The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1896-08-01
..Put a Dollars Worth of Silver in a
Dollar"



Kindred to the notion Of intrinsic value if not
growing directly out of this lacy is the platitude
so often heard, ssPut dollars worth OF silver in
dollar II the value of the metals was intrinsic
and did not depend on the law Of supply and de-
mand, then there might be some sense in such
demand; but as the value of both these metals de-
ponds on the law of supply and demand, and as
demand for them comes largely from monetary use,
to ask that given weight of one metal should have
the same value with monetary use. or the demand
for it for money taken from it, that the other has
with the demand for it for money doubled by the
very act that took away the demand for money
from the other is manifestly impossible that the
wonder is that any intelligent person should re-
peat it; and yet nothing is more often heard than
this absurd claim, and that, too, from otherwise
intelligent people.
II ought TO be manifest to any one and is to ey-
eryone who understands the most elementary prin-
cipIes of money, that neither metal can possibly
have the same value, when denied monetary use,
or the right of mintage; that is, with demand upon
it for money purposes taken away. it would have
with the right Of free minage, or the right to be
converted at the will of the holder into money.
No one denies that the chief value of gold arises
from the demand for it for money. That demand
is unceasing is from everybody; is from every
thing for this one thing" sis the sum Of the de-
mand of all things for this thing; and this demand
has been enormously increased by taking from
silver the joint demand for money and doubling it
up on gold. This demand, until silver was demon
etized was the chief of the value of silver,
as it is and always has been Of the value of gold,
Then after having taken monetary use from silver
and concentrated the whole demand for standard
money gold how utterly unreasonable to require
that the ratio of metal to the other, should be
~. In 9TH
words that silver should have the value of money
before it is made money which is maniiestly i'm
possible.
The Vanderbilts have two lines of railroad be-
tween New York and Buffalo. Suppose they should
take off from one of these lines all through trains,
leaving only few local trains to do little local
business and double the trains ON the other. Pre-
sumably the earnings of the lines and the value
of the stock of the roads would be in proportion
to the business of each Would it not appear on its
aee absurd under such conditions. for the Wander
bilts to say when the earnings of the line depleted
of trains and business shall equal the earnings of
the other line, and its stock becomes valuable,
then will put the through trains back on it, but
not till then" But would this be any more absurd
than to ask that the value of silver. without none
tary use, or the right of mntage, should be the
same with il?
What would be the value OF gotu IL IL were GEN
orally demonetlzed, as it might be, and as silver
has been? At present rate of consumption in the
arts, the stock of gold in the world devoted to
money use would last about fifty years. What
would be the value of anything of which there was
fifty years supply on hand? 1t is the restriction
which has been placed on the monetary use of
silver and the consequent increased work laid upon
gold, that has wrought the change in the value of
both.
Again there is no such thing commercial
value" to either gold or silver. separate and apart
from its value as money. Even with silver demon
etized in Europe and the United States, it is still
the demand for it for money by of people
that chiefly determines its value, and there never
was a time since these metals came into use as
money when they possessed value as commodities
separlble from their value money. This idea is
a relic of the intrinsic value" flllaey.
First then, restore to silver the right of free
mintage, the same as is accorded to gold, and the
same that it possessed for indefinite ages prior to
1873 and then if the coins of the two metals do not
remain at par the ratio of 16 to l. there might be
some reason for considering readjustment of the
mint ntio, but not till then