The Beaver herald. [volume] (Beaver, O.T. [Okla.]) 1895-1923, 1895-10-03
A MY or QUESTIONS.

caco University, an avowed monometal-
lis, wh2w question hod the attention
Of the " d. house, said
You have stated since this school
hcgai, that 80 lohg n free coinage was
enjoyed by both metals that the com
niercial value of silver aud gold had
never dlfifel mere than per cent,
and that this difference was accuurtrd
fnr by the dist urbauce of the French
raft" and the c'st OF exchange. Am
right in so quoting yOu?
"Y~u are. replied Coin.
"Now, is it not fact, said the pros
fussor, "ihat several tunes prior to 1857
silver ean sold at Iremium AZ high
as 8 per cent over gnId?'
Yes. That is true" replied Coin
"Il,ea why did you make the states
ucnt yuu did? Aud it what you now
admit is true, then u there not liable at
all times to he y wide margin between
gold and slves Which free eriuage can
urt c"ntrul2'
"Prvlcssor, he:an Coin, with n
,milc IN his handsome, young face
IL hardly thlnk you are serious in ask
ing me that question. We were speak
ing of silver an.l gold bullion aud not oi
silver coin A demand often arises {
smnll nancy. Suddenly change or
.ma!l bills are found to be scarce ia n
large city, This WIS the case in New
York last year, 1892, when silver dol
lars commanded prcmium of ) per
rrnt--,nt because of the silver being
worth more than dollar hut because
factories had io have small bills which
they could no, get to Use in paying of
their men. They puii the same premi
am for une anil two dollar hills.
"A grra, incontenl 'ncc had arisen
C,r the want of small moncy, and pre-.
M nm had to be paid to pet it. At tn,
tiiae you speak Of, nearly all sma'
money was made irem silver, and OF
ace"nnt Cf the French premam for sil
vrr our silver was leaving US. Smd
money was scarce, aud frequently com
manded premium, not IN account II
the value or the silver bullion, but mp
an the demand for small money. Col,
Apllars commanded the same premium
as silver dollars and fIiy,rcn, pieces
III you are not satisfied with m
answer have tie exchangeablc quo
taIions at silver and gold bullion at th
time you speak of,
Tie professor had taken his sect II
now arose to say that he was salisfe
with the answer.
IL am glad these queisions are asked,
All Coin. These staten 'nts whe
used and ! ot al Serei coriuse the pee
pie"
Mr. J A. Montgomery, Superiaiend
cnt cf Mails at Chicago, then nrose an
asked this question:
"What would silver aud gold l.
worth if neither were used as money?
THAT would depend" said the Iittl
fnancer, "on what was adop,ed as mon
ey to take their place and the quontit
"f it. Primary money becomes III
measure of all values; and the value {
any other commodity is more or less,
the quantity Of primary money is mol
nr less. That is the reason you hei
gold referred to now AS tho standard
measure OF values.
"The most impartial way to get
what the value Of silver aul gold wou
lr ii hot used US money would uc
ruppose there wNs NJ money Of NJ
Kind.
Then there would be no measure
values, and only an exchange va'I
would exist. Ii under these circuu
stances the arts aud sciences progr, $ c
the demand Tor silver and gold won
cause other property to be exchang'
for it. and as they are used in so mat
ways iu the sciences and arts, and {
doipes,is aud Ornamental purposes, il
reasonable TO suppose they would ha
an exchange value equal 10 any oth
scarce property for which ih,re was
demand.
"When il is considered that lhey a
bath preciou, metalS--ueirher found
even or regular vein', aud difficult al
expensive to mine-ii il not unreasn
able To suppose that great store wuu
le placed upon their possession win
Isined into the pure metal.
"lirass, copper, aud other metals Ia
river aud gold, with anything like lh'
specific gravity. discolor the skin -7h
worn az ornsmenls.