The Emmett index. [volume] (Emmett, Idaho) 1893-1925, 1897-02-20
CHAPTER ".

undivided attention to the son, part
ner and companion. Prejudices had
been laid aside. and those listening
were weighing fairly what the advo-
cate said; that he had made an i'm
preston was not to be questioned. lie
had read no authorities authorities
that might be disputed by some other
nufhorty-but had appealed solely to
reason. He had used the instrument
OF intelligent warfare that has been
used In all reformatIons for breaking
down dogmas that have enslayed the
minds OF men.
Those who were listening were liy-
ing lives in social and business environ
ments as others In past centuries, had
lived before them. Whether or not
reason would break through the preju-
dice and teachings formed by those en-
vlronments remained TO be seen. He
had satisfied all but the elder Wallace
that one metal would furnish only
about one-half as much money as .wo
metals. and that the quantity OF paper
or other form Of representative money
was limited, or should be limited, TO
the quantity Of primary money under
system OF money based on commod-
ity money.
walt a moment. John" said Henry,
as the former was about to proceed
Il want to see II l understand you thus
far. With two metals for money. on
equal terms. except quantity OF metal
In the dollars, and option with the peo-
pie 10 use either there can be- no ma
terial huctuatlon In the commercial
value OF the two metals. That's your
proposltionT
Eyes, and their commercial values
before 1873 prove It," answered John.
And. the reason is." said Henry.
| that II is demand for thing that
gives IL commercial value. and when
one OF the metals becomes cheaper than |
the other. and the demand is shifted to |
II. and the demand taken away from
the other. that this equalIzes their com
mercial valuesy'
sYes. that is my proposition" replied
John.
And the demand that formerly rest
ed on two metals. having been put on
has Increased In value till
one dollar of 1t viii buy the silver in
two silver dollarsf" asked Henry.
Eyes. and double the quantity Of
everything else. not affected by trusts
or under supply or over demand re-
sponded John.
And" asked Henry, the fall of
prices Is, In fact. the rise of gold and
ns equivnlentf But we call II the FAN
of pricesr
yes" replied John. "and IT is Illus
trated by something that is very apt. |
We say the sun comes up In the morn
ing and goes down at night. while In
| fact ~ Ia we who come up In the morn
Ing and go down at night. The dollars
have gone up, but we call 1t the IAN OF
prices"
"a GOOD Illustration" said Henry.
"Now let me see II understand an
other proposition. You say II silver
was nj 3 per cent premium. as under
, stand It was when II was demonetized'
that while It did not seek the mint In
large quantities. IL was handled In the
, bars either In exchange for the gold or
other countries and the latter coined
into money here. or the bars were used
at 3 per cent premium in payment OF
: foreign debtsF'
Yes" said John Adams.
"Wel." replied Henry, Il see no an
10 swer TO that. IL made both metals
available as rpney. And now one
-. other question. The quantity of repre-
sentative money. you say. is limited
by the quantity Of real money! don
+ see why you are not solid ON that prop.
d osltion. and | think the bankers all
+ agree with you on II.
n And then he added, Now. am
g ready for you to 40 on
n zone other thing remains to be under
l. stood began John Adams again. as he
Is took his place by the desk. land ther
n We will be ready to solve with exact ac
'e curacy what Is to be expected from oul
= business OF the next four years. Tha
y ono thing Is: What makes price? W.
Ie have a line Of mautels we are selling
'e for $50. why S25y why not 500. o.
a. 81 600. or S3Y l am going TO answe
n that question; and upon the people
ID learning the answer TO II, in my judg
10 mont depends the future happiness o
H. rhc babes in the arms OF the mothers II
Ne the United States to-day. Let me stat
ne my proposition before proving IL; I'm
II der the gold standard. IL is the eN
r.. ehanreah!e value of gold with othe
ld property that makes what we call price
a "Nhen we exchange property 10
Id money. we are exchanging II for gold @
z its equivalent We call IL price becaus
v. the gold Is coined into pieces that W
In call dollars; just as wheat Is Gale
10. bushels. SO. when you say money
We now means gold or its equivalent Whe
&c say 90 and sell a mantel. what mea
on is go and exchange il for moneys
n and exchange II for gold or its eQuivi
tie lent. And when the exchange Is mad
OF n Is the relative value OF the mant
81 and gold that governed. in determinir
nd the terms OF the exchange. Let II
lse make II plain
in III all our laws on money were wipe
EN- out and a new law passed makiI
1t wheat money. and each bushel by la
was made a dollar; then you would CT
)ri- bushels OF wheat dollars and you wou
ce, refer TO wheat as money. By law "
would be compelled to accept 1t In pc
aid ment of taxes and debts. Defer
hat payments, when calling for none
the would mean wheat and bushels
an wheat would mean dollars. That
,ple plain. isn't til"
ion. Yes, l can understand that" ~
| n.