The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1896-11-03

up the price Of gold9 Like France and
Germany, we have closed our minis to
free silver coinage. When we did so,
we we're on a paper basis. B~eforespecie
payments were resumed we had re
sumed on a considerable scale the coin
age of silver out of purchased bullion.
This operation we continued until No
vember 1, 1898, the date of the purchas
ing clause of the Sherman Act. Since
that data there has been no market at
cur minis for silver in general. TEE
whole monetary demand of the United
States has fallen on gold alone. And
what he's resulted2 OF course silver
has gone Gown and gold up.
But it is urged that the United States
was not alone in diccarding silver, and
that therefore it would not be safe for
it to attempt to restore silver unaided.
But let US lCok a little into the question.
Our domestic trade is equal in volume
to the trade of all western continental
Europe, domestic and foreign. We
have then a demand for money equal
to the demand of all western Europe.
This great demand we car regulate by
our Independent enactment. We can
open our mint3 to silver and thereby
single handed control the relative
values Of gold and silver as eff sctually
as could all the nations of western
Europe. In other words, the opening
of our minis to silver would make as
great a demand for that metal and,
consequently, have e3 great an effect
on its price as the opening of the minis
of France, Germany, Spain, Italy,
Austro Hungary, Switzerland, Bel
GUM, Holland, in foe of all Continen
tai Europe excepting Russia. And as
we thus gave this great demand to sill
v100T , we would reduce the demand for
! gold, for the increased demand for sill
YER would be, in effect, the transference
to silver of an equal demand on gold
for coinage. If we will then look at
the limited supplies of silver available
for coinage, and at the same time COD
slider the proportionate demand Of the
United States for gold e3 compared to
the rest of the world, it will be quite
obvious that it is within our power to
so raise the value of silver and depress
the value of gold as to aus the gold
price of silver to double.
But, says Mr.. Morton, if we can
thus double by enactment the value Of
silver, why a we not double the price
ofany exchangeable thing. We answer,
if we could by enactment double the
demand for any exohangeable c0mmod
ity, es we can for silver, and by the
same act cut 10 half the demand for
that thing in which we name the price,
we could readily double by enactment
the price Of such commodity. If we
| could not so affect the demand for such
commodity by legislation, of course en-
actment would be powerless to double
the price.
The fat of law can affect price only
go far es it can affect either the supply
of or the demand for any commodity,
unless, indeed, by the fat of law we
affect the demand for and hence the
value of the measure of prices, in which
event we will affect the prices of all
other things in inverse ratio. Thus at
this time the fat of law, by giving an
enhanced value to gold, is depressing
the prices of all things measured in
gold. Reverse the order of this fat so
as to cause gold to d~epreciate and in
versely all prices will Fise.-Philadel-
phia American.
Wnfch The InhoI On a,na,. aananae nsa6