The Irish standard., 1896-04-25

single step from the sh:ghest staadsf pf
value to silver ,nononeta allisH tFitn y cpa-; Eat;
tracted and deprecated cs,rrsncs Il u
hardly surprising that tha secretary idlnlss
d.ately, and Doubtless ifstanet.vei5 4ddfad
"a financial experiment B which nass np i
precedent IN the mon etaIy history off TN tll
world. Z This is true Atsno time, II 7an Z
country under the sun, hss ths volume az
money contracted and its value or pure an
Ing power Simultaneous u depre ateds The
thing is utterly impossibis, and II Is be-
cause Of It's imposs:bii:tyy that history falls
l. to supply a single example Of it md that
the United States cannot supply an ex-.
ample. :SSs 81
The assertion that the silver of the world
would be dumped on us for free. coinage
would be too absurd for consideration did
it not come from such source. The He
publican national committee answered th:s
argument in 1892 by showing that every
dollar of European coinage was worth LOG
cents in gold, and II sent here there would
be a loss in ratio in changing the al.oys ana
in transportation. .5s....ts 4.
Admit that gold wo,ld leave theacountry
laItnough it would noD and the volume OF
money should be reduced one-half, would
the money that was left be eheapened and
the price Of commodities increased I? It d
writer on political economy should make
such an assertion it would forever destroy
his reputation as an authority on the SUBJ
ject The plainest old farmer knows that
II there IS any demand for a commodity,
and ohe-half is destroyed, the balance Will
be enhanced in value. If the gold shohld
depart and leave us the silver only thB de-
mand for silver would be equal to the pres-
ent demand for gold and silver combined,
and the poor, despised silver dollar would
be worth twice as much as the present gold
dollar. According to Carlisle's doctrine the
poor laborer would be paid in money with
twice It's present purchasing power. 4
People would have the same need tor
| money after the mints had been reopened
that they have now IT, then, as the secre-
tary assumes, there are $500, 900 Of gold
in the country and this should leave US.
there would be the same demand for the
remaining 5000, 100000 there now Is tor
the 81, 500, 900 Of gold, and silver and
paper combined. Could money, whether
silver or paper deprec:ate in these circum-
stances? Suppose that without any change
in demand the supply Of wheat, oats, corn,
| Goa! or iron were diminished one-third or
ore-half; would the remaining two@thirds
Or one-half be worth more or less? Would
It not be worth more? Well, money is nd
exception to the rule Cut off onesthird or
one-half the supply,s and the remaining
money will buy one-third or one-half
more. Increase the supply one-third or
| one-half, and the value OF money will di-
minish.
Instead of depreciating, the loss OF gold
! would therefore appreciate the silver dol
lors On account Of their scarcity relative
to demand, these would have 4 much
greater value or purchasing power than
gold or silver dollars have today Money
would go up and commodities down, and
because Of the heavy fall id commod! ties
they would become cheaper here than else
where; and as gold always goes where IL
will command the most, and It wouid then
buy more here than in Europe, It would
return to us in glittering stream;
Carlisle says that free coinage would not
raise wages to the extent it would raise
commodities. Yet in his "six Centuries Of
Work and Wages" Thorold Rogers de-
scrbes the period during which the mines
| of Spanish America were pouring their ell
| yer treasure into the lap Of Europe, as .Ethe
golden age of the English laborer.'' Prices
rose with the influx of silver money, wages
rose with them, and Europe emerged from
the darkness which had enshrouded 1t for
centuries into the glorious light Of civil
| ization and progress" 4* n e.
~ -.