New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-04-21
INSPIRED BY THE president!
SECRETARY MORTON GIVES OUT A STATE
MENT ON THE SILVER QUESTION
1T IS BELIEVED THAT HE ACTED AS THE MOUTH
PIECE FOR THE PREsIDENT-THE COUNTRY,
HE SAYS. MUST SOONER OR LATER
DECLARE IN FAVOR OF THE GOLD
STANDARD-HIS DEFINITION
or SOUND MONEY.


or SOUND MONEY.
WASHINGTON April 2O.--Secretary Morton gave
out this afternoon a significant interview on the
silver question. Coming from Cabinet Minister
after tho Cabinet council Of yesterday. 1t Is re-
garded as expressing To a great extent the senti-
ments entertained by the President.
When asked II he thought anything would grow
out Of the proposed International Monetary Con-
ference. Mr.. Morton replied: Il do not believe
that an international congress can establish per-
manently commercial ratio between gold and
silver any more than 1t can establish permanent
commercial ratio between rye and wheat But II
an international conference can fix the price In
gold Of silver It can also fix the price Of wheat or
Of any other commodity and thereby avoid all the
possble shrinkages in values which tend to cause
pancs"
Has gold. used money, an intrinsic value
and is IT a permanent value"
Il think the word intrinsic ought not TO be
used. The value Of gold IS always relative To
illustrate: II sell you 900 bushels OF wheat to-
day for $50 the transaction has established for
the time being the wheat value of gold and the
gold value II wheat To-mOrrow's cables OF utter
failure II the wheat crop In Argentina. Russia
ami Europe entirely change the relation ~ gold TO
wheat and the .0Oo bushels of whea' purchased
at :; cents yesterday is worth 81 II bushei TO-
day But IN thu mean time. there has been no
change in the intrinsic value Of gold. notwith-
standing there has been n change in the relation
Of whea, t. gold"
"Nhat" asked the reporter. SHOULD be the pol
fey. then. Of this country. II nothing is to be
gained by a further discussion II this question
through the agency Of an international confer
ence?'
My own Judgment f." sad the Secretary
that we must sooner or late: declare mat the
United States ~ America recognizes gold as the
best and least nuctuating measure Of value and
medium of exchange which the commerce OF
civilization has thus far utilized
Would not such declaration made by either
of the great parties drive away the silver men
now in those partics?"
Yes" replied Mr. Morton. 1T is barely posi-
be that the financial fallacies ~ the Popuists
and other vagarists may temporarily secure n
majority of the voters of the United States.
Should such e. catastrophe overtake the country
the people must learn by experience what they
should have learned by dIligent study and rea-
son"
Il was suggested to the Secretary that the
,nort might again be made. as Il had been In
the past. - take a middle ground on the money
question so ne 20 offend a. lit;le as possible and
keep the great mass Of voters much In line
as poss.b.e MIR Morton denounced this as an
unwisc policy.
The dine for straid!crs has passed" he re-
Piled Those who are for sound currency on
a gold basis ought 10 have TIE courage 10 say 80
and abide by the results " their declaration. II
makes no difference 20 whether n declara
tion OF truth. either upon the tarin ''r tie
money question. temporarily drives vote" from
or allurcs them 10 uA -
when asked about the approaching Illinois
convention and what he thought OF the prnpos"i
work ~ that body Mr. Morton replied In gen
oral terms as follows. Il have no hesitation IN
declaring myself utterly opposed 10 all IN" Nee
coinage fallacies. all the ls-to-l lunacles. anu
all of the cheap money Illusions ana de.u'iohss -
which Populists and other vagariStS adNoca''.
Mr. Morton. further discussing the genera. SUD
ject. took the ground that silver had been re-
tired from It's place as sound money permanently
and f1r rcas )ns which 10 him were obvious MY
Judgment u.s." said he. that silver cannot be re-
stored 10 IT, former M pnctary place III thr COM
uercc - This orld. because the supply o. silver
has 0il'groWn the demand for silver IN IN" 'N-
changes & civilization The relation Of supply
t. demand is the sole regulator u value. TINS
axiom appli~s alike to salt. silver. sugar ara
SOAP All the legislation ~ all the lawmak!ng
bodies ON the face II the globe can neither mn
gate nor aunul the operation Il the ineNortb.e
law that "he relation of supply 10 demand -
the sole regulator of value.
Secretary Morton answers the question recently
ilIi bv Senator Stewart and others rs To- what
sound money is. "Th" Presidents critics. said
the Secretary. ask what is sound money Any
ordinary man II business may answer that ques-
Ton Sound money IS that sort Of currency
which has the most universal and least nuctu-
atng purchasing power In fhe markets OF al.
Countries That money IS the 'soundest for
which throughout the commerce OF the clVl-
..zed world there Is the most universal de-
nand. And that universal demand is Al
ways based upon the universal ana unilli'-
tu,,ing purchasing power Of that money. Tn"
present epidemic of the silver fever VIII. In due
lime abatc As the temperature or the lb-tp-l
na,ients declines mental alterations viii dis
appear and reason once more resume its sway.