Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1897-08-27
Why Silver Has Declined.

Goldhug papers are rejoicing over a
further depreciation of silver, and the
reason given for it is that same old
chestnut oi vcr-proLucti"n.
Would it not he better to tell the
slnri" trnth and rely upon some other
means for aiding those who are making
such strenuous efforts to maintain
their corner on gold? Would it not
he best to candidiy acknowledge what
has caused the disparity between two
metals that as coinage have travelled
side by side, without material varia.
ton in value, ever since our govern
ment andits currency were established,
until the white metal was deprived OF
its fundamental function As redemp.
ton money? l. there the shadow OF
truth in the intimation that silver has
suddenly become so plentiful as to
justify the remarkable decline in its
value? By no means: in fact the re.
lative quantity of the two metals, il
that is to be the basis for determining
its value, has been largely in favor OF
silver, for no Klondike nor Coffee
Creek, nor astonishing strikes in Peru
have augmented the supply of silver
bullion, while the 22-foot cube, which
represents the discovered gold of the
world has grown very perceptibly by
the addition of the coal-oil cans full
OF nuggets sitting around the miners
cabins on the Yukon, to say nothing
of the 1O0-pound sacks of "dust'
slowed away under their hunks, washed
out 81 900 to the pan, awaiting some
sale means of transportation to the
vaults provided for the favored re-
demption metal. That four govern
ment war-ships were detailed by the
government to convoy vessel carry
ing four tons of this precious freight
down from st. Michaels gives an inn
preston that these stories of unprece-
dented yield of the yellow metal are
not overdrawn.
Now if it is an increased production
of silver that led to decline of its value,
why does not the same rule apply to
the other metal? Why is it that the
equilibrium between the two metals,
which has hitherto been acknowledged
to be SO delicately adjusted as to be in
fluenced by feathers weight, should
all at once present a paradox in at
tributed results? The answer is so
plain, the cause so real and the result
so apparent, that we wonder there is
anybody to dispute it.
The precious metals, like everything
else, are subject to the rule of demand.
Wheat is now dollar bushel, and
why? Because the failure of certain
foreign crops has caused demand for
that product, just as the denial to sill
yer the chief function of money, the
lawful right to perform the function of
redemption currency, has made gold
perform double duty and this service
is SO great, the demand for debt-paying
money so large, that the yellow metal
has climbed to $50 premium when
measured by all commodity values.
1t will be seen, ON reflection, that it
is precisely the same law Of cause and
effect that has sent wheat to a pre-
MUM upon the price which prevailed
during normal conditions, the extra
ordinary demand for gold all over the
world to make it fill alone the place of
redemption money.
Suppose that gold should be de-
prived of the function created by law,
making it the standard of all values
and legal tender for all debts, and
something else should be vested with
those qualities. How long would the
scramble for gold continued What
use could be made of it that would
render it more valuable, ounce for
ounce, than silver?
The continued decline of silver is
the result of the persistent warfare
made against it, armed with the pow.
erful weapon of Law. In all conflicts,
it is the weaker contestant that goes
to the wall. just at this time a cul-
mination is Seached in a long train of
events that have been directed against
the white metal. The apparent vote
of the people of this country for the
gold standard, the adoption of that
standard by Japan, the unfavorable
reception by other nations of the prop
osition for a bimetallic conference,
have aided the money kings in their
selfish and persistent effort to keep
the redemption money of this and
other countries 80 circumscribed as to
enable them to reap unhallowed gains
from all investments. This is the
whole matter in a nutshell. It is bold,
determined, ruthless warfare against
silver, waged by the moneyed power
that is reducing it to a bare commod-
ity, subject to all the vicissitudes of
trade.
The FAILURE OF CROPs.-An in.
quiry into the crop conditions of Eu-
rope, made by the Judd-syndicate of
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