The Delta independent., 1895-01-23
A PLEA FoR 1lmETALLlsm.

There are tive articles on the money
question in the September number OF
the Pail Mall MAg 1zne, Wal LOFT AS
tors publication. This first IS aa argu-
mcnt against biir.et.llis.n Ly nc. Astoc
himself, which i; wr.s.an in the ai;,-
pant and sslf-satisiod style OF one who
knows all about i: aal is impatient
with those who do not agree with h;u.
The second is an iat,rc sting rsticlc
presenting the ease for silver, a. IS
written Ey ". IL Grelf.ll, The w-iter
shows that, according to the opinion Of
all the leading writer's on tbs suoiect.
the p:ifchasi.i power OF iaoley is in
direct proportion to the volume Of
money existing. This fact b,iny ad-
mitted, the next important thing is %
discover why the volume OF money
is being diminished. Mr.. Grc1fc,l
claims to show that the v,lu.n, Of
metallic money throughout tie world
has, during the last twcnty years, been
diminished ut n time when the increase
of trade and population demand ;.i cx
pansion OF the currency. II, shcgvs
that the binetallic Bank OF France is
becoming more and more the center Of
the financial world, the position once
held without dispute by the Bank of
England. Two prevailing fallacics in
regard to the present ana prospective
quantity of silver in existence are cx-
posed as follows:
"The first is the general belief that
the United States of America have
masses Of silver with wihic, they want
to flood the European m.,rl;cts This,
l believe, to be an entir. .nisconcep-
tion. The silver in the United States
treasury is performing the function OF
serving as money by circulating in the
form of notes, and these notes are not
more than is required by the enormous
country they circulate in. as is shown
by the careful tables compiled by SEN
ntor Jones, who shows that silver has
rather appreciated than otherwise. The
second is that silver can be produced to
almost NJ unlimited amount. This
believe 10 be alsoa miconception. The
great silver mines of the yorll have
been the Potosi, the ComstoclI, and the
Broken Hill. The first two arc played
out-in feet, of late years, tho Com
stock has been producing 60 per cont.
of gold to 40 per cent of silver md
America has now been SO thoroughly
ransacised for. generations TINT II Is
more than improbable that a;,othcr
Comstocls should make it's appearance.
The scientific and expert opinion given
at the Brussels conference ppin;cl TO
the fact that the production OF silver,
both in the states and in hIexieo had
reached its maximum, and would in
the future fall off; as, indeed, Prof
Suess Q'uture of Gold of the Uniyer-
sity of Vienna, states will also be the
case with gold, as ninc-tcn.lls of the
stock Of gold existing in the world has
been Obtained from placcrs,' which
| are becoming very rare, and the pro-
duction of gold must be less and less.
1T is certain, he says, that gold alone
will never become the money OF the
world, in which the needs of industry
will be met"
In the course of the article n number
ofquotations are given from well known
authors. showing the dangerous effects
which follow the contraction or debase-
mcnt of the currency. Among others
are the following quotations.:
John Mills says: THAT an increase
of the quantity of money raises prices,
and dininution lowers them, is the
most elementary proposition in the
lhSoiy iIU WltHOuL III we
should have no key to any of the
others"
Also in his "Treatise upon Political
Economy" "The value of money, other
things being the same, yurics inversely
rs its quantity, every incrcaec OF guam
tity lowering the value, every diminu-
tion raising it in ratio exactly equiv.
alent."
John Mills also says: "And again,
in whatever degree, therefore, the
quantity OF money is decreased or di-
minishcd. other things remaining the
same, in the same proportion OF value
OF the whole. and OF every part is re-
ciprocaily diminished or Increased"
John Locke Considerations, pub
lislied lc9o,) said: Money, while the
same quantity Of 1t is passing up and
down tho kingdom in trade, IL really
u standing measure OF the falling nnl
rising value Of other things in refer
enee 10 one another. and tho nltcra-
ton in price Il truly II them only. But
u you i;'er.'ass or lessen the quantity
81 money currant in traffic in any place.
t'len the alteration OF value is in IN,
money" ~
cernaschi says: -..The purchasing.
power Of iacncy Is IA dicect prsportio,