The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1897-08-27
STILL AFTER PRESTON.

MonometaIitsm will Fail of lts Own
weight Before Many Years-Th. Tenn
porary Conditions of To-Day or To-Mor-
row Will Not settle u Question So broad
aud Cniverssi.
WAsnISGToS. Aug. l2.-The recent
interview given out by the director
of the mint. Col. Preston, has brought
upon that gentleman much criticism
from the republicans a. well az from
the democrats. Senator Chandler. OF
New Hampshire. one of the leading re-
publicans Of the country. takes occa-
sion TO rebuke this bureau official for
his remarks about the future of silver.
In a letter addressed to the editor of
the Washington Post, Mr.. Chandler
says:
II think the progress 81 the depreciation OF
silver ought to expedite bimetallism as a means
of preventing the full realization OF the injuries
which mankind must suffer II all commercial
nations OF the world are 10 continue to move
toward and are TO fully and hnally reach and
permanently adopt gold monometallism-
"One OF the most important facts | have
learned In connection with the study Of this
question is that the progress Of great economic
changes Is very slow. and that the effect OF the
characterization Of silver by the nations which
began IN 1914 was only partially felt during the
~ ycais prior To 1893. in which te Indian minis
were first closed TO silver. and that such effect
has been by no means fully realized at the end
OF the four year, since 1893. This slow propa-
CATION OF the result of economic shock IL clear
ly depicted By Prof. Francis A. Walker In his
work on bimetallism.
This point IL "a most important IL not a vital
one. III the complete results OF discarding sill
yer. which lower prices and thereby hinders
trade, have been already reached. and no future
injury from demonetization Is TO be apprehend-
ed. possibly the world may be held to the single
gold standard. But IL the tendency of the last
~ years TO q fall Ia prices, caused. as alleged,
BY stopping the coinage Of silver. is much longer
10 continue TO prevail, the nations OF the world
can not be held 10 gold monometallism. The
renewed coinage OF silver will be irresistibly
decreed by uncomfortable popular movements.
The temporary conditions OF to-day or to-mor-
row will not settle a question so broad and uni
yersal as the issue between the new gold mono
metallism anu the old bimetallism.
Under present conditions. IL Is not strange
that silver continues 10 fall In market price.
There Is no longer any demand for the
metal To coin into money; so every year
a. O.0O.VOO worth tat the rate OF l5i to u
must ind its way into use in the arts, and
la ad II ON, the price is threatened by 5000
0Oo,0v worth Of silver now constituting tn,
worlds coined silver. but which is likely TO b,
precipitated upon the market as "a commodity
not needed for money. IL IL is only money. be.
cause II must be redeemed at all times and
plac S in gold. Paper money will be as good
and even better, than silver. II the latter is moi
TO he al complete money as Is gold. II there l.
10 be no retrograde movement towards remone-
tization. silver will inevitably fall until IL COM
mands oaly it, pr4ce a. a commodity TO use iI
the arts. Where the lowest price will be nc
man knows, anu no man can ascertain.
But there Is no argumclt against bimetal
lism. The principal value Of both silver and
7 pnIH fc 1arfNa1 from, hn4F ne hy the nations ne
money, and the principal argument in favor OF
the remonetizatiOl of silver u derived from the
continuous fall in the prices OF commodities
since 1873. greatly accelerated since 1888.
THAT prices are still falling can hardly be
denied. The reference To sporadic rises in the
prices of certain articles Is not "A fair argumen
For special reasons particular commodities Will
rise. even when the genera average Of prices
Is downward: as wheat. when tn ere Is a fam
Inc IL Ind or short crop In Europe. The BIZ
m~etalli-t argument II based ON the general fall
In the average prices extended over "A period OF
years. Mr.. Wharton Bankers table. reprinted
IN the American OF Phila lelphia. dat Il July IL
gives his index number based up IN the price,
since 1891 OF 100 articles in comm N use. In Jan
uary. 1871, The quantity was ascertained whtcl
could be purchased for 800. Since 1891 tn
number Of dollars necessary TO purchase tn
same quantity has gone steadily down unit
IL reached. July !. 1897, the figures xs5.S
There are notable rises during che period OF sL
and a half years. including that OF wheat an,
other food products between October |, is9t
and January 1. lsgs. but the general fall Is frou
iUU to s533
M. Sauerbcck's index numbers are made b.
taking the English prices OF d leading com
modities (see the London Bimetallism for Oc
tobcr, 1851. since 1877, starting with iW at tina
date. The figure goes variably downward unit
1t reaches g. In January, 1897. the last number
have b ing 81 for April. 1897.
THAT the various index numbers clearl,
provs /. general fail in prices since 1871 Their
can be no reasonable Doubt, and evcryon'
knows from common observation tina
real estate and machinery have fallen a
the same proportion. The consequences O
these conditions are depressing. as an
manufacturer will testify who in lsss had 500.
00in property and owed $4,000. but who nov
finds himself with only 10000 worth OF prop
erty and still owes the 4 1000. II. a. Mr.. Bsr
ker claims. the fall in values has been % pc
cent in the last six years, and is still progress
Ing. The blneful effect upon the merchants 1
Understood 10y all thoughtful persons.
THE fal Of silver Will not lessen the presen
or prospe tive woes from monometallism. /
only poin, the moral OF demonetizatian Tn
god price OF silver falls. and 50 falls the price
OF all other commodities. Such a TALL 1
the prices OF the nccessarics O
life is beneficial II n comes fror
natural causes. but is Injurious. accordih,
to all political comm snts. II II results from tn
canoe lation or destruction OF the money OF tn
world. which Is the measure OF values. II thi
Is wrong and society has been progressing IA
20 wears. IL will be wise for the free citizens G
America. who can accomplish results by vote
TO BERN the inquiry anew now that the tart
question passes out OF sight for atime). whetf
er the work Of remedying the wrong ougt
not soon to begin. This question is not
be answered alone by the money lender
- 49, - A.Al AA...A Al IL.
in the community VIII study 1t and will reac
and act upon their conclusions. l should /
glad " I could think the. question had disaI
peared for the reason that silver has gone dow
in price every where because demonetized. mr.
wheat has gone up everywhere because OF
shortage OF crops In various countries. But
the question really gomez Let US not be u
cure. but make inquiry"
Marriage.