The times. [volume] (Richmond, Va.) 1890-1903, 1896-06-23

1hc Times ha- received the following:
Lexington. June IS. 1885,
Editor OF The Times.
Sir,-Plese tell your readers how " is
that the value OF silver Is not equal 10 the
value OF gold If labor is the basis of
value. and considering the fact that fl
requires sixteen tons Of silver 20 cuuai
one ton OF gold at the present ratio. and
thiriy-two tons Of silver To one Of gold
II silver dollar is only worth ATTY
cents?
Don't evadc the question hv saving
that silver ore is richer than gold ore.
for every one knows that TO De true in
many cases while 70 IL not true in many
other cases. Tell US plainly is the cost
OF mining and converting one ton Of
gold ore greater or less than Oe cost
OF mining aud converting thirty-two tons
a. even sixteen tons OF silver ORE Don't
say that there IS more silver orc than
gold ore on the face OF the earth. or
IN any given locality. for an know that
may or may not Dc true but Just explain
TN relation Of labor to value in silver
and gold. The writer IS not by amy means
In favor or free coinage OF SILVER ana
would like to Doe able 10 explain the mat
ter 20 those who often ask this question.
SUBSCRIBER
We never ovade questions. We answer
We understand the substance OF our cor
respondents inquiry to be this: An ounce
Of gold is to-day worth en- the market
something like thirty (GW times as much
as an ounce OF silver. Does Tic Times
mean TO contend that IL takes thirty
times as much labor to produce am ounce
Of gold as IL takes 20 produce on ounce
O. snvorg That We understand 90 De the
question in substance and we shall treat
il fully and with entire candor ana we
commence by saying candidly that we
do not know whether 70 does or not. and
Il is not possible to ind out. All that
We can affirm with certainty IS that the
labor cost for Producing a metal or any
thing else is the starting point Of its
value and FOR fixing price upon it. II,
therefore. there were nothing but the Ia
Dor to be brought under consideration II
would be fair TO say when we lind an
ounce OF gold valued tn the market thirty
times as high as an ounce OF silver. that
II took thirty times as much labor 10
produce an ounce OF gold as II took TO
produce an ounce OF silver. But that is
not all that is 20 be considered The
state OF tho demand for silver and gold
IS also to De taken into consideration. II
the demand FOR any article. money metal
or other, Is good iabor win receive fun
recognition IA the valuation OF the article
flt II the demand is slack. labor win
have 10 reIlnqulsh a part Of it's Just claim
and take what 1t can got.
We know with certainty that 1t takes
more labor 20 dix an ounce OF eoid out
of the ground than IL takes TO dig out
an ounce or silver. and any d0ubtcr can
ascertain this TO DO trao by trying H.
We also know with certainty that meth
Obs OF taking silver from the ground and
reducing 1t hayo so improved within the
past twenty years. aud the yicid Of the
mines has 50 increased in that time. that
the same amount OF labor win Yield far
more silver to-day than il would ylcid
twenty years ago We also know GER
tainly that We should not value gold and
silver any more than we value wild
flowers II gold and silver were scattered
over tho face OF the earth and could
DO had for the picking OF them up.
When these facts are an considered
together We are bound TO admit that
labor plays most important part In
determining the price that viii be set
upon each metal when II has vcen pro-
duoed. and they Justify us IN saying that
labor Is a, the bottom OF the value Of
each.
But thing Is not going TO be valuable
merely because II has cost labor. You
may expend your labor in producing
ast nahadx wants, and. therefore. "