Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1895-05-09
DATES IT WAY BACK.
MORTON PUTS DEMONSTRATION
IN 'FiFTY-THREE.
Quotes History and Pulls the Dictionary Oh
Him He Exhaust the Subject to His Own
Satisfaction at Least--Usues MIR. Eckles
as Clincher.

as a Clincher.
Washington. May 7.-Secretary Nor
ton has written a letter to James A.
Cherry Of Denver, in reply to a letter
from that gentleman criticzing some
statement in an interview with the sec
rotary of agriculture, printed a couple
Of weeks ago, which caused so much
comment. 1t Is as follows:
From your letter Of April 90, 1895,
It appears that you and / perfectly
agree in the fundamental point, name
y that demand and supply inexorably
regulate all values whatsoever at all
times, and in all places. At what
points do we begin to separate from
each other and then go on to conclu-
sions so utterly diverse? These points
are only two-the first historical and
the second, logical.
First, you assume certain PROPOSE
tons to be true to silver, which are not
historically true at all, but quite the
reverse of true. You say for instance,
until 1873 the chief use of silver was
for coinage. II had other demand but
the demand for coinage was steady and
constant
ION this point you have been mon
Btrously mislnformed. The first feder-
al coins of silver We're mlnted In 1894
and of gold in 1895. Their ratio was
recommended by Alexander Hamilton
and fixed by act Of congress. 1t was 10
to /. 1t was hoped thus to keep the
Two metals in eQu,librio on the cn mace.
But hey would NOT even come into
| nnfti1tbriA hnf Ckf
they stay there
WORTH MORE OUT THAN IN.
only 321 silver dollar pieces were
3oined at the American mint in the en-
tire year Of 1906, because the silver was
worth more out of the coinage than in
It and worth more for export than for
| domestic money. What was the mat
ter with those silver dollars? Nothing,
only they were too valuable. May, 1906,
there came an order from President
Jefferson to the director of the mint
at Philadelphia that "all the sllve. to
be coined at the mint shall be of small
denominations so the value of the
largest pieces shall not exceed half a
dollar"
"The reason given by the president
for this order was that considerable
purchases have been made of dollars
coined at the mint for the purpose Of
exporting them and it is probable that
further purchases and expectation will
be made
"The coinage of silver dollars thus
authoritatively suspended at the Amer
lean mint was not resumed there for
thirty years In these few facts, which
are official and unquestionable, behold
the advantage of a double standard.
The unlimited coinage of both metals,
In an enacted and constant ratio With
each other is the use of yard sticks of
different lengths to measure cloth by,
In the same market"
PUT AT SIXTEEN TO ONE.
"By the law of 1884 the ratio was sub
stantially put at 1 to 1G But this was
going too far in the opposite direction.
Gold was not worth 16 in silver in the
markets of Europe. Consequently the
International current of the metals was
now for time reversed, silver passing
in preference abroad to llquidate the
balance of trade and gold coming in
! small quantities to the United States
where it was more than per cent
dearer in silver than in Europe BY
1853 the immense disadvantages of a
, double standard had become 80 plain
to all thinking people that congress
wisely determined to abandon the ut.
terly futile attempt to secure the parity
of the two metals and to make gold the
legal tender for debts, except for sums
Of So and under.
I'm the seemed place, Mr.. Cherry, az
an instance of an historical assump-
ton contrary to facts and natural in
ference, allow me respectfully to cal
your attention to the use, In common
with many of the blmetallists, so-called
! Of the date 1873 as the time of the de-
monetizatlon of silver. Unless l am
mistaken, the silver dollar is not men.
toned at all, one way or the other In
the act Of 1873
DICTIONARY ARGUMENT.
II answer confidently, because there
Is no adequate demand for them. Have
you not innocently but badly mixed
up cause and effect in this case
Demand, in the commercial sense, Is
nothing but desire for something on the
part of one man coupled with his will
ingness to pay something for 1t, salts.
factory to the other who owns.
"'Use' of that thing, no matter what
It Is, only follows the demand for It
You have helplessly put the cart before
horse What is the sense Of clamoring
still for unlimited coinage when the
treasury cannot get rid by hook oil
crook of these already coined and laying
useless heaps? They are well minted
! of just weight, nine-tenths fine, are
legal tender for all debts and bear the
legend In God We Trust
what ails them? l answer, and 81
must you, on reflection, that there Is NJ
demand for them, and therefore, NJ
use of them. What more can the law
, do for them?
, "Mr. Eckles, the present comptroller
Of the currency, has made it probable
by careful inquiry instituted through
his department that about so per cen
Of the retail houses of this country arr
, doing business by means Of checks
drawn on local banks and cleared 10y
the banks with very little use o
, coins. The relative employment Of thesl
/ instruments Of credit Is constantly in
creased through the multiplication o
banks and otherwise, of course also tn
, quantity of coin money required to d.
, the business of the world, or of any ad
vanced country in the world, is steadily
decreasing relative to the business
done"
PEACHED ON THE GANG.