The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1896-04-04
sTILL. soMEwHAr pERpLExEp


we sincerely apologize to the Weiser
Signal for stating that it had indicated
establishment at our ignorance, al
though it might have done so with
great propriety. However, we were
wrong and hasten to make the ameJde
honorable. 1t admits that in its judg.
laent the silver miner is not a great
sufferer in consequence of the depreci-
alton of silver and that his profits are
not materially effected by rise or fall
of the metal We take it, then, that
the silver miner is not peculiarly inter
ested In the restoration of silver and
that active silver mining operations
are only deferred by the ignorance
OF the mine owners as to the real
situation and fear of combina.
lions designed to enhance wages.
Probably the Signals views are cor.
rect; we do not know, but we never
looked at it quite that way before. In
answering our inquiry respecting the
Gresham law, the Signal says: "The
substance of the Gresham law is that
bad money drives out good" We do
not understand the Gresham law to
mean exactly what the Signal states.
The way Thomas Gresham himself put
it to Queen Elizabeth was like this:
when two sorts Of coins are current
in the same nation, Of like value by de-
nomination but not intrlnsically, that
which has the least value will be cur
rent aud the other as much as possible
will be boarded" The Signal seems to
admit that silver can be produced, at q
profit, for s. cents an ounce; that is at
u ratio Of about 30 to of gold, at pres
ent prices. We simply desired to know
whether or not in case of free coinage
Of silver at legal, or UNCONVENTIONAL,
ratio of 10 to 1, the difference between
intrinsic and denominated value would
not dispose people to hoard gold. The
signal win remember that when in
1899 the double standard was adopted
by this country on recommendation of
Hamilton, the ratio was fixed at Is to
], because as nearly as could be ascer.
iained, that was about the commercial
ratio. 1t soon appeared, however, that
gold had been underyalued aud pres
emily 1t became very scarce and by 1917
had wholly disappeared from circula-
iion, Then arose strong demand for
a change in the ratio. It will be re.
membered that Thomas II. Benton was
u leading spirit in the effort to recover
gold. It will also be remembered by
the Signal that along about that time
there was great increase of produc.
tion of gold In. the southern states and
those states demanded an increased
valuation of their product; that is they
wanted protection, the same as some of
the silver producers are now said to
want it, Well, the ratio was changed
In 1884 to about 10 to and then silver
began to disappear. The country prac-
fically went to a gold basis in 1884. 1t
has been there ever since. We simply
desired to inquire Of those who have
deeply studied the subject whether or
not the free coinage Of silver at this
time would be likely to put the country
ON silver basis. The Signal seems to
think not and appears to believe that
with free coinage silver would at once
go to Sl,29 per ounce. Probably it
would. We can not say as to that, but
admit that the why of it is not quite
clear to our mind. In former times
when the country had free coinage of
both metals, 1t seems that one or the
other had strange habit of disappear
ing according to ITS commercial value
and without much respect to the value
put on 1t by legislation. There are
funny things about this money cues
ton. In 1892, one ounce of gold was
worth only l01S ounces Of silver. In
100 silver had fallen relatively S8 per
cent. Yet there was free coinage ali
over the world. In 1893 silver had fall
len 3 per cent more, aud In 1918 it had
dropped another per cent. Yet there
was free coinage from Dan to Beer.
sheba. We desire to know what influ.
ences are at work now that were not in
operation then touching this particular
subject. Now, we should like to ask
the Signal why bankers should favor
the gold standard more than any other
CLASSY