The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-25
SIMPLE QUESTION OF FINANCE.
To the Editor of the Eagle
II ts With rre-Ssrmptiou I venture RI "a

Of pure mcdeSty not subscribed his name.
TO those tof us) who have examined this
question and understand it, is warniT &
language that the unknown IS financial
philosopher and is a sufficient reminder
to a layman like myself that there -
great danger of treadsng on holy ground
by saying anything. However, you know
that fools sometimes. and so on
To begin with I must congratulate the
unknown seer. What a consolation TO
calmly reflect. after careful examination
of this question. that knowledge has come
and WISDOM has not fingered The STRIFE
is DER, the understanding is full. no more
victories 10 be won over his own doubts
Just dead level OF certainty. From this
exalted condition he may look down upon
his less fortunate wayfarers in these days
OF heat and dust. struggling TO reconcile
the PARTY at Is to l. running up columns
Of statistics. devouring volumes Of read
ing matter, crying "Eurekar' now and
then, only to find it a false alarm-they
had not yet found II. This seer doesn't
know how he has disturbed our mental
equilibrium, upset conclusions we were
getting ready to die by. However. II he
fail to convince all who don't under
stand this question" he may still be con-
soled. Great men have not seen always
the real fruits Of their genius. The man
who first discovered the rotundity or the
earth would have had some trouble TO
prove it 10 convince Kansas man against
his preconceived notion of its hatness.
The seer who invented the notion that the
fv>,a civ
convinced the old lady who kept her eye
toward her well and saw that the water
was rever split. Take courage. your conr
consolation IS great and no more apt TO
be upset than the old woman's well
With these apologize remarks I proceed
to make some inquiries as seeker after
knowledge. and who has not attained the
consolation born of an inward conviction
OF a fun understanding of the money
question. Our seer after complaining
of the kindergarten order" of our con-
gressrnan's anfcrmatio and criticfsing his
statement of fact that the coinage COM
rnfttee in 1872, composed of Hamilton.
Jefferson and Governor Morris. sought
''to ascertain the commercial ratio be-
tween these two metals" asks this sig
rfficant question: els II not strange that
If the commercial value of an ounce or
each metal was the knowledge desired in
order to fix the ratio. that in both cases
a mistake was nader" The thing that
I don't understand excuse my dullness}.
IS this: II they were not seeking a COM
mercial value by which to compare the
two metals and an unlimited free coinage.
with legal tender would always raise the
value of the lower priced metal til they
would be on a parity ar the legal ratio.
how it happens 'tha. in both cases a mis-
take was made%" If the parity IL made
by law ard not by commerce. the I'M
known seer will pardon this question
jefferson has been quoted as saving that
the question OF the ratio IS a mercantile
question simply. This quotation may
be found in Laughlin's "Bfmetallism IN
the United States" a work cited with
approval by Bryan in his New York
speech. Is this a true citation from JEFF
ferson or IS the word mercantile" used
in some different or unordinary sense?
read from Summers Andrew Jack
son" at page sS the following: The
market ratio from 1870 to 1890 about to
B.6 Therefore gold was not money but
merchandise. From 1893 TO 1888 the aver
re premium on gold at Philadelphia was
~ per cent The reports in congress IN
1894 showed that the real ratio was between
to Is g and to 1as. The mint put to
15.s as the highest ratio admissible. Dun
can, of Illinois. in a speech showed that
the ratio since 1871 had been on an average
to 1863 These authorities were all dis
regarded. The administration politicians
had determined to have gold as matter
Of taste and the southern gold interest
wanted IT," also find that Secretary
Ingraham made a report recommending
the ratio TO 15.s25 in 1890. But that inter
ference to the god interest Of the south
ern Alleghanies IAN incorrect rating was
desired" and obtained but that the sup
POSED gain to the gold producers from the
Incorrect rating was a pure dciusfon
They got no more goods for their gold
than they would have got before, save In
so far as the United States added some
small increment TO the previous demand
in the whole world for gold" i find that
this as done Intentionally. from taste for
gold and in the interest Of the North Caro-
from circulation
OF course one who Understands this
question" has not overlooked this history.
I am curious to know what our seer thinks
of this? 1t looks Little as though our
fathers" sons had intended to err little
as early as 1874 on the side Of gold The
administration politicians had determined
to hae gold as a matter Of taste and the
southern gold interest wanted IT.
You say. speaking with reference to the
four billions Of coined silver in the world:
There IS not an ounce of this four oii-
lion dollars Of coined silver that IS valued
at less than s1.2e per ounce Not
an ounce Of it but now has value OF
81 . per ounce or more" OF course, as
yoz, sneak Of the token silver Of Europe
beirg coined into money at a valuation
of from s1.ss TO "a per ounce" you mean
measured in gold. After speaking o. the
coinage wants OF Europe. China. india
and Japan. calling attention TO midas
price Of silver lat the ratio OF SIT per
ounce" YOU say: when he has mastered
this problem. and Il IS a very simple one
IN france. he can then tell Us just what
viii be left for coinage IN the United
States and the amount we have 20 lift
In vaine from S. cents TO us per ounce"
The amount ve have TO Eft from g
cents to SO per ounce" That looks
easy. Let Us see. First deduct all the
token cosns of Europe. say two billions.
That IS liberal. Then deduct al the coin /
age Of ire free silver countries. China /
India. Japan. Mexico, etc. as they are
ell worth r9 pei ounce. two Billions
more. But nan on Tire street today o. [
Tered ne q Mexican dollar for g c>nts. ,