The Red Cloud chief., 1895-05-17
S|LVER'S FIXED VALUE !
VIEWS OF A NEBRASkAN.
why Free Coinage Would Kendcrs the
Tive Precious Metals steady IN
Their Relations 60 Each
other at the Govern
mentss Ratio.
(Chicago Record, May ~

recently my attention was attracted
to a letter from MIR. Edwin G.. Phipps
Of Bartlett, o., addressed to the ed,.
tor Of tho New York Tribune and
given space in the weekly edition Of
that paper.
Mr.. Phipps asked to have explained
some thing about finance. "Why is a
gold dollar worth more than a silver
dollar3" he asked, meaning, in the
light Of what went before, Why is the
bullion worth Of a gold dollar more
than the bullion worth Of a silver dol.
lar7
The reply to the letter was over the
signature of X. G.. Horr and occupied
as much as three columns Of the pa.
per.
This Mr.. Horr was one time a con.
gresham from Michigan and after.
ward hired to the Tribune as an Az.
thority on the tariff question. In
supply ing republicans Of the rural
districts with stock arguments for high
tariff mr.. Horr met with some meas.
urc of success. The few proftiog d.
rectly during the period of high pro-
lection have been materially grateful to
Mr.. Horr. we may suppose, for the
influence he exerted to maintain the
system. But now, the displacement,
of the tariff question by the finance
issue seriously threatens the place of
Mr., Horn as advisor of hayseed igno.
rance.
Many who piped to his piping while
the tariff was the issue of issues are
now mute or protestant over his
oracular utterances% respecting finances.
They see, or think they do, which is
of the same effect upon Mr. Horr's
reputation among them, that he l.
powcrless to grasp the underlying
truths Of finance; and many are panied
at seeing him on this issue dis,ort
himself to exude matter poisonous to
their interests. as they believe.
A SINGLE GoLD STANDARD ARGUMENT
wonder did the conclusions aimed
At by Mr.. Horr in answering Mr.
Phipps seem The same to others as tC
me2 Did he purpose to instruct Mr.
Phipps and other readers that the
bullion price Of gold and silver under
a free coinage system would fuctuat,
AS huctuates the rrice of commodities
goods which allay the natural per
iodic wants of man-that gold ant
silver bullion, when gold and silve,
have free entrance to the mints 70,
coinage into legal-tender money, ar,
obedient to the law Of supply and dc
mand; in other words, that parity car
be attained and maintained only S,
long as the consumablc supply of sill
yer as to the supply Of gold, and tn,
demand for the one as to the demand
for the other, is and continues as tn,
monetary ratio? Moreover, would hi
have US believe that cost of produc
ton affected, and with supply ant
demand established, the bullion pric,
of gold and silver under a freedom
age system?
l extract some passages from Mr.
Horr's reply:
"The people who believe in main
tanning a gold standard assert that tn,
present low price of silver is owing t.
the enormous increase in production
which has thus largely increased tn,
} supply, and also to the much cheaper
methods Of mining aud smelling sill
, yer, which has resulted in an ounce Of
silver representing SO much less hu
man labor than it did in former years
when it's value was SO much greater
F. as compared with gold than it is q
Z the present time. l have net tn,
. least doubt that the present low pris'
: of silver is much OWNS to the causeI
. Just stated.
: "When the amount of pure gslt
4 was fixed of which our present golt
: dollar should consist, that amount o
) gold was then worth almost exactly
the same as the amount Of pure silve
, which constituted then and whiol
aow is contained in each so.calls,
= silver dsllar III the country. The in
tentiOn of the law at that time was I,
4 make gold dollars aud silver dollars o
exactly the same intrinsic value, be
n cause . double standard is impossible
unless the value Of the two units j
tho same.
ami 1890. H. .-u.a.- .~-..