New-York tribune., 1895-02-11

| than any other substances yet discovered.
have Insisted that they came to be used as
money for precisely similar reasons as those
| why wheat came to be used for making bread
| Is not the proposition plain one!
stated that gold and silver were used as
money long before there were any legal enact
ments upon the subject. When Abraham made
his purchase OF piece OF land he paid the price
in money current among the merchants. not IN
money that had been made legal tender by the
laws Of any nation on the face OF the ear'h. "oiu
| and silver were used as money ages before there
had been any legislation upon the subject. Are
these statements true? IL they are, then there
was a time when the value OF these two metals
did not in the least depend upon legislation. ina,
must have been the case because there had been
no laws upon the subject. Mr.. Benson tells us
that he believes in fiat money only what Will
! he say as 10 the money OF those early uays'
| There then FIAT" upon the SUBJECT ana
yet no one denies that the people used money at
that time
What. then. did fix the value OF gold and silver
among the people OF the world during so many
centuries? Most certainly their utility for money,
the cost Of production. the supply and the de-
mand T.elr vaue was fixed In accordance with the
sam. laws az those which have fixed the value OF
every product OF human effort. The labor re-
ouired TO produce them regulated the supply. The
eagerness with which they were sought created
the demand And the two together. with the util-
ity of the metals fixed the price.
II am not correct. will some one tell me what
did IN the beginning. fix the value OF these two
metals? Why has gold always been worth more
per ounce than silver? Why was not silver. In
tAc start. worth az much as or more than goia!
Remember We are talking about the time ages
beforr any "godbugs' had secured Legislation
deba Sng silver" The laws had not as yet either
monetized or demonetized either metal. VIII
,ome modern believer in the power OF Govern
menis in fix the value o. these metals tell me
what did fix their value before these wonderful
powers Of legislation had been discovered?
No one viii deny that each metal had money
value In those days No one will deny that both
metals were used money before any laws mad
been enacted on the subject. No one will deny
that the ratio between the TWO metals mas
changed from time to time. No one will deny
that both the metals huctuated In value during
the early ages according as new mines were dis
covered anl tho quantity increased.
Why Is f. that among he hundreds OF letters
that are written 10 me By the advocates OF free
coinage" and by ,he believers In FIAT money no
one ~ them has ever yet given any explanation
OF the ca rly use OF gold and silver among the peo-
p,e u he world? have been reciting for a long
time the experience OF the world upon this ques-
ton as II has come down TO US through the MS
tory OF the past. Is it possible that sucn expe-
rence teaches nothing to the people OF the pres
en-, day?
Let me repeat for the hundredth time Gold
has come to be the measure OF value IN the
civilized world and used as money every
where on the face Of the earth. BECAuSh lis
VALUE FLUCTUATES LESS than the vaiue OF
any other substance Known to the human race
and because I, possesses all the other qualities
which make II well adapted to use as money.
II is not a fixed and unchsngeable measure OF
value hut il is subject TO .ess nuctuaton thah
any other substance Can Mr Benson under
stanL tha, statement. aud does he deny us
truth lie cannot fail TO see that 1t Is not me
cintement which he sad had made which puZ-
zl.d him The statement which bothered him
was on. Cd, his own getting up and his failure 10
compreh.nd II IL simply reflection upon h'm-
s.r Refore he can saddle the difficulty upon me
he must b. puzzled over some statement which
do actually make
TIE TEST BY FIRE.
nou come to Mr Renson's next point He
save. Gold is money because fre VIII not burn
n paper #, not money because fire will burn
g. says Mr. Horn.
There his malady breaks out again. When
and where did | ever make such statement az
that? He cannot furnish such sentence from
any article ever written by me. More thah tha''
he cannot furnish sentence wh'ch Van o'
tortured into such meaning. have never '""-
mated that a thing which can be burned cannot
be used as money. | nave said that one OF .he
qualities which makes gold and silver desirable
40 ,ro,ev subs,ances is 10 be- found In the fact
,h,, ,bsv mr.. Indestruct.ble by the accidents OF
A.. stIck to that now. have also said that
,hs Nancy ~ ultima redemption should be
made OF some such substance. some suos''"'.
which nossesses inherently actual value. which
l. the result OF human toll. and which repre-
sents ir It's very existence an amount OF hu'na"
labor also stated that II IL very ues''"oe
,n,t such substance should be OF a value which
will not be changed by its shape or the ihscr'p-
lions stamped upon its surface. and tnat us
value should be proof against destruction py h'e,
I have often said that PAPER MONEY Is, OF
NECESSITY A PROMISE TO PAY certain
amount Of some substance and that II IL much
better that the substance referred to VIII not 'ose
us valus when subjected to the flames repeat
those statements But they are not the state
ments which Mr. Benson attributes TO me- no'
have they any resemblance To them.
Listen to his argument. "Mr. Horrs dwe'i'hs
"a made OF gold Fire will not burn IT, Ihere-
fore Il is a house My dwelling is mace OF
wood Fire will burn It. Therefore 1t Is not a
house. VIII you tel wherein my reasoning Is
any more at fault than Mr.. Horrs! Cer'a'h'y
| will with pleasure. First. MIR. Horr never
made any such silly statement as you say ne
did lie, me state your house example 80 '"a'
It will correspond with what Mr. Horr ola say
Here IL Is: - -,
"Mr. Horr's dwelling is made OF gold Fire VIII
no, hurn gold Therefore Mr.. Horr's dwelupg Is
q