The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-09-05
lNAPT ILLUSTRATIONS.
correspondent Says Prof. Laugh
lin Uses Them.


Correspondent Says Prof. Laugh
lin Uses Them
To the Editor Of the Globe.
trust you will not consider this cornrnuri
cation an intrusion. During this epoch Of
educational awakening. many are bold
enough, and all desire to have a saw and aaL
questions. / have been a constant and an
interested reader Of the G o b e for a num-
per OF years; and have eagerly sought its
pages since the opening Of this campaign for
lessons of wisdom. I cannot say that I was
never disappointed for IT seems to me that
even from its classical columns we frequent
ly have to winnow much chaff for small
grains Of relevant information
In your issue of the 9th you publish a
long communication from Prof. Laughlin OF
Ghlcago. Tne professor is looked upon, and
l think justly by many people here as
reliable authority on many financial ques-
lions OF the day. Hence, any of his utter
ances have much weight. and many accept
all that he says as absolute verify. This fact
induces me to offer some criticism of his let
ter and give some of the Impressions made
on my mind while reading it, with view of
an elucidation from you of what appears to
me fallacious.
TO commence with, 1t seems to me the pro-
lessor draws some very inapt and unfor-
tunate illustrations for his side of the argu-
ment His effort Is to establish the fact that
gold is now produced in sufficient quantities
to answer all money requirements in this
and all gold-using countries. He says we
don't need any more money because the bust
ness and commercial interests of the gold
using countries have adjusted themselves to
the worlds gold He opens the discourse
with the statement that ito ask IL there Is
gold enough today for the needs Of trade Is
like asking If the area of the worlds land
is sufficient for existing population" 1t
don't seem easy to see any connection be-
tween the suffciency of the of the
worlds land and the quantity Of gold pro-
of land in the world and the population Of
the world has been, l informed. largely
regulated by the DEGREES of Divine Provi-
dence and the suficiency inadequacy of
the area for existing population is / pre-
sumo. question for him to adjust.
But without showing or even limiting that
ample provision has been made, by regulat-
ing forces compensating influences of
any kind, to keep up the required ratio be-
tween land area and the population of the
world, he settles the whole question with the
offhand assurance, "Of course it is"
Again. he says: 'Just as the worlds pop
ulation adapted themselves to the worlds
business have been adapted to the worlds
gold" Now is it not fact that no matter
how adverse or injurious surrounding condi-
tons may be SO long life is not entirely
crushed out, population and likewise business
interests, too will adapt themselves to the
conditions and Environments? But this does
not prove it right sufficient. We are told
that even persons confined in prison get SO
enured to the conditions and surroundings
that liberty would be a burden to them.
They have been adapted to the conditions and
accommodated to the area.
Again the professor says: "To ask whether
human beings have air enough to breathe is
not more absurd than to ask if a gold-using
country has gold enough An overriding
Providence made and furnished the earth and
all its elements, and the fruits thereof well
as the air we breathe are for mans enjoy
ment, development and happiness. The air is
a provision of that Providence, necessary for
the existence and preservation of life land, by
the way, necessity the supply can't be too
abundant as long as it is permitted to be in
accordance with the ordained formula-pre-
cepts that should apply to all the good and
necessary things of life1.
There is Of course air enough out here in
the country, but that don't seem to help out
the other vexed question in the least; except
that many OF our farmers say that for sew
eral years they have had little to I've on ex-
cept air, and that it is an extremely thin diet
alone. | presume the professor means to say
that 1t is so obvious that human beings could
not live without air, that the very fact Of
their existence proves the existence of suffi-
Gent air. And so with gold, the very fact
existence of sufficient quantity for that
purpose. If that is logical deduction, 1t is
certainly extremely easy to establish that
annoying fact. But such reasoning seems to
me far-fetched and unsatisfactory, in fact,
entirely barren. There is no country that
finds gold ample. adequate and sufficient OF
1t not possible that either or both air and
money, can be vitiated and the one convey
within It's reach and the other effect the life
and vigor OF commercial and business inter-
ests OF all kinds without in either case to-
tally destroying them, or even making is
distinctive tendencies apparent for a long
period OF time? or course land ard air are
gifts and their quantity and sufhciency are
regulated by the ordinances of a benefcent
Creator, but don't apprehend that in using
these SMILES the learned professor expected
ms readers to infer that the same Providence
instituted or manages our present financial
system.
Again. Prof. Laughlin says: "'The adjust
ment OF prices to the value Of gold has al
ready been made in the United States. an
fact, 1t has been made in gold and remained
SO since 1884 excepting 1S62-1S79).' OF course
II this contention Is true. the break between
1S62-1S79 and the change from specie 10 pa
per basis and again from paper to specie
would require a new adjustment. And right
mere 1t might be pertinent to ask a cues
tion: was there any great Generalization OF
business interests, revolution IN comrlcr
cial circles, when we made the readjustment
OF prices from paper basis to a specie basis
in 1879? SiS
But is the statement correct that prior to
Io1s our prices were adjusted to gold valuesr
Does not the professor rest too much en-
tirely on bold assertion and place his con-
clusions on fimsy promises, when he makes
such an assertion? During the period before
1873 our prices were adjusted to the money Of
tnat time-our currency system. The de-
nominations OF that system were dollars and
our values were stated in dollars and were
adjusted and adapted to the basis of dollars
ana prior to 1878 dollars were defined either
in our laws or our lexicons in gold terms
When an article said to be worth one
dollar, that was not gold term or measure
ment at all in the United States; and how
can 1t be said that under such conditions
our commodities were adjusted to gold values
when they were expressed in dollar values?
Before 1873 the term dollar had no more refer
ence to gold than it did to wheat All edi-
tions of Webster's dictionary, published prior
TO 1873 define dollar to be "a silver coin
of Spain and the United States of the value
OF 100 cents or about four shillings and four
pence sterling" Now is the professor logical
or correct In saying our prices were adjusted
to gold values, when those values were ex-
pressed in silver terms? He uses such prem
Uses in support of his conclusions and to me
they don't seem to bear in that direction
All of the professors arguments relative to
whether gold has appreciated in value or
other commodities have fallen solely be-
cause of reasons affecting themselves outside
of the gold supply or the measure of values
fail to show that commodities would have
fallen just as much even with a greater or
different money supply. The value Of any
authority Is measured only by the weight and
sufficiency of the arguments he adduces to
sustain his position and measured by the
standard Of the professors communication
has added nothing of value. I would very
much like to go through the entire letter.
but l have already trespassed upon your time
and space. II. F. Young.
Benson, Mimi. Aug. %, 1896.
DULUTH's BAD WATER SUPPLY.