The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1898-01-07
The COST OF SILVER.
A Pueriie Attack by a GoIdbua
a

sophist.
Edward Atkinson declares that the
silver issue is dead and then NJ straight
way sends out a 20-page pamphlet 10 40
newspapers in 40 states for the purpose
OF helping to kill IL again. He magines
that he has dealt IL n terrific blow, in
demonstrating Ito his own satisfaction)
that two of the best silver mines in
the world have been able to produce sill
YER at a cost of from 25 to IS cents an
ounce. lie does not attempt TO give the
cost OF production by the multitude of
other and less profitable mines in the
world. In. fact he says: There is no
method of determining what are the
conditions in other mines in this coun-
try" and again: 1T Is impossible for
a private person to get the data neces-
sary TO the solution of this problem,
either in regard 10 the great mines Of
Mexico, South America or any other
silver producing country, except New
South Wales"
lie acknowledges that he knows moth
ing OF the thousands Of sources OF sill
YER production, except of two mines,
one in the United States and one in New
South Wales. His evident intention is
10 start the cry of low cost of producing
silver bullion. lie is more than willing
that this sophistry should be used as a
blndgeon In the hands of the gold stand
ard men. Not a word does he say about
the silver mines that are closed because
the price Of silver is below the cost of
productions; not a word about the mines
that handicapped themselves producing
silver at a great loss In hopes that the
price would improve.
His estimate is worth about as much
as would be an estimate on the average
cost of raising wheat based on the
largest acre yield in n state. The aver
age yield per acre of corr last year was
2s.2 bushels. Yet n man In Illinois this
last season raised 166 bushels on an
acre. Figured on the latter yield. the
cost per bushel of raising corn would
have been very small, and every farm
er could have made a profit on ten-cent
corn. But the absurdity of both esti-
mates is apparent.
but, after all, the cost of producing
n thing has nc bearing whatever on its
market value. This is regulated entire
ly by the quantity obtainable and by ia
use. We call this principle "the law q
supply and demand" 1t really makes
no difference whether silver costs 25
cents an ounce or nothing. It's value
will depend IN its quantity and use.
Mr.. Atkinson seems 10 be figuring out
that silver is cheaper han 25 years ago
because it can be produced ut less cost.
the same rule to gold: gold can
be produced al a less cost han ii could
be % years ago, and. according 10 the
reasoning of Mr.. Atkinson. should be
worth less in the products of the world.
But gold is more valuable than ever.
That the ost Of production does not
regulate price is shown by many arti-
cles OF commerce Ambergris Is n very
substance. single Jumps OF 1t
being sold for fortunes. Yet IL Is large
ly a find. 1t Is valuable as 1t Is scarce.
II it were priced according to its cost,
II would sell for about nothing. The
writin gs Of some men have n high mar.
value simply because there is n de
mand for them that exhausts the sup
ply. And that Is all there Is to the sill
YER question. Allow 1t its legitimate
use and the demand will exhaust the
Pass a law prohibiting any GER
tain newspaper from using the mails
Ind see whether you cannot lepislate
ont Of anything. You have not
Iessened the cost OF producing the news
paper. but you have irterfered with
is use and lessened the value Of it as a
property.
This latest attack on silver by Mr.
Atkinson Is puerile. 1t IS all based on
The assumed lessened cost of producing
His argument applies equally
well To gold MS to silver.
II the low price Of silver were DUE 10
he low cost OF production. then the
-alue of gold would have fallen in the
proportion, due to low cost Of
producing gold. and both metals would
till he near their old par Of sixteen 10
That silver has fallen In value and
,old risen proves the fallacy OF Mr.. At
argument.
TT T. TrIr-PcrON