The Black range. (Robinson, Socorro County, N.M.) 1882-1897, 1896-05-22
A eoLu-suo coRNEReD.
van Street Gold Organ Undertook to BE
TOO Ipquisitive-

ffesldent W. u. kaoul, OF the MeXl-
can National Railway Co, has succeed
ed inextracting some very remarkable
statements from the editor of the New
York financial Chronicle. 1t was like |
pulling wisdom tooth, but President /
Raoul applied the forceps of common
sense, and the teeth had to come.
Evidently the editor of the Financial
Chronicles plain, blunt man, unused |
to evasions There must be diplomacy
in discussion, especially when yoa find |
yourself cornered. For this purpose
evasion has developed into fine art.
The Chronide attempts to employ it in
replying to President Raouls ques-
tions but makes great mess of it, and,
finally, throws upits hands, falls down
and practically admits the force of the
silver argument, and gives its whole
case away, as we shall show presently.
The Financial Chronicle, it may be
we'll to state, had stated that "f free
silver coinage by the United States
alone had any effect upon the price Of
silver, it would be to depreciate its
gold value" Starting with this postu-
late, the editor blandly invited ''any
friend of silver" to show where he was
wrong.
In response to this complacent chal-
lenge, President w. G. Raoul, of the
Mexican National railway turned the
searchlight of inquiry on the editor Of
the Financial Chronicle, aud asked
him to answer series of questions
After examining these questions, the
editor saw at once that they were of a
very troublesome nature, and so he sat
him down at his desk and asked Mr..
Raoul to relieve him of his promise
But Mr.. Raoul insisted, and conse-
quently we have in the current issue
| of the Financial Chronicle the attempt
of the editor to answer the questions
put to him.
We shall quote one or two to show
how the editor crawled into a corner,
and then we shall give the remarkable
statement in which he knocks out the
underpinning of the gold-bug argu-
ment. Mr.. Raoul's first question is:
"Is not price always relative to supply
and denand?" The reply of the ed
itor-and it ought to be framed and set
apart-is: "If by always you mean
| generally, we would say yes; if you
mean always we would say no." 1t
will be seen that the editor is begin
ming to get uneasy.
Mr.. Raours next questionis: SIS not
the demand for god and silver from
two sources only, one their use in the
arts, the other their use as money!"
The answer of the editor-and it is
worthy of Eli Perltins--is: mo. Sill
yer is commodity now, and under the
low prices its uses have widened.
Moreover, you will have to include a
speculative demand. This was q very
important and controlling feature OF
the market in 1889, 1890 and 1891. y
This is the very essence of evasion.
The uses of silver have widened; but
when, and where, and how2 1t is "a
commodity now," but what made it q
commodity? Legislation, of course
and, consequently, it's fuses have wild.
ened;" and as sits uses have widened,
it has continued to fall in price But
apply the same formula to beef or tc
wheat. TO widen their uses" is II
make them cheaper; to Increase the
demand for them is to lower theil
pricel Did anybody outside Of The
neighborhood of Wall street ever heaI
r of such reasons? Did anybody, excep
, the editor Of the Financial Chronicle
Q ever have the hardihood to put sucl
nonsense into print?
8 This is enough to show the ridicu
lous nature of the Financial Chron
1 icle's answers to the blunt, practica
r questions put to it by Mr. Raoul. w,
= now come to much more importan
/ admission that the editor of the Finan
! cial Chronicle has been compelled Il
+ make. Question No. 7, as put by Mr.
e Raoul, is in this form: 'When we Sc,
e that the price Of silver has fallen in
e stantly with every legislative ac
limiting its use, notably and lastly
the closing of the Indian mints, upol
what theory do you predict its futur
AdAL upOA AOS ioiobANO OhoSbAhSAV VI
lsrging its use?i
The reply of the Financial Chronicle
remarkable as it may seem, is that
while we are on gold basis, and ou
mints open to the free coinage Of gold
y yet all the gold afioat does not go &
the mint" and that "silver bullio
will be turned into dollars in obedienc
to the same principles and influence
n that gold is now, and only when tn
! owner of the bullion finds that to b
' the more profitable way of disposin
a of his product" Continuing, the edito
II of the Financial Chronicle squirms i
II this wise:
n "Does any one imagine that with tn
,r price of silver in gold one-eighth Of
cent or any smaller fraction higher, i
relation to commodities, than silve
dollars are the mints would get th
bullion for coinage? Or take the MOI
etary conditions as they rule to-da,
' Currency is drug. If the countr
was on silver basis there would /
| - da,nand f0c -, o~o es1ua~ do1lo~a