New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-07
est in 1890. and the average rate paid to-day IN
this country is higher than that of any other.
A NEW PHASE OF POPULAR INSANITY.


NEW PHASE OF POPULAR INSANITY.
AS to the cause OF this phenomenal decline In
the worlds prices there is a marked diversity or
opinion. And In prosecuting an investigation
concerning It, the inquirer will first find him.
self confronted with a remarkable mental. rather
than a material phenomenon. which seems to
find en- analogy and antelope in the so-cailed
dancing madness of the Middle Ages. when
many people felt obliged to dance in order to Sc
cure their salvation Namely. the "craze," as 1T
may be legitimately termed that has lately
characterized the people OF the United States in
attrbuting all their recent or present expert
ence Of trouble and discomfort to something
which has befallen silver. That there is nothing
exaggerated or unwarranted in this statement,
Is proven by the fact that nothing like it exists
in any other country. There is much present
disquietude among the masses of England and
Scotland but the price Of silver is not popularity
regarded factor In It, The grievances OF
Ireland still remain unredresssd, but no Irish
Member OF Parliament is on record as proposing
that things may be made better for his people
by altering the relation of silver to the present
currency that crcuates in Ireland or In the
United Kingdom There is no lack of discon-
tent among the agriculturists Of Germany, but
their movements for relief are centred on obtain
ing higher protective duties on the imports of
wheat and meat from Russia and the United
States and increased bounties on the production
and export Of beet sugar. In Austro- Hungary
the predominating theme Of popular interest is
the relation Of the State to the Jews and not
silver. In the Dominion Of Canada, so alike In
many respects to the United States. the interest
of its people in respect to silver is mainly limited
10 an apprehension of evil from unwise legisa
ton on the subject by it's powerful neighbor
In short, there is not a country in the world. ex
cept the United States. where its people are even
much dreaming of changing the existing
personnel of their Governments by reason Of
anything which 1t may or may not do in respect
10 silver
THE PRESENT POSITION OF BIMETALLIsM
There is a good deal of talk about bmetallism
But bimetallism is one thing and free coinage Of
silver another and very different thing. The
former has for its object agreement among
the great commercial nations to common
money value basis on which the commerce OF
the world shall he carried on Free coinage, as
advocated in the United States, has for its object
the carrying of the trade and commerce of
single country on a money basis that none of the
other great commercial nations will adopt or
for a moment tolerate: and which II adopted by
the United States, will practically exclude her
from the roll Of great commercial nations:
Interest in the so-called bmetallism is also
rapidly dying out and will never be again what
il has been because Governments are beginning
10 recognize that the relative future value of
gold and silver when used as money Is going TO
be determined and varied by the merchants or
the world and not by legislation; and the mer-
chants of the world are not desirous OF DONG
that under the existing state of things the COM
nerce of the world-domestic and international
is rapidly increasing and is greater at the pres
ent time thar during any period of the worlds
history.
CNWARRANTFD SUPPOSITIONS AS TO THE
FALL OF NEUTRALITY-SUSPICIOUS. OF
GOLD THEORY.
Granting. as every intelligent person must, that
the recent universal decline in prices cannot be
due to any local agency. but must he attributed
20 some universal influence. it is claimed that
such an influence is to he found in apprecia-
ton in the value purchasing power Of gold
owing to its limited and insufficient supply; and
also that this decline in prices followed the so
called decentralization Of silver in some countries
and the closing Of the minis of other countries to
its coinage. The appreciation of gold (helped by
an alleged enforced scarcity of silver and a de-
cline in price seem. therefore, 10 stand TO eacn
other In the relation Of cause and effect, and the
cause of the advocates OF silver has accordingly
at the outset much of plausibility. But plausi-
bi,y is not proof nor assumption truth. as is
strikingly illustrated by the claim of the Kew
Jasper. pastor Of the first colored church in Rich
mond Va, that the sun do move. and the earth
do stand STILL and who has more OF seeming
facts in support OF his faith than can he adduced
bv the advocates of the gold appreciation theory
For cannot everybody with eyes see the sun move
I'D every morning in the east and move down
every evening in the west? And If the earth
moves nineteen miles every second. as the as
tronomcr bugs tell US would not every moVapie
thing fiy"on it's surface. as mud does from re-
volving carriage wheel? And as nothing does ny
off is il not certain that the earth STANDS sun!
investigation in the case or the heV. Jasp s,
and the advocates of the gold appreciation theory
will however. lead to different CONCLUSIONS
il Is to he noted in the first place that me adVo
cata NJ he latter theory. in stating what tnty
assert to be the truth never express themselves
other than generally In all that has been writ
ten or spoken in support of the gold theory on
either side of the Atlantic-from President An
drews of Brown University: Coin" Harvey.
General Walker. Frederick Williams and Senator
PETER. down to that silly Englishnan. Moreton
Frcwer-no one has ever been able TO name
single commodity that has notably declined IN
price within the last thirty years. and satls1ac-
toriy proved. or even attempted to prove that
such decline due to the appreciation OF gold
And the reason for such default is that IT cannot
be done. On the other hand. not d single com
modify that has notably declined in price within
this time can be named in respect to which clear.
abundant and specific evidence cannot be ad-
duced in proof that this decline has been due to
decreased cost of production or distribution, or
TO changes in supply and demand occasloned
by wholly fortuitous circumstances NOBODY!
furthermore has ever risen to explain the motive
which has impeed the honest sellers OF mer-
chandise all over the world during the last TWEEN
ty-fye wears to take lower prices for their goods,
In the face of an unexamped abundance or capl-
tai and remarkably low rates OF interest except
for one both of two reasons: excess OF supply,
or diminished demand Has any one ever at
tempted TO explain how II has happened that
during the recent period of the fall of prices the
worlds stock of money. and especially OF silver
has been constantly increasing? The Following
question put by Professor Lexis. the German
economist TO those who contend that there has
been an appreciation In the intrinsic value OF
money has. furthermore, never been answered
namely: How is IL possible that the United
States which from 1878 to 1893 issued more Sill
Yer money, silver covered notes, than all the
countries of Europe had issued in like period
previous to 1898: that coins annually and mainly
from the product OF its own mines large
amount of god-S43 933 900 in 1895; that main
tans a circulation of $346 100000 of legal ten
ders (greenbacks) issued for the purpose Of COL