The times., 1897-08-29

bate OF the bimetallic question, oral or
written, of the past few years. Although It
must Dc patent to the agents and eXponents
of the gold standard fallacy both in this
country and Europe, that they have an in-
structed and educated public to meet in ar
gument, it is evident that they consider the
same ol,! pawn5roking and book keepin al
gumeDts, with which they We're able to befog
the citizenship Of the United states twenty
years ago, plenty good enough for present
purposes
We are not sorry that they do so. 1t is
the easier TO meet them; only 1T is matter
for regret that they should not, sUtns-
times, ascend to a plane of logical argu-
meat, ana permit their opponents to en-
gage in something Ike discussion on in
reIligent and logical propositions from .heir
side. Bot they do not do so, and the neces-
sary inference is that they are driven u
sophistry, fallacy and mis-sta tenent be
cause they have not. and know they hase
not, anything better TO offer.
Thrs in Sound Money Monographs, !"
embracing things published by the author
from 1892 TO 1897, Mr.. William c. Corn
well, president OF the City Bank of Buffalo.
gives US views OF national conditions and
policies, which, no doubt, have been ap-
plauded 10y the customers OF his hank. but
which are not particularly interesting 10
the country at large; because there is not
a Senterce in the book that suggests an
original idea, nor one that has not been
reiterated firue and again by Mr.. Henry
cIews and other New York bankers, In the
first instance. and very much more often in
an initiative way by provincial authori,
ties Ike Mr.. Cornwell for the benefit Of
their home constituencies.
Merely by way OF compliment to the
publisher we will observe that the initial
page Of the look serves as an index OF the
financial pabulam it contains. Mr.. Corn
well says that, following n great victory.
for national integrity and honesty, 1t is
natural for our people to expect an indus
trial revi, al" Why such a thing should
lie natural when the very conditions and
tendency OF the victory was TO enhance
the enchsuge vaIne of money, and continu-
ously to send down the values of all things
for which money is exchangeable, is some
thing that the author does not answer, he
cause it is nanSwerabe. ''That this
prosperity ''does not come promptly is
because we are not favored freely with
in our securities, and the reason for this
hesitation of foreign capital is that the
silver question has not been finally set.
tied, anc permanent gold standard made
secure beyond doubt
Without stopping 90 discuss the evident
intention of Mr.. Cornwell, to assume that
money susceptible OF investment in ''our
securities" s"-things for which the national,
State, or municipal power of taxation is
the pledge-is the only form OF capital.
let us remark that, otherwise, he will do
well to 20 20 school 1t is only necessary
to remind him, and any OF our readers who,
perchance, may need such d reminder,
that, before the demonetiZatiou or silver,
when goods and wages commanded their
normal return, and the American people,
consequently, were prosperous, there was
no need 30 solicit, beg or worry about for
eign investments.
Wher every legitimate enterprise on this
continent was susceptible OF successful
operation, because the prices of all products
were advancing, and the value of money
correspondingly depreciated, there was a
rush both on domestic andforeign accountto
change money into the form OF in yestnent
III business and development enterprises.
When gold contraction came the conditions
changed They will remain as they are and
have been since the panic Of eS3, until the
money Of the Constitution, once more has
been restored TO the American people
New York: G. P. Putnam Sons. Wash
In Gton: Brentano)