New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-07-23
THE TRUE QUESTION ABOUT HONEY.


Joint debate is not always the best means Of
bringing out the truth. The disputant who has
the worst Of the case on its merits always has
many opportunities of fixing up fictitious issues
and wasting time over points on which he can
appeal to prejudice and ignorance, as Mr. Har-
yey is doing at Chicago. The main issue in the
monetary battle, as The Tribune sees It, Is not
whether some error was made in the past. or
some proper thing done in a mistaken way. but
whether after the lapse Of twenty-five years the
minis can be safely and with benefit opened to
the free coinage Of silver as they were before
1876 And the question Of questions is whether
the changes Of quarter Of a century in none
tary conditions and methods have made free
coinage useless, dangerous, unjust and wicked.
1t Is only just to Mr.. Edward Atkinson TO
quote note from him explaining that his views
have been misunderstood. and that he thinks
the quantity of money influences prices only In
very long periods. while as to any more speedy
effect Of change in quantity, his views are
those of The Tribune. II IS not. however. so
much question Of time. The Tribune thinks. ms
Of conditions and methods. II the changes of the
last twenty-five years had been spread over
several centuries. or by some miracle had been
compressed within a single year. they would still
settle the question of free coinage and the guam
titatve theory Of money as completely as they
do now
No one will doubt that the world has gained
intellectually by the revolution in monetary meth
DDS which has come to pass In quarter OF
century The Clearing House makes 1t easier
and infinitely safer 10 complete settlements OF
500 900 with $10O00,0OO in money than II
was quarter Of a century ago TO complete those
settlements with Sl00.OO0.OO0 in money The
telegraph, extending everywhere and placing the
money Of the whole world at any point where 1t
Is needed; the rapid communication by railroads
and steamships; the multiplication Of banks and
depostors and the general use OF checks the
tremendous fall in the cost Of producing the
precious metals. and especially silver. have com
pletely changed the world as respects the needs
for money, the quantity required for safety in
transactions of an equal amount the possibility
of using two kinds Of coin concurrently without
loss, and the peril Of using any money that does
not measure exactly as the money Of the CONNER
ca world measures values.
These changes here only family outlined, have
simply annhated the theory that any given
quantity Of money Is necessary 10 support In
safety credits and transactions Of n certain
amount. There has been substituted the master
fact that commerce makes all the currency that
can possibly be needed at any time, provided
the conditions TO give 1t perfect soundness are
strictly maintained 1t Is no longer question
whether there is coin or paper enough In any
country or at any given point but only whether
It maintains its money with such integrity that
It's purchasing power is everywhere accepted as
equal to that Of the best money in the CONNER
cial world. If it does, all the money 1t can pos
sibly want will be created, or ships will be load
ed with the gold Of the whole world to buy It's
products If rightly valued in the worlds money.