The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-30
THAT DROP IN SILVER.
No Demonstration of the FaIIacy of
the Silver Theory Says This
NNriter

To the Editor of the Globe.
If l did not find in the G o be so much
that is in every way admirable l should not
take the trouble to express my surprise on
torial "It Cuts Both Ways What Mr..
Towne said in his silver manifesto l do not
know, for the papers publish very little on
that side of the controversy, but l cannot re-
call a single reputable writer on the silver
side who holds that a changing standard of
value is the sole cause of changing prices
They regard it simply as one cause. And
who does not regard it? That is, granted
a change in the monetary standard, we must
also grant a corresponding general effect on
prices of all goods bought and sold. In other
words, supply and demand remaining
slant, the price of all goods will vary in
versely the standard of value, going up
the standard falls, and down as it rises. They
do not claim, however, that supply and de-
mand remains constant, freely admitting that
the operation of this law often hides the eff
feet of a changing standard, as at present; and
often co-operates with it, as in past years.
When the price of any particular article
changes, either up or down, it may be exclu-
sively the result of supply and demand, or it
may be solely the effect of a changing stand
ard; or, thirdly, it may result from both OPP
Grating simultaneously.
The recent rise in wheat is in no sense
demonstration of the fallacy of the silver
argument. You might as we'll claim that a
rising balloon is demonstration that gravity
does not exist Wheat is rising in spite Of
the appreciation of gold.
1t is a pleasure to turn from the nrSt eQl-
torial to the other editorial columns of the
same issue, where read, what l have
waited a whole week for, that the now famous
section % OF the Dingley act is "a consistent
element of one harmonious whole" Why
should not the railroads share in the general
prosperity? The G b is at its best hold
ing up the millers, the sugar refners and
the lumbermen as making their own prosper
ity. Pillsbury, are told, put his flour
right up to present wheat prices, though the
wheat actually cost him only half present
prices. Lumbermen added 81 to the price of
every thousand feet of lumber in the yard
And the Havemeyers made 81 exchange
for less pounds of sugar. Thus we learn from
the G o b that the railroads. the lumber
men, the sugar refners, the wooden mills, the
cotton factories, the iron industries and so
on to the end, are Selfshly erriching them
selves by Selling on all available helps such
as legislation Divine Providence and human
improvidence Thus they added to the value
of what they possess-appreeiate it. 1 wish
the G O b e would add to this list the money
dealers. According 20 the G o the money
owners are innocent lambs in a wofish world
They do not seem to know how to appreciate
gold Good souls, whose pockets would have
holes burnt in them by appreciated dollarsi
Millers can stand appreciated -four, sugar
dealers appreciated sugar, and lumbermen
appreciated lumber and through the
whole list till you come to the dealer in
money. He is of another a race entirely. To
be sure somebody in 1873 got silver demone-
tized-by stealth just somebody got sec
ton % in the Dingley act. / do wish the
Gfobe would treat lumbermen and money
dealers alike-they both appreciate their wares
all they can. -. w. Ravefll.
late day. the stale falsehood that the act of
1873 was passed 'by STEALTH does not seem
to require any further comment.-Ed.
G o b e.