The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-09-15
HOIST BY ITS OWN PETARD.

Senator Cockrell of Missouri was Sc
lected by the Dryanites of the Southwest
10 deliver a speech devoted entirely to the
money question. 1t was supposed that
the Senator would be able to so present the
question that the Republican party in that
region of the country more especially
would surrender. 1t was also the purpose
of the Bryanites to use Senator Cockrelps
speech in all parts of the country for
educational purposes" The Senator de-
Iivered himself of the bargained-for speech
last week at Nevada, Mo-, and the work OF
scattering it over the land is now well
under way. The Senator himself con-
into this proposition:
Aristotle said 1000 years ago: Money
exists not by nature, but by law Money
is created or authorized by law, which
fixes the legal tender, the debt paying
power of gold and silver coins and their
relative values. The laws of nations
authorizing the free and unlimited coin
age of both metals into full legal tender
money at a fixed ratio create an unlimited
demand and maintain their commercial
value at or about their fixed relative coin
age values"
Aristotle made no new discovery when
he found that money exists by law and
not by nature. He stated that which has
always been and always will be fact, but
Aristotle did not say, nor has q sensible
man ever said, the thing of which money
(gold and silver, one OF both) is made exists
by law and not by nature. There is wide
difference with broad distinction here.
Nor did Aristotle or any other sensible
man ever say that law fixed the relative
values of the metals it makes money OF.
Senator Cockrell to the contrary notwith-
standing.
But the most rickety and untenable of
the Senator's propositions is that by au-
thorizing the unlimited coinage of both
metals at fixed ratio their commercial
value would be about their coinage value.
A fat contradiction of the Senator's asser-
tion will be found in every change in the
ratio of the coinage value of the metals
which the nations have made in the past.
1t Is always the commercial value that
likes the ratio. and the law in confirming
the ratio makes the metals legal tender
money. All history proves that when the
law does not confirm the relative value of
the metals as fixed by commerce COM
merce Immediately withdraws and hides
away the metal that the law makes the
dearer. Commerce rejects the idea of a
double standard of money at an unalter.
able ratio.
Between 1905 and 1873 commerce practi-
cally withdrew the silver dollar from our
monetary system because the ratio did not
do its commercial value justice. In 1873
the silver dollar was worth 1O4 cents as a
commercial commodity and commerce
would not permit it to be used as money
Tor only 100 cents. In 1896 silver dollar
is worth as a commercial commodity So
cents and commerce will not permit it to
be used as money for 100 cents-without
the consent of commerce everywhere.
II 1t were true, as Senator Cockrell SAYS,
the debt-paying and purchasing power of
money is given to it by law there would
be no sense in having any ratio of differ
ence in the weight of coins. 1t would be
just as easy for the law to declare that
25.S grains of standard silver are the EQUIV.