The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-04-09
More about Silver.
To the Editor of the Press:

To the Editor of the Press:
TO the serious arraignment that the
characterization of silver and the driving
of the world to monometallio gold
standard have been signalled, wherever
their legitimate effects have shown them
selves, by fall in the prices of commodi-
ties, that has lessened at the same time
of labor, by a shrinking of values of
tangible and intangible property, and by
that paralysis of busin ess, and discour-
agement of productive enterprise. which
necessarily accompany falling markets
no serious reply, that have seen, has
been made. 1t cannot be that the films
apologies and excuses by which CONNER
cial editors-many of them compelled to
express the ignorant prejudioes of their
employers, rather than their own person.
al conyictions-have tried to minimize
and make light of the everywhere disas-
trous results of a reckless and wholly un-
scientific monetary policy, have been at
all satisfactory to themselves.
When told that silver bullion has fallen
in the London market inflicting enor-
nous losses on the gold standard peoples,
by the bonus which selling exported
staples like wheat. cotton, cattle etc. pro-
duoed at silver cost, gives silver standard
poop les in gold market because first
England, then Germany. then France.
then the United States, and then India
ceased TO use it as the raw material of
money, they answer: o, no, silver has
fallen because it has been over-produced.
In saying this they comtemptuously set
aside the authority of all the accredited
writers on political economy, who assert
that excessive production of the metals,
which are the raw material of money,
cannot lessen the value of money, which
is lmperishable, as the same cause les
sens the price OF commodities which are
;;erishable, because the addition to
the stock OF money, however great is u
small fraction OF the total world stock of
money, and because money, being SYM
boil of universal value-that is of value in
any purchaseable thing-can never be in
excess as 1t can never equal universal and
Infinite human want. They disregard
the lessons of history, since the enor-
nous aud sudden expansion of silver
production in the carly part of the 10th
century. mainly from the mines of
Potosi, and of gold production in the
middle of the 10Th century from the
piaoers and veins of California and Aus
tralla, scarcely disturbed the scale Of
prices OF commodities, and only restored
them to wholesome level. With the
great increase of International intercourse,
with the hand OF enterprise reaching out
to the darkest continent and most remote
island for new fields of investment, with
the perfection Of organization to which
both foreign and domestic trade have
been subjected, an enormous money sup
ply,<if it We're possible-as it is not
would expend itself without harm and
without danger in greatly developed
and extended business
When reminded that bullion silver,
viii Oh twenty-five years ago sold in Lon
don at 10 ponce per OF. fell during the
last ear to ~ pence per oZ.-losing Just
half its value-but in it's fall dragged
down general commodities as shown by
Sauerpeck's tables at exactly the same
rate, they say: Yes silver fell because it
was Reproduced, and wheat, corn, cot
ton, cattle, petroleum, iron, wooden, cot
ton manufactures all fell multaneously
because they were over-produoed. and
because newly invented machinery, newly
opened lines of land and water transpor
tatloR greatly cheapened the cost of pro-
ducti0n.
But how do they get over the palpable
TACT that our successful wheat raising,
cotton-gr growing, oil-pumping, iron-manu-
featuring had developed themselves as in
dlcated by remunerative prices prior to
1874 and sinoe then been most of the
time in a condition of COLLAPSE through