Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1898-03-17
The Monetary Problem.
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GOOD LOGIC.
But Based ON Unsound Premises-A
| Gold EdffOr,a Argument.

GOOO IOGIAs
But Based ON UnsOund Premises-A
Gold Editors Argument.
There is some one on the editorial
staff of the Philadelphia North Ameri-
can who is writing red-hot gold edi-
torials, yet writing heresy, for ruth
lessly does he shatter the idols of the
gold monometallists, ruthlessly does
he trample upon what they have pus
forth as axioms and yet who seems to
have no idea that he is engaged in the
iconoclastic work of SCATTERING golden
idols. His logic is sound, his premises
alone wrong. His arguments put on
sound premises would stamp gold as dis
honest money, silver as better. He adj
mits that gold has appreciated, that its
purchasing power is greater now than
it has been at any time during the past
half century, excepting only its pur-
chasing power during the last two
years, when at times it was consider
ably higher than now. And then he as
serts that "if it be true that the worlds
stock of gold has about doubled within
the easy memory of men, and if despite
this increase the value of the metal has
appreciated, it would appear to contra
vene the supposed law of supply and
demand" This is somewhat indefinite,
but if within the easy memory of men
means q period of not more than rs
years it is not true that within such pc
riod the worlds stock of gold money
has doubled. AS a matter of fact, it has
not increased more than 20 per cent.
since 1878, but the demand for it has
doubled. So we have good reason for
the appreciation of gold, and not in con-
travention, but in compliance with, the
law of supply and demand.
eff" continues the North American
scribe, 'if we refer to the course of the
metal after the discovery of gold in
California and Australia, we find that
that increase of supply did cause a de-
probation of the exchange value of the
metal. But that was due tosthe sud-
den increase of the supply in excess OF
any commercial demand" And now
mark the words: "The increase made
more extended enterprises possible.
Commerce was extended, and the de.
mand soon overlook the supply, and
has crowded the supply from that time
to the present"
Here then we have an admission that
to increase the supply of money,
cheaper It and raise prices is to instill
new life into industry, trade and com.
nerce. and what amounts to an admis-
sion that commerce is now restricted
for want of money.
This North American article is finally
brought to conclusion with the asser-
tions that nowhere in the range OF
commodities can there be found an.
other that presents so uniform an aver.
age of stability as gold" and that there
fore it is "the natural standard of ex-
change of value,'' that cat the utmost
extent the exchange value of gold has
not fuctuated six per cent. in 25 years"
AS matter of fact, it has f1uctuated 7s
per cent. above it's value in 1873, never
below since that date. Silver has f1uc
tuated during the last 25 years ten per
cent. above its purchasing power in 1879
and 33 per cent. below. These are the
extremes, and gold has not therefore as
great stability in value as silver
American.