The state herald., 1895-06-21
FREE SILVER WANTED
NEBRASKA BANKER SEES SAL,
VATIoN's LIGHT.
r. g. Horr's Defense of tho single Gold
Standard Puncturcd by Man Who
Knows what's Right from Ex-
pcrlence.


Recently my attention was attracted
to letter from Mr.. Edwin G. Phipps
Of Bartlett. Oils, addressed to the edi-
tor of the New York Tribdrc.an given
space in the weekly edition Of that
paper.
Mr.. Phipps asked to have explained
some things abeut finance. why is
gold dollar worth more than a silver
dollar?" he asked. meaning, hi the light
OF what went before. Why is the bul-
lion worth Of gold dollar worth more
than the bullion worth Of n silver dol
er?
The reply to the letter was over the
signature Of Il. G. Horr, and occupied
, as much as three columns of the pa
per.
This Mr.. Horr was one time con-
gresham from Michigan and after
ward hired to the Tribune us an au-
thority on the tariff question. In sup
plying the Republicans of the rural
districts stock arguments for high tariff
MIR. Horr met with some measure OF
success. The few profiting directly
dying the period Of high protection
lAE been materially grateful to Mr..
horr, we may suppose, for the influence
he exerted in maintaining the system.
But now the displacement Of the tariff
question by the finance Issue seriously
threatens the place of Mr.. Horr as m
adviser OF hayseed ignorance.
Many who piped to his piping while
the tariff was the issue Of isstes are
now mute or protestant over his Oracu-
Ter utterances respecting finance. They
see. or think they do, which Is of the
same effect upon Mr.. Horr's reputation
among them. that he is powerless to
grasp the underlying truths OF finance;
and many are panied at seeing him on
this issue distort himself to cxude mat
ter poisonous to their interests, as they
believe.
wonder did the conclusions aimed
at by Mr.. Horr In answering Mr.. Phipps
seem the same to others as to me? Did
he purpose to instruct Mr.. Phipps and
other readers that the bullion price Of
gold under frce-coinage system would
fuctuate as fiuctuates the price Of COM
mOdities-goods which allay the natur-
al periodic wants OF man-that gold
and silver bullion, when gold and sill
yer have free entrance to the minis for
coinage into legal tender money. are
obedient to the law Of supply and de-
mand; in other words, that parity can
be attained and maintained only 20 long
as the consumable supply OF silver was
to the supply Of gold. and the demand
FOR the one as to the demand for the
one rs to the demand for the other.
Is and continues rs the monetary ratio ?
Moreover, would he have us believe that
cost OF production affected. and with
supply and demand established, the bull
lion price Of gold and silver under a
free coinage system?
extract some passages from Mr..
Horrs reply:
"The people who believe In maintain
ing gold standard assert tina, the
present low price OF SILVER is iarssi!
owing to the enormous increase IN pro-
/, elton, when mas thus largely IN
~ the supply. ana also TO inc
n'0e shcaper methods Of mining and
Thing, hg silver. which have resulted in
OF vince OF SILVER representing 30 hhhs"
fess human iapor thah II diu IN FORMER
years. wheh us Vaiue was 80 fh"ch
greater MS compared win goiu lnah "
the present ,'me' nave not 'he ,eas'
ioubt that the present low price OF Si''
5eT Is mueh OWING 10 thc cnuses J"h'
stated.
Wheh the amount Oh pure so'o W."
fixed OF which our present goa aoiia'
sheh'd consist 'hh' amount "i Ro'" Waf
then worth almost caritiy 'he same AZ
the amount OF pure SILVER whieh con
s'i,uted then and which now Is con
tnined In each sc-cniied SILVER dollar IN
this country. The Intention OF the law
at that time was to make gold dollars
and silver dollars OF eSac,iy ,he same
Intrinsic value. because double stand
ard is Impossible unless the value OF
the two units is the same.
The laws OF ms country require
our financial nhairs 10 De managed SC
ms to keep our SILVER anu so'u NJ eq"''
cSehangeeble value, without regard to
their actual or Intrinsic value Tha'
is wha, Is meant by parity OF value
This can only be done by the govern
me.t paying nil obiiga,ions IN gold
These passages are fniriy Illustrative
OF the arguments promulgated IN sup
port OF the single gold standard ana
doubtless. the correctness oil ihe con,
cluslons ! have drawn from 'hem VIII
be freely admitted
Mr. Horr Is worthy OF commentator
In that, In handling the Issue he makes
use Of argument, such as " Is, rather
,hrn denuncintion. Therein he cls'