Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1896-10-31
FROSTBURG, MD. OCTOBER 81, 1879,
Volume VS.. Value.

Volume VS.. Value.
The JOURNAL referred last week t.
an unusually we'll written editorial IN
the Cumberland Times of the ODD inst,
and promised brief rejonder.
To carry out purpose narrowed by
the exigencies of late day to about
two points, the JOURNAL cannot fol
low the researches which the Times has
made for reply to an article nearly
two months old.
1t must be content, therefore, with
stating that it never assumed, for eX-
ample, that anybody had 'denied that
there are more tons of silver in the
world than gold" The JOURNAL did
not contend against anybody's denlals,
but it gave "Gold Miners testimony
simply to show that ''since the dis
covery of the enormous silver deposits
the average silver product of a mans
labor has doubled"
The Times probably forgot during its
nearly eight weeks investigations of
"Southeer,' (Soetbeer p Sir Henry
Hicks Gibbs and "Jevons," that the
JOURNAL was not writing for the bene
fit of the few people who know every
thing, but for the information of its
clientele-a class of men who can read
only when they can rest.
1t is evident, too. from the JOUR
NAILS article that it did not cite the
yolume of silver production betore 1873
as so much super-inducing decadence
of value as the volume since.
And as it views the matter now the
wonder is that the market ratio is not
~ to | instead of about - to |.
But the Times charges in this con-
nection that
The JOURNAL is guilty here of attempting
to confuse the question of polwne and rol"e.
In everything else excepting. it
seems, the item of silver, the volume of
production plays vital part in the
value of the things produced. Only
one other element plays a greater, that
is the volume of demand. If there is
any confusion hele it is in the mind
of the Times writer.
Silver in 1878 was worth what it would buy
and its purchasing power was determined by
what it would bring in the market where it
commanded the best price, VIZ: in France
when 154 ounces of silver would at any time
procure an ounce of gold at her minis, and
where nothing less than an ounce of gold
could be exchanged as money for Is! ounces
of silver. In the United States, as the Frost
burg JOURNAL well knows, it required more
than 100 cents to purchase the 1921 grains of
standard silver required to make silver
dollar. Or, in other words, a silver dollar
would buy gold dollar and leave balance
of from q to cents in its favor. How then
could silver have been morh more than 1G
times less than gold?
The trouble with the statement is,
in brief-wheneve silver was worth
more than gold it necer aoent to the mint j.!
When artifcers and jewelers. had more
need of silver for development into
articles of utility and ornamentatioH
than the minis had for coinage, silver
did not go to the minis. 1t went to
those who would give more gold for it.
So the long and short of the whole
business came to pass in this way that
never until the superabundant supply
of silver became manifest did anybody
want free coinage.
That want started among the owners
of silver mines it continues with them
and is supported by them to the tune
of millions.
Silver is drug. The arts can no
longer take the supply; consequently,
the effort now is to force it into circu-
lation as money-one-half fuctuating
value the remainder whatever each
man pleases to denominate 1t.
In conclusion, the JOURNAL thank;
the Times for its courtesies and compli
ments.