The times. [volume] (Richmond, Va.) 1890-1903, 1896-05-19

The following article was written and
published In the Times over four years
ago. and it Is republish4d by request:
THE SILVER QUESTION.
From the Standpoint OF Exact Science.
The writer proposes 70 look at this
question from the standpoint Of exact
science, and 20 apply TO IL Some Of tho
fundamental truths Of natural science. II
may naturally be asked what these deduc-
tions have 10 do with the silver question.
They are but the opinions OF the theOrist
upon a purely practical matter. Yet no
thing can be more practical than the con-
illusions Of natural science for they rest
upon the laws of the universe, and are
verified by the everyday experience OF
man.
IL there is any well-establlshed fact
amongst all workers in exact science. IL
is the fact that IL is impossible for two
scientific men TO accurately compare the
results Of their labOrs without the use of
a unit Of weight. unit of measure BY
concurrent action, they can make this
unit what they VIII. but by no possibility
can they have more than one unit OF
weight. one unit Of measure. II would be
impossible TO use an accurate numerical
expression without a unit.
Every country which has risen above
the savage state has a bureau of weights
and measures, and fits units of weight
and measure. IL would be impossible TO
carry on the trade OF nation with per-
feet equity without the.S, units. As It IS
not always convenient 10 exchange the
products Of our own labor directly for
the products Of the labor of some one
else by weight and measure alone. IT has
been found necessary 10 establish. I'm adj
dit.on 10 a system Of weehts and mea-
fH.. D
money. \ nation can. with perfect
equity no more carry on its trade with
out a unit o: value than IL can do so
without Isl unit Of measure, and IT'S unit
Of weight. This has been verified by the
practical experience Of all nations. No
country has successfully maintained a
stable and equitable medium of exchange
with more than one unit Of value.
\ nation can. by the concurrent action
Of its people. establish for itself any unit
of value il may choose. It can select q
simple metal Ike gold or silver. or both
gold and silver, in certain fixed proper
lions. BY 10 possibility can both gold and
silver be made a unit Of value. except In
certain fixed proportions. So soon as we
authorize the unlimited coinage Of both
gold ard silver. we M once make both
gold and silver our unit Of value. and
must fix a coinage ratio between the
two. Unless we can force this ratio be-
tween the two metals upon the countries
with which we trade, EITHER GOLD
CAN BE SENT TO rs AND SILVER
TAKEN From Is Mt 4 PROFIT. OR
ELSE SILVER MAY BE SENT TO Is
AND GOLD TAKEN FROM rs AT a
PROFIT. Where ,here Is q profit. trade
at once springs UP. We can only prevent
this by changing our coinage ratio. when
We do this. we must decree by solemn
legislative enactment THAT COINS
COMPOSED OF THE SAME METAL.
OF THE SAME DEGREE or PURITY.
AND YET DIFFERING RADICALLY
IN WEIGHT, SHALL EQUAL EACH
OTHER We must decree by solemn legis-
lative enactment that the part shall equal
teh whole The use Of gold and silver
as a basis for circulating mediu a
Will not have the slightest possible signld-
canoe. As all people prize the whole
Of what IS valuable more than the part
the countries with which we trade, I'm
settling with us for the products OF our
labor Gin our case very largely the pro-
ducts OF the labor Of our agriculturists)
will use the light coins, and viii demand
% MS in return for the products OF their
labor the heavy coins So long as gold
and silver shall have an intrinsic value
Of their own, and shall represent so much
human labor and intelligence, such