The Topeka state journal., 1897-10-23
SECRETARY GAGE AND COLO.
MEL WHITLEY.

Col. H. C. Whitley of Emporia and
Secretary Gage. have revived the issues
of the last campaign by entering into
controversy. Mr.. Gage seems to have
started it by calling Bryan a sOphist in
a published article on the currency
problem The secretary quotes from
Mr.. Bryan the following paragraph:
1T is the contention of the bimetal-
lists that the opening of our mints to
the free and unlimited coinage of silver
at the ratio of Is to 1 will fix a mint
price for silver, just as mint price is
now fixed for gold. They further con-
tend that the demand thus created by
law will be sufficient to utilize all the
silver presented, and thus the bullion
value viii be raised to the coinage val
ue."
He then says: Mr.. Bryan as usual OBJ
scures and misleads the unthink
ing and even those who are noe
specially qualified to analyze ana
detect his sophistications are Ia
bic to be confused. Let US exam
ine it carefully. In the first place there
is, properly speaking, no mint price for
either gold or silver. All that the mint
does with the man who brings to the
mint a certain number of grains of un
coined gold is to give him in return the
same numbersOf grains in coined gold
less enough to pay for the metal alloy
used by the mint in coming it.
Col. Whitley answers this as follows:
Technically speaking, the mintage of
metal gives it no additional value, yet
the law that authorizes the coinage of
a metal makes d fixed amount of it a
legal tender dollar thereby creating a
demand not only for the coin but for
the metal from which it is made. It is
the coin not the metal that controls
Mr. Gage sets forth that the demand
for either gold or silver must be out
side of the mint and by inference
argues that the stamp or mintage of
metal has nothing to do with it's value
commercial nIITnOSRG IT is this
fallacy that brings us down to the milk
in the cOcoanut and the true question
involved in the use of metal as money.
If the free and unlimited coinage of a
certain metal increases it's use it must
necessarily follow that it's value is en-
HANGED thereby. If it is the metal con-
tanned in the coin that fixes the value
of money, then Mr.. Gage is right. If it
is the law that gives piece of metal
additional use, then it is the law that
governs its price. In short, does the
metal give value to the dollar, or does
the dollar give value to the metal2 If
it is the metal, what is the use of Civ
ing it legal tender powers and making
it a finality in the adjustment of all
governmental and commercial trans
actions2 The law determines that a
piece of metal of certain weight and
finenesS shall constitute a dollar, and
IevfeS a tax upon the property of the
people and demands payment in these
same dollars. Thus, money becomes a
.cOmpulSiOn of law. Now, as a piece of
metal bearing upon us lace ltllS lEBdl
token cannot be used for anything else
while acting in its legal capacity, what
difference does it make whether this
token is made of silver or gold? Every
body understands that the scarcer gold
is the more limited the dollars; and
that the scarcity of dollars increase
their value when measured by 9TH
er property. Gold, being measured by
itself, is supposed to neither rise
nor fall but this is a great mistake.
and no person is better acquainted
with this fact than Mr.. Gage. our sec
retary of the treasury. If bimetallism
is not the best thing for the American
people. why is it that the present ad-
ministration, like others before it,
have sent commissioners to Europe to
obtain the consent of foreign govern
ments to the use of both gold and sill
yer as legal tender money!"
1t is not our wish to get into the
controversy going on between these
two worthy gentlemen. We wish to call
attention, however, to a condition which
both seem to have overlooked. The fact,
as it exists at present, is that there is
mint price for gold, Mr.. Gage to the
contrary Notwithstanding. The man
who takes gold to the Bank of England
will get in return for it Immediately in
money a price fixed by law.
Though there is no such law in the
United States, the holder of gold bull
lion can always get it's equivalent al
the treasury in cash, at a never vary
ing price, and if the treasury happens
to need gold, he can get any kind Of
currency he wants. He is not cOmpell
ed to take gold coin
The mint, therefore, is a market a
which gold can be sold at any and al
times at a price which is fixed and new
er varies.