The times., 1897-07-31

whose material good ever viii lie subserTei
by the c0ntToI of all natiaial and inter.
national activities for It's olsn ends
Formerly any ancient faiiacy borrowed
from the philosophy OF tile FIRST English
Rothschild's man Ricardo, or from otilers
bTobing economists, was good enough To
| settle questions of financial policy. eS-
change oT The like 1t is SO no longer
Yet the gold interest never Learns any
thing To this day it refuses to recognize
| the spread OF politico-economical science
and knowledge among the intelligent
moiety Of mankind. and persistently serves
up tie same old dishes of heresy and
| sophistry, rs If the public were as dumb
oil the subject Of finance ass unfortunately,
Il was matter of twent years ago Day
before Yesterday. the London Globe, com
rnenting on the recent fail in the gold
price of silver, which has been fully ac-
counted for on other grounds in these
columns, said:
4
yield could mol Tail TO Increase the value
of silver. NhRn California and Australia
! poured their auTiferCus riches into the
| market, silver, ike AL other commodities,
acquired an enhanced valBe. But the
United States then had no orcrfnuldtlCis
| or the white metal, whereas NOW these
! have become 70 eIornous that silver sales
| can only be effected at a sacrifice.
/ This weeks collapse would have hap
| pened some time back bat for the coil
| IlnnoUs purchases on japanese account.
a tsf4N sod ssn
ln,na are supplied. " hat steps the Ar5eFl-
/ ian siigeIit-s VIII proiCSe tn c0unlefati
\ this dissikt nous state or things remains
10 fse seen. Their altitude Is SPECIFIC
threat SO 1RTnpeT with the pHrrrBcg.
President Mckinney possibly fCresee-
ing an attempt or this soft, mas given on
rItIphauC warning that q e viii be no party
10 Sur4l pcriiouS work. ft is fortunate that
the 4 Ntisa InlEts are csssca. ether lSe ttlc
I L. The cDin keeps It's value remarkably
well, and AZ America cpa-eS To fCrce the
silver rnErEtts thererna ile aniIHTr 0r elneat
soon
Could an Ft hing letter illustrate the con
tempt Tor popular knowledge entertained
toy representative organ or the London
gold power Let uE see what this non
sense. canlec o~eT the ocean for the in
EtructiOn or American silver natives,
amounts to;
An augmentation OF the worlds gold
yield supposiRg it TO be an important
and visible Auementa alton sufficient to
raise prices generally not fan TO
increase the value of silver or course. it
could not. Gold is commodity like any
other. III 1t becomes plenty In relation
10 other things for W hlch il is exchange
able, it's value relatively 10 them de-
preo4atee, and theirs. including silver, ap-
preoiates. That is an axiom and need not
he further discussed.
when California and Australia poured
their auriferous riches into the market
Eilyer, like al other commodities acquired
an enhanced value" says the Globe,
and therein tells only half the truth. In
those days the leading commercial nations,
Great Britain alone excepted, were on a
bimetanto basis. while Oriental countries,
Mexico, Central and South America, were
on a silver basis. The addition OF a large
volume OF money TO general circulation. in
the form Of gold, enhanced prices, berause
it made neag-y plenty compared with other
things in exchange; and silver, being freely
coined into mopey at the ratio OF 10 1-2 or
16 to /. WAS in active demand fos coin
age, besides being for the time the scarcer
metal. In addition to this, the flood OF
gold made fortunes, excited speculation, led
to higher scale ofIiving everywhere, and,
as an incident of the creation OF new oI
in an enlarged, and very much enlarged,
demand for the art and luxury produc-
tions OF Eastern countries. All these. being
strictly silver countries, corr espondingly
enhanced demand came for silver witt
which to effect Oriental exchanges. Thus.
in the period " flen Californian and Aus
traIian gold production was at its zenith
silver, then quite as much or more than
gold the money metal OF the human race
was honored and reyerenced as sorBething
having intrinsic value equally with Its
rival, and even nlittle more SO. The money
powers OF Europe began to look upon ii
ns the single st andard OF the future, and &C
accumulate it. If the gold output had con-
tinued at the volume IL averaged between
1850 and 1860 or 1 S65, it would have beer
demenetized if possible, and silver. the
rarer metal, substituted in the interests OF
the bankers History tells us that the
Rothschilds and Others of thatilk seriously
contemplated this movement al one time
! and only abandoned the idea because gold
production fell off,
The Glohe Observes that ''this week
collapse would have happened some tim
back but for the continuous purchases OF
Japansse account" We have shown tina
the collapse occurred in consequence of tn
!, certainty that comparatively little siive
= make exchanges with wheat producing
silver counties, the Indian crop being IN
= important and that Of Argentina ant
i, otl ers promising an important shortage
:, We have demonstrated that, for the sam
reason, while silver had gone down, Amerl
r can wheat had gone up. Tile proposition
simple and comprehensive one.
/. The Globe concludes in most dii
tressingly foolish fashion. 1t says; 1T
. fortunate that the India nliIts are closed