The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1896-05-28
GREAT INGENUITY
OF GOLD STANDARDITES ADJ
DRESSING THE EDITOR"
Inc Editor of the National BimetsiIIst
Afforded an Opportunity Of Reform
inS Deiuded Correspondents some
UnassaiiAbe Truths.

iioiio"luS assertion. The re-ODeuin
of the American mint TO the whit
metal would certainly increase the ds
mand for il. and just as certainly rails
It's value In this connection. pleas
answer the question: Is there. now. o
has there. within the past ten years
been anyone in the United States deslr
ing coined silver who could not get al
ne wanted OF 1t. IL he had anything o
com mercial value with which 10 buy IL
Again. has there not been more coinet
silver IN this country than there ha.
been in circulation. and which could
nave been in circulation. il anyone
would have bought il and put IL in cir
culafion, Again. can anyone ge,
coined silver without being able 10 buy
v! Yours truly. y. AUSTIN.
II The ingenuity with which those three
questions are framed are suggestive OF
an acute mind. They are smooth.
plausible and even subtitle Their weak
ness lies in the fact that they rest up
on an immaterial basis. All OF them
can be safely answered in the afirma-
tive for they fail TO reach the substance
of the issue.
II is true that during the last ten
years anyone desiring coined silver
could get II he had something OF COM
mercial value with which 10 buy it. But
the same is true OF every form OF our
money. II is true under all monetary
systems. and in all countries. Even
In silver-standard countries. such as
India. man can buy all the gold he
wants. If he is able 10 pay for it. But
he must give just about twice the quan-
tity OF commodities that would have
been necessary twenty-five years ago
very nearly the same condition exists
here.
Our silver money has been coined on
gold basis, and as gold has risen in
value. every other form OF American
money has risen with it. until now. at
wholesale, the prices of our great
staples are about one-half what they
We're In 1873. when the gold standard
was adopted. In other words. il takes
twice as much of those things having a
commercial value" to buy a dollar.
The second question involves much
the same idea. There has been more
coined silver in the country than has
been In circulation, and more of il
might have been put into circulation
II people had been prepared TO buy II
But there has been more OF all kinds az
money In the country than has been in
and so il is in every country
mere is always some money lying idle.
whether the aggregate amount is large
DR. small.
IL nine-tenths Of our money were 10
De wiped out OF existence. there would
continue TO be idle money. Prices
you'd drop lower and lower until they
adjusted themselves to the smaller sup
ply. and there would still seem to be an
Excess. Those who were fortunate
'nough 10 have any money would cling
Q II more tenaciously than ever. espe-
Tally II IL were rising in value as II has
'een during the last twenty years. 7,
would be more profitable to hold than
o sell.
Inc TACT that large sums of money are c
eady to be loaned on gilt-edged secur- I
" al 3 per cent interest furnishes the .
rongest possible evidence that busi-
less is dull-that in active. industrial !
eh'ures. profits are low. Such condi- z
ions naturally accompany falling 4
rices, because the profits OF Industry +
re necessarily derived from Tho Il
prices OF the commodities produces {
r handled. A low interest rate does
OF prove that money Is either abund- 81
Mt or cheap. but directly the opposite a
proves that the owner would rather q
etain its ownership and part with ifs II
Sc temporarily, than to sell II. ius, "
the owner OF piece OF real as,ats X
a favored locality viii sometime. II
'ase IL for mere song. but If asked ~ u
I'll II. he demands an exorbitant price q
e is holding il for rise. vi
30 with money on the up-zrade-w. it
IN borrow 1t al low rates ION safi-s,. in
'ry security. and paying lntcrss. 4 III
ie same approaching money!. bu. or
e attempt to buy IL. We find ii 81 dca 7e
to be almost out OF reach.
The last question scarcely rceis
lswer. OF course no che cen ~ =
'inei silver without paying fcr /. -
here are, in fact. very few tai.rE th.
can get without buying them h 81
ay or another. But when wheat AL. !,
On and other commo Titles arc abunE \,
x, they are more easily bought NJ. ~
nen they are scarce The same rri lth
plies to MONEY when abundant II IL,
cap. when scarce II Is dear -
The trouble with tie exiEti-r gitrg n,
m Is that money adjusted 10 Il
indard OF gold Is too dear. Tha e. Y,
nsic nature OF gold Is jrst the sam
Ii was twenty-five years arc. So
? intrinsic nature OF wheat and cot
4 and petroleum, and every Otht
that is sold in the mafne.
L as before stated. IL takes twice
lea OF these commodities TO bHv q
rem amount OF gold or any othn T.
'ney on a gold basis. nm
)f course the idea which orr cr-r 'in
,ndent suggests. is that no more s.l "
7 coinage Is needed. because va haV NJ,
used all that has been coined. fip tr
could just as logically make Ill Ma
ne argument with reference to XII VIZ
During the last fifteen years the aver }.
amount Of gold lying Idle has boz IN