Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-09-12
Further Remarks Regarding
Mr.. Davis Statements
as to the Gres-
ham Law.

To the Editor OF The Evening Star:
Allow me a parting word with my friend.
Mr.. Siddons; and 1t snail be a parting
word, as in addressing the Non-partisan
Sound Money League 1 neither intended
nor anticipated entering into a newspaper
discussion with any one on the subject,
either as respects the entirety of my ad-
dress or segregated portions thereof.
In the course Of my address I had oc-
casion to quote the remark Of Sir Archi
bald Alison, the eminent historian, who.
referring to the debates in the English
parliament in 1919 on the resumption of
cash payments. said that those debates
furnished lone of the most curious in
stances recorded in history OF the erron-
eous views entertained by the ablest
minds" Including, as / do. my friend
Siddons among those to whom erroneous
views may be attributed, beg to suggest
Of the raw-minded persons who are now
favoring the rural populace with their
views of the currency, when a person of
such intelligence and training as Mr.. Sid
dons so signally fails to grasp perfectly
plain proposition?
Mr.. Siddons seems to have a fair apore-
hension of the wording Of the much-dis-
cussed Gresham law, but, judging by what
he says over his own signature, he Is yet
far from apprehending what that law
means to express. He inquiries, us it, then.
Gresham's law that has given gold the
place Mr.. Davis accords to it?'' OF course
not: it Is what is behind Greshams law.
We say in ordinary speech. that water at
rest always seeks its level" and that the
sun rises and sets daily. We all know that
neither statement Is true. Water at rest
has no capacity to seek Its level OF any
thing else. the simple fact Is that certain
ineradicable laws Of nature, operating
upon water at rest, cause it to be at a
level; and that an equally ineradfeable law
or nature the to AnDear TO rise
and set. 800 -
Just So" although Mr.. Siddons seems
not to like that expression, Gresham's law
does nothing in the way of giving gold its
place. What gives gold its place is that
there is an ineradicably commercial in
stinct in man, which is part Of his nature,
and which can no more be taken from him
without the destruction Of commerce and
trade than his lungs can be removed with
out fatal effect. The Hottentot having
spear. and being offered by one of his fell
low Hottentots one shell for it and by all
other two shells, will. by law OF his ma
ture. accept the offer of the latter. SINH
larry, nineteenth century member Of the
highest civilized community having a gold
dollar which as a dollar will purchase so
much. but as bullion will purchase so much
more. will use 1t as bullion. This is what
Gresham's law means. and it is this great
element in human nature which has Caused
that conduct of mankind which lies back
of Gresham's expression. My position Is
that that which is inherent in human ma
ture Is the creation of mans Maker. Mr..
Siddons seems to think that it is mans
own creation. l am willing to leave the
dispute there. go =. .,-.a.-t.- SO. ~
Again. Mr.. Siddons says that Gresnams
law only comes into play as the result of
distinctly human action" Mr. Siddons
seems once more to think that distinctly
human action is wholly separate in its
springs from the same human nature which
man had no part in making. Human ac-
ton, according to his view, evidently is
Olly what do without To b.,
springs which lie back of that action. Here
also ne and are as far apart as the poles.
Finally. Mr.. Siddons says that 1 admit
that the silver dollar could be made and
kept worth one hundred cents by the man
asement of man." and he asks. il 1 admit
so much. will 1 not admit that by the
management of man in this country the
silver dollar can be made and kept worth
one hundred cents" I admit nothing of
the sort. deny that the silver dollar can
be made and kept worth one hundred cents
py the management of man. unless it be
done by constantly changing. the fictitious
ratio fixed by legislation so as to conform
1t to the commercial ratio from time to
time This Is a human fmpossfbility as has
oeen demonstrated by the financial history
Of the world. and any attempt on the part
OF man by legislation to force an inferior
substance upon commerce as money will
have no better fate in the end than that
aSsignats.
Those alleged representatives of value.
as stated in my address, were issued as
OF the value of 100 francs. In 1876 they
were received in commerce at less than
one ndred-and-twentieth of
their face value. and this Notwithstanding
the fact that at that time there was on
the statute books of France a law pro-
nounc1nS penalty of twenty years i'm
prisonment in irons for any person who
should be convicted Of accepting them at
less than their face value. Instances of
equally futile attempts to override by acts
loci Inf fnr, fhn 1orry ~
springs of which are implanted in human
nature, might be multiplied without num-
Der.
In conclusion. I commend to the careful
consideration of Mr.. Siddons and those who
share his views the very recent work of
Mr.. Francis A. Walker, who, while pro-
nouncing himself "a bimetallist to the
CORE yet denounces as folly the proposed
attempt of this country to have bimetal-
lsm all by itself: and the late letter of Mr.
David A. Wells, an eminent democrat who
expresses my views on the subject, name
ly, that bimetallism is back number"
ard that the intelligent nations of the
earth have come to realize that. for the
future. the relative value of silver and
gold, considered as money. will be fixed by
the merchants Of the earth and not by
legislation. The very fact that the leading
Intelligent nations of the earth have aban-
doned bimetallism is evidence Of the high
est sort that l am right In my view thar
managed money, as 1t Is called. has been
anu LuuSl diW dyS NC q idhulc, dAu tiihl Tie
only true currency can be one which meets
the requirements Of automatic money.
HENRY E. DAVIS.
Another Criticism of Mr.. Davis.
To the Editor Of The Evening Star: .-r.
Now that impiety, the sin for which Soc
rates was put to death, is added to the
ether charges Of lunacy, anarchism. repu-
dIation. etc, made against the advocates
Of silver coinage, 1t may he pardonable
for a new writer to say few words.
Mr.. Henry E. Davis assertion. made
after twenty years Of study and reiterated
by him. through your columns, after sew
eral days of reflection, that God had made
the gold dollar worth one hundred cents"
me Of an incident in my experience
as a member of board Of school exam
iners some years ago. Among the -ques-
lions propounded to an applicant for
teachers certificate was this: s"At what
part of the earth is there no latitude, and
why" The answer given was: There is
no latitude at the equator AS to why, !
suppose it is the will Of Cod Whether
this Is to be classified as true p!ety or
Is open to doubt. but the school
candidate and the recent sound money
orator seem alike disposed to explain facts
Of the reason for which they are ignorant
upon tie tehory of divire Interpretation.
Mr. Davis mobiles this statement, while
protesting to adhere to every word of 1t, by