The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1896-10-30

It can be shown to be both possible and
equitable, its expediency, having re-
gard to the perils Of the existing con-
fusion, is well-nigh outside the neces-
sity Of any advocacy. The real crux
OF the whole problem lies in the ques-
ton of practicability. Is it possible to
fix a ratio between two things of un-
certain and ~fuctuating value? The
monometallists think that this is an
unanswerable poser, and that they
have only to put it to settle the argu-
ment for good. The answer, of course.
is that an international agreement,
supported by Legislative enactment,
would fix the ratio, quite irrespective
of the factor of a fluctuating production.
"ITIsTOOOFTEN FORGOTTEN THAT
GOLD AND SILVER, USED AS MONEY.
ARE SIMPLY MEDIA OF EXCHANGE
AND THAT EVEN THEIR CONNER
CIAL VALUE DEPENDS TO A LARGE.
IF NOT TO A GOVERNING EXTENT.
ON THEIR MONETARY VALUE. DE-
THRONE GOLD AS MONEY AND YOU
WILL AT ONCE DETHRONE TT AS A
COMMODITY. SILVER HAS DEPRE-
GATED IN COMMERCIAL VALUE
MAINLY BECAUSE IT HAS BEEN
OUSTED FROM THE FORMER POSI-
TON IN REGARD TO CURRENCY. IF
THESE METALS HAVE AN ARTIFI-
CIAL VALUEASMEDIAO FEXCHANGE
THERE IS NOTHING IMPOSSIBLE IN
FIXING THAT ARTIFICIAL VALUE IN
RELATION TO ONE ANOTHER
What the ratio should be we must
leave others to determines; our only
contention is that the 1%1uctuating value
OF the two metals as commodities is
not a bar to establishing a fixed and
permanent relationship between them
as money. The general anxiety now,
at all events, is to find some basis of
cooperation for the rehabilitation of
silver. England is the one nation that
stands in selfish and stupid isolation
hindering not only the settlement, but
even the discussion of the question"
Extract from the London Financial
News, dated June 10, 1894:
"Seldom have the points which have
most needed to be borne in mind in the
silver controversy been put with so
much force and lucidity than by Sir
David Barbour in his recent address
at Diapers hall. The address bore
mainly on the Indian aspect of the
question, and in regard to it Sir David
spoke with greater freedom than on
any former occasion since he left India.
But the general question is Of more
moment than it's Indian aspect, and on
it Sir David Barbour made some
weighty comments. He reviewed the
position strictly from the point of view
of accomplished facts, or facts in the
course of accomplishment. The exclu-
sion of silver from monetary use goes
on from year to year. There is, Of
course, a point at which it must cease.
When these silver countries which are
in a backward state of development
bring their natural u into full
play and add enough to their exports to-
relieve the existing pressure on their
exchanges the fall in silver must stop,
and the inclination to dispense with the
metal will disappear.
"Such a remedy would be final; but
it would not be satisfactory-least of
oil to the gold countries. 1t implies an
enormous addition to the worlds sup
plies of food and other natural prod
ucts, not to speak of manufactured ar
ticles, and that points to a further de-
cline in prices. Si!ver-using countries,
with large reserves of virgin
could look forward to a further fall
in prices with much more equanimity.
than this country, for instance, where
already falling prices, Concurrent with
increasing cost of labor, have reduced
the margin of profit on capital en-
ployed in industrial enterprise, and
have almost wholly obliterated the
margin in the case of agriculture. To
let silver work out it's own salvation by
provoking an enormous increase Of
production at the expense of the gold
using countries is not a solution that
can be entertained, though as the gold
monometallists PROFOUND no serious
remedy, they must be presumed to be
blind to the dangers which Turk in lais-
seq faire. The only suggestion that is
put forward by the anti-silver men is
that gold should be the standard II
rich countries and silver hat of poorer
ones. AS Sir David Barbour points out,
there is a primary difference in CLASH
flying countries on this singular princi.
pie. AS u matter of fact, many silver
countries are rich. We should not be
prepared to relegate India to the cate
U0rv IF r0or oo11o fT1oc thN,,rh <lo "