The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1896-10-22

STATISTICS are pat 10 qneer use n 5
fall The product of the silver mines of
the world was at one time Oy weight 4S
10 and 81 10 |. Now It Is Is To | and the
advocates of free silver insist that as the
+ alto of value was Is to when the pro-
ductiou of silver was two and three times
as great AS now, that would be the ratio
COW if SILVER was coined free. That is
concediug too much on premises so fav-
orable. If the commercial value of silver
was Is to l when there was 81 times as
much silver mined as now, and the pro-
duction by quantity should govern, Then
the ratio demanded nov should be S t. l.
Otherwise the argument lacks consist
ency.
Ii the relative commercial value of
commodity is to DE determined by ratio
of production by weight. Why not fix
the value OF iron by ratio of production
with gold? Why not copper? These were
once used as money. II the argument
has force with reference TO silver 1t should
have equal force when applied to other
products.
It Is the money which is most conven-
lint for the period which Is Ueed most.
When commercial transactions we're larg-
ely local and IImI'ed 10 amount, bulky
money was not announcement. A silver
dollar Is more convenient than a gold
dollar and The latter Is not coined fer this
reason. The five dollar gold piece is not
a popular com because it Is not con-
venient one on account of lack OF bulk.
Convenience has dictated that the bulky
money be used 10 small transactions and
local in their character, and the less bulky
money be used 10 large Transactions and
where the interchange is at distance.
Every enc recognizes this fact in his own
experience. L YOU make trip To sill
" .ukee, silver dollars will meet your re-
qulrements unless you intend to make
large investments. If YOU leave for
California, y0u will not weight yourself
with silver dollars, but take money which
Is more compact and hence more easily
cared for.
International business has increased
immensely within the last 80 years.
Domestic business has assumed the feat
increase and the extent nf territory COW
cred by it. What is true of the United
States is true of the whole world. The
bulky money had to give way to that
which is more compact, and a universal
and varying standard became absolutely
essential to the demands of trade.
Silver ceased to be the standard money
ia large transactions and never again
will be, no matter what international
agreements may be entered into. The
laws of nations have not the power of
laws of trade and these will always fol-
low the lines of least resistance. Silver
Will always be used as a subsidiary coin.
1t is these facts which have deprived
silver largely of the quality of utility and
lessened its value. Inc ratio of produc-
ton is not the ratio of value. There are
other circumstances of no less potency in
determining this. The laws of trade are
memorable and defy all obstacles. What
Will assist in trade will be brought into
9e no matter what influences may be in
terposed. And what the laws of trade
reject DO human law can impose upon
them except temporarily, and then with
results by no means beneficial
1t is a sign OF the novice to pick up
table of statistics and assume from them
that they represent causes. They show
results, the cense of which is the business
sense of the community. The reduction
III the value of silver is result of Datural
conditions, assuming that progress re-
suits from natural causes. To accept
these things as a cause is to reverse the
order of pature. Statistics are danger
Gus thing ID the bands of one who per-
mits his reason to abdicate in their favor