Birmingham age-herald., 1895-04-21
TAKES NO MIDDLE GROUND,
The Word Intrinsic" He Takes Pains to Say,
 Ought Not to Be Used.
"TlME FOR sTRADDLERs HAS PASSED.
He Admits That 'It Is Barely Possible That the Financial Vagaries of the Popu- lists May Temporarily Secure
 Majority of the Votes.''

Washington, April 2O-Secretary Nor ton gave out this afternoon an inter view on the silver question. Coming from cabinet minister. after the cabinet council of yesterday, it is regarded as expressing to great extent the senu- ments entertained by the president.
 When asked if he thought anything would grow out of the proposed interna- tional monetary conference, MT. Nor ton replied T do not believe that an in- ternational congress can establish per manently a commercial ratio between gold and silver, any more than it can es- tablish a permanent commercial ratio between rye and wheat. But if an inter- national conference 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 possible shrinkages in values, which tend to cause panics"
 Has gold, used as money, an intrinsic value, and is it permanent value?
 I think the word intrinsic ought not to be used. The. value of gold is always relative. To illustrate: If I sell you 1000 bushels of wheat today for $570 the transaction has established for the time being the wheat value of gold and the gold value of wheat. Tomor- rows cables of utter failure of the wheat crop in Argentine, Russia and Europe entirely change the relation of gold to wheat, and the 1000 bushels of wheat purchased at 57 cents yesterday are worth s1.14 a bushel today. But in the meantime there has been no Intrinsic value of gold, notwithstanding 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 tI.s. t-.% l. -1.- cussion of this question through the agency of an international conference?"
 My own judgment is," said the sec retary, that we must sooner or later declare that the United States of Amer ica recognizes gold as the best and least fuctuating measure of value and me- dium of exchange which the commerce of civilization 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 MT. Morton; it is barely possible that the financial falla- cies of the populists and other vagarsts may temporarily secure a majority of the voters of the United States. Should such catastrophe overtake the coun- try the people must learn by experience what they should have learned by dili- gent study and reason"
 It was suggested to the secretary that the effort might be again 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 MT. Morton de- nounced this as an unwise policy.
 -"The time for straddlers has passed" he replied. Those who are for sound currency on a gold basis ought to have the courage to say so, and abide by the results-of their declaration. It makes no difference to me whether a declara- tion of truth, either upon the tariff or the money question, temporarily drives voters from or allures them to us.''
 When asked about the approaching Illinois convention and what he thought of the proposed work of that body MT Morton replied in general terms as fol- lows:
 ''I have no hesitation in declaring my self utterly opposed to all the free-coin- age fallaeies, all the cheap money illu- sions and delusions which populists and other vagarists advocate"
 MT. 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, to him, were obvious.
 My judgment is," said he, that silver cannot be restored to its former mone- tary place in the commerce of the world, because the supply of silver has out grown the demand for silver in the ex- change 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 legisla- tion of the law-making bodies on the face of the globe can neither mitigate nor an- null the operation of the nexorable law that the relation of supply to demand ia the sole regulator of value.'"
 Secretary Morton answers the question recently put by Senator Stewart and others 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 fiuctuating 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- rnand. And that universal demand is always based upon the universal and un- f1uctuating 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 1 patients de- clines, mental alterations will dsap- pear and reason once more resume it's sway"
 The Honest Money League" Formed.
 Chicago, April 20.-The Honest Money League of Illinois" was formed at meet <f ot4 at ha Dol, L0., tl,;e