The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-04-22
CARLISLE ANSWERED.
A Democratic Daily Exposes His
Sophistry and Answers His
Arguments to the
Queens Taste.
AS THOUGH DEPRECIATION
WENT WITH CONTRACTION.

The Dubuque Daily Telegraph is a
Democratic daily, and is one of the
ablest papers editorially of the Demo-
cratic press. 1t punctures the sophis-
try of Secretary Carlisle's recent CHI
cago speech in rich fashion, as fol-
lows:
"Resourceful as he is, there are
some falsehoods to which Carlisle can
not give tine semblance of truth. One
Of these is the assertion that il the
mints were reOpened to free coinage
gold would leave us and silver money
depreciate so per cent. AS the sccrc-
tary puts it, 1--WE should descend by
single step from the highest standard
Of value to silver monometallism,
with contracted and a deprecated
currency" 1t is hardly surprising
that the secretary Immediately, aud
doubtless instinctively, added-"a
financial experiment which has no
precedent in the monetary history Of
the world" This is true. At no time,
in any country under the sun. has the
volume OF money contracted and it's
value or purchasing power Simultan-
eously deprecated. The thing is ut
terly impossible, and it is because of
it's impOsSibility that history fails to
supply single example Of it, and that
the United States cannot supply an
example.
THE SILVER DUMP ARGUMENT.
The assertion that the silver of the
world would be dumped on us for free
coinage would be too absurd for con-
sidera tion did it not come from such
a source. The Republican national
committee answered this argument in
1892 by showing that every dollar OF
European coinage was worth 100 cents
in gold, and ii sent here there would
be loss in ratio In changing the al
10y, and in transportation.
CONTRACTION MEANS APPRECIATION
Admit that gold would leave the
country (although it would not) and
the volume OF money should be re-
duced one-half, would the mon cy that
was left be cheapened and the price
of commodities increased: If writer
on political economy should make
such an assertion it would forever de-
Stroy his reputation as an authority
on the subject. The plainest old
farmer knows that if there is any de-
mand for a commodity, and one half
is destroyed, the balance will be en-
hanced in value. II the gold should
depart and leave us the silver only
the demand for silver would be equal
to the present demand for gold and
silver combined, and the poor, dcS-
pissed silver dollar would be worth
twice as much as The present gold dol
lar. According to Carlisle's doctrine
the poor laborer would be paid in
money with twice it's present purchaS-
ing power.
SUPPLY AND DEMAND GOVERN.
"People would have the same need
for money after the mints had been
reopened that they have now. If,
then, as the secretary assumes, there
are $500, 100000 Of gold in the country
and this should leave u.s. there would
be the same demand for the remain
ing 5000, 1000, 900 there now is for the
81, 500 OOO, coo Of gold, and silver and
paper combined. Could money.
| these circumstances? Suppose that
without any change in demand the
supply of wheat, oats, corn. coal or
/ iron were diminished One-third or
| one-half; would the remaining two
thirds or one-half be worth more or
| less? Would it not be worth more?
| Well, money is no exception to the
rule. Cut off one-third or one-half
the supply, and the remaining money
will ~Luy one-third or one-half moro.
| Increase the supply One-third or one
half, and the value of money will d.
minish.
| Instead Of deprecating, the loss of
gold would therefore appreciate the
silver dollars. On account of their
scarcity relative to demand, these
would have much greater value or
purchasing power than gold or silver
| dollars have to-day. Money would 90
up and commodities down, and be-
ca use of the heavy fall in commodi-
ties they would become cheaper here
than elsewhere: and as gold always
| goes where it will command the most,
and it would then buy more here than
in Europe, it would return to US in
glittering stream.
THOROLD ROGERS TESTIMONY.
"Carlisle says that free silver COIN
age would not raise wages to the eX-
| tent it would raise commo odities. Yet
in his six Centuries of Work and
4 Wages" ThorOld Rogers describes the
period during which the mines of
Spanish America were pouring their
silver treasure into the lap Of Europe,
as 'the golden age Of the English la.
bOrer." Prices rose with the influx OF
silver money, wages yose with them,
and Europe emerged from the dark
ness which had ensbrouded it for CEN
turies into the glorious light Of civil
| ization and progress" ,------.