use in common
with many of the bimetallists. so-called
pr the date 1873 as the time of the de-
monetiZation of silver. Unless 1 am
mistaken. the silver dollar is not mem
TONED at ALL one way or the other in
the act Of 1873
DICTIONARY ARGUMENT.
Il answer confidently. because there
Is no adequate demand for them. Have
You not fnnocently but badly mixed
up cause and effect in this case?
Demand. in the commercial sense. Is |
nothing but desire for something on the |
part Of one man coupled with his will |
ingness to pay something for it, salts |
factory to the other who owns.
Use Of that thing. no latter what |
1t is. only follows the demand for it.
You have helplessly put the cart before |
horse. What Is the sense Of clamoring |
still for unlimited coinage when the |
treasury cannot get rid by hook or
crook Of these already coined and laying
useless heaps? They are well minted.
OF just weight. nine-tenths fine. are
legal tender for all debts and bear the
legend In God We Trust
What ails them? 1 answer, and so
must you. on reflection. that there is no
demand for them. and therefore, no
do for them?
Mr.. Eckles. the present comptroller
or the currency, has made it probable
by careful inquiry instituted through
his department, that about so per cent
or the retail houses Of this country are
doing business by means of checks
drawn on local banks and cleared by
the banks with very little use Of
coins. The relative employment of these
instruments Of credit is constantly in
creased through the multiplication of
banks and otherwise, of course also the
quantity OF coin money required to do
the business Of the world or Of any ad-
vanced country in the world. is steadily |
ecreasing relative to the business
done"
PEACHED ON THE GANG.