The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1896-09-18
THE GOLDEN ELEPHANT.

1t was not in these later days tnat
the noted logician and economist, Je-
yops. said Il am far from denying
that if the Italian government decide
to carry into effect NJ. Luzattis threat
of buying gold at all hazards, and II
the like course be taken by the United
States and France, not to speak OF
Germany, there might be consider
able disturbance of values for the
time. But is it likely that such pro-
ceedings will be taken by rational
statesmen and rational parliaments?
1t is reuVu too ABSURD to suppose that
ann country aCiU insist upon hdctn9
gold currency at any cost.
After quoting the above prophecy
of the noted Frenchman, which pro
phecy has been so ruthlessly trampled
under foot by the United States in the
past three years, Hon. Chas. A.
Towne, in q speech in the House of
Representatives last February, quotes
another prophecy made in 1917 by the
famous bimetallist, Ernest Seyd, as
follows: 1T is great mistake to
suppose that the adoption OF the gold
valuation by other States besides
England will be beneficial. 1t will
only lead to the deStIuctiOn Of the
money equilibrium hitherto existing,
and cause a fdH in the rdlue Of sitrer,
from which England's trade and In
dian silver valuation will suffer more
than all other interests, grterioHS as
the general decline Of prosperity all
orer the Uorld will be. The strong
doctrinism existing in England as re-
CARDS the gold valuation is so blind
that when the time of depression sets
in there will be this special feature:
The economical authorities of the
country will refuse to listen to the
course here foreshadowed; every pos
sible attempt will be made to prove
that the decline of commerce is due to
all sorts Of causes and irreconcilable
matters. The workman and his
strikes will be the first convenient
target; then speculation and over
trading will have their turn. Later
on, when foreign nations, unable to
pay in silver, have recourse to pro
lection. when number of other
secondary causes develop themselves,
then many would be wise men will
have the opportunity of pointing to
specific reasons which in their eyes
account for the falling off in every
branch of trade. Many other allega
tions will be made, totally irrelevant
to the main issue, but satisfactory to
the moralizing tendency of financial
WRITER'S"
What true picture this is of the
condition in the United States to-day.
Our government is now in the position
of the MAN with an elephant on his
hands" Like the elephant of which
DeWolf Hopper sings, this mono
metallic gold standard elephant "eats
all night and eats all day, and do
whatever we could to furnish him
food his cry is still more hay" The
: hay" however which the government
tai elephant consumes comes in the
shape OF bales of coupon bonds.
Among the specific reasons" now
given is the statement of monometal
lists that supply and demand regulate
the price of all articles, including
gold and silver, and that the demone
tization of silver in 1878 has not
caused it's depreciation in value, COM
pared to the value of gold. If this is
true why is it that gold has risen so
much in price, when in the past ten
VI ars, ending with 1895, the pro-
of gold in the world according
10 the United States Senate Coinage
Laws Report No. 235, page 103, has
exc, led the production OF silver by
$500, 20U00O. The supply of gold has
been greater than that of silver. Its
price would have fallen, had not the
demand for gold been greater because
IF its being made the standard of val
ue. Remonetize silver, and stop try
ing to prop it up to its place with
bonds. Let us have the doub BILE stand
ard, and the bullion value of the two |
metals will again approach each other.