Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1899-12-29
POSING OF A FREAK.
THE TRUE POSTURE OF CUSH-
MAN IN THE HOUSE.

An Exemplfication of the Adase Fools Rush
in Where Angels Fear to Tread A "Pin.
Drop" Climax in Ills Haransue- Gushman's
Poser Easily Answered. but Nobody on the
Floor Thought His Position Worthy Of Sc
rous Explanation or Denial.
Register.Democrat
Cnshman, who was nominated for
Congressman by Washington Repub.
licans last year because no good man
desired to face at that time supposed
certain defeat, and whose election was
not only an accident but huge joke,
has been heard from. In the House a
few days ago, when the bond sharks
gold standard bill was up for discus
sion, this rCw recruit secured the floor
and caused no little amusement. He
struck one of his peculiar attitudes
and asked question which he said he
had frequently asked in the "wilder-
ness of Washington" but that no one
had answered him. Now that he had
come to the throne of grace, he said,
he hoped some one would rise up and
answer, "Why was it," he asked,
"that while production of gold and
silver in the world had been almost
equal in the past 25 years they had
parted so widely as to their purchasing
power?" He paused and there was
absolute silence in the hall for min
ute. "That's the same reply have
always got" said Cushman, and both
Republicans and Democrats joined in
laughter, so the telegraphic report
says.
Now Cushman is just vain enough
to imagine that he had dealt the silver
men a knockout blow, and he is suffi-
GENTLY ignorant of the financial ques-
ton to presume that his inquiry could
not be successfully answered by the
opposition.
The answer to Cushman's question
is easy, and it completely upsets the
opponents OF bimetallism. It can be
answered by asking another question
which no advocate Of goldbugism has
ever been able to answer, ro-wit: A
hundred years ago the production of
silver metal was over three times as
great Cat its coin value) as gold, yet
silver did not depreciate but circulated
alongside of gold at the ratio of 154 to
l. Why was it that silver did not
then fall in value?" Fifty years
later, when the gold production in.
creased to such marvellous extent
that the volume was four times great
er than that OF silver (at the coin
value) why was it that both metals
continued to circulate as money side
by side, as in former days2 Because
we had bimetallism,-the free and un-
limited coinage of silver and gold as
full legal tender money at the ratios
Of Isl to and 16 to 1. As long as
there was unlimited demand for both
metals at the mint, at fixed ratio,
and both coins full legal tender
money, the market price of both gold
and silver was practically fixed and
could'n fluctuate SO as to embarrass
the relative purchasing power" of the
two. When we had the free and un-
limited coinage Of silver and gold the
production of the precious metals had
nothing to do with the market price
Of the same, because no matter if one
metal did exceed the other in volume
the price was fixed in advance for all
that was offered. For the eight years
from 1892 to 1900 the worlds output
of gold was $106, ,407 900, and of silver
$328, ,S60, 900, or over three times as
much silver as gold. The ratio was
1887 to l. From 1S41 to 1S48, Pc
riod of seven years, the gold produc-
ton was 1921 IA, 600. and of silver
only $259, $4,000. Yet the ratio was
1886 to l. Thus it will be seen that
the relative production OF the two
metals had nothing to do with the
the ratio, or their "purchasing
power" as long as both metals had
equal access to the mints.
From 1892 to 1872, period of so
years, the ratio of one ounce of gold to
1887 ounces of silver did not vary on
an average more than one-fourth of an
ounce, or at a ratio of to 1858.
Hence it will be noticed that the
purchasing power" of the two metals,
OF which Cushman speaks, remained
practically unchanged and had not
"parted so widely" as they did in later
years under vicious legislation. Now
we come down to 1873 and will an.
swer Cushman's question direct:
"Why was it, that while production
of gold and silver in the world had been
almost equal for the past 25 years, they
had parted so widely as to their pur-
chasing power"
Because the Republican party de-
monetized silver twenty-six years ago,
largely taking away the demand for
the metal, reducing it to mere COM
modify and lessening its value as
measured in money.
As above recited, the purchasing
power" of the two metals remained
practically the same for eighty years
prior to 1878. But dating with the
| Infamous and criminal act OF 1878 the
purchasing power" OF the two metals