The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-03-19

= eapcent dollar. II il thas obvious thar IL
h his opinion that the present vaiue Of ali
the gold In the world shall. Ia order TO
secure full. independent and unlimited sill
YER coinage. be reduced 80 per cent. and
that silver shall experience pro-
poriionase advance. Ii 50. whom
win !. not iniure. Who stands
the gold loss. Who are the silver
henehc.artesr The value Of all gold money.
and. more important. the value Of every
gold security. is thus cut sauarely in Two
throughout the whole world. The presea.
silver coins srresissibiy follow the gold,
with which. silver men say. they VIII be ST
par. and their purchasing power shrinks
30 per cent. The holders and owners OF
silver bullion and the traffickers in silver
as a commodity In every country and in sv-
cry cline profit by the advance. The de-
preciased silver currency IN every silver
country in the world rises to the value OF
the American silver and gold coin. That Is
Is one result OF free coinage. and nor the
smallest. Who Will dare say that the re-
salts predicted by Mr. Towne would not
precipitate a financial caiaclysm unpreee-
denied in the history OF the world. and
that all present values. and property and
would not thus be thrown In hopeless
chaos?
These consequences are to follow when
the metals reach the equality established
by Orator Towne. We shall not here at
tempt to say what will happen If the
parity is not secured as it would not be.
There is much Of the usual jargon Ia Mr..
Towne's answer about falling prices and
Srn vaJ~f .JDr IL
whole argument is destroyed by his one
significant statement:
Labor has always been able, at least for
the last generation. since it has been well
organized, to secure for itself In increased
wages share of advancing prices
Large share OF the capital Of the agita-
! tor. Of whom Mr.. Towne is so admirable a
type. is the alleged continuous decline CT
prices since 1Ss2 We have the testimony
or the ex-consressman that wages and
prices have advanced: but, in point of fact,
this admission has just the same merit and
element OF truth that are back of his other
sweeping allegations. Prices as a rule.
have fallen since 1919, and long before las
a consequence OF the enormous increase OF
manufacturing competition, and the vari-
ETY. OF invention, and they have been in
almost every instance the. very commod-
tiles which the workingmau buys. Statis-
ties are easily juggied. and made TO suit
any occasion or emergency: but it Is fact,
all the calamity howlers and brawlers 10
the contrary Notwithstanding, that the
number of persons engaged In gainful pur~
suits has shown an increase during the past
twenty-five years under the 'accursed geld
standard" and the average wage has in
creased In gold. and has continuously in
creased.
II is worth while TO note another Of Mr.
Townes absurd asseverations, TO the effect
mat no is not In favor Of higher prices
that result from scarcity of product" He
ignores and dsmisses In this oracuiar man
ner fundamental principle laid down ny
all political economists. Where Is the law
OF supply and demand? Broadly speaking
/ high prices result from nothing else but
scarcity Of product. Farmers have in times
I past secured a very profitable figure for
their wheat for exactly the same reasons
and conditions that prevailed last year viz:
scarcity and famine abroad, and quotations
In future will depend almost wholly on the
condition OF the worlds supply.
1t Is Impossible within the space of an
, article Of reasonable length to consider
Mr.. Towues fallac.ous theories and bogus
| facts in all their details: nor is it
at all necessary; nor Is IL practicable
now 10 furnish a bill OF particulars
showing wherein he has 'misstated facts
or perverted history All this will be
done later u ii seems profitable II will
not have escaped observation that he has
placed himself on record as favoring the
silver standard as against the gold: and he
points to the conspicuous examples of
Mexico and Japan and the quality and
character OF their civilization and national
progress under the silver standard Evi-
dence OF the growing enlightenment and
superior intelligence of Japan is found in
f,O
standard, and the prosperity OF Mexico is
at least open to question. Further there
is scarcely a half-civilized. unprogressive
and debased people In the world who have
not silver as their monetary standard 1t
Is needless TO cite instances.
Mr.. Towne once more challenges the
Post-Inteli.gencer to answer his trifing
catch questions. 1t will be done simply to
escape the appearance Of avoiding them,
and not because they are considered vaiti-
able or worthy Of serious consideration He
asks:
Il. Are you in favor OF the dollar OF
greatest purchasing power"
We favor a dollar OF constant and uni
form value, like the pres It dollar.
~. Are you glad that in 1897 certain
America farmers received a higher price
than usual for their wheat?''
We are, The prosperity Of the producing
classes. including the farmers must al
ways ~ al Se1fIf va Stsltt tf satfSiaFt}EE.
j. IL you answer No. affirnatsyely
explain to your readers why you are glad
that your dollar In 1897 had less purchas-
ing power In wheat than usual
If the farmer gets a higher price for his
wheat Il follows as necessary coroilary
that the buyer must pay that price
whether he be lahorer or millionaire He
always does and always will. Mr.. Towns
seems 10 have IL In mind to invent a sys-
tenn by which the buyer. IL he is e la Dor
or with vote. can secure his 1ecessaries
at less than the market price. The new
invention would FIT well with his peculiar
system Of finance.
a II il vas good thing that the
farmer got a high price for his wheat
would Il not have been stil better thing
II he could have received higher prices
for his hay. corn. oats. cotton fruit, hops
ard other farm productsF'
Yes. As matter % fact he id. IN the
main
g. Il IL would have been a good thing
for ;ae farmer 10 receive higher prices.
would !; not have heen also > good thing
for al other producers 70 receive higher