The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1899-06-22
MoRroN's THREE QUESTIONS
A Hrirf neRiy Exposing suEnr FaiiH-
cious Assumptions Of the
Antt-SitVerttcA.

n by International agreement the rtiCs
% silver can be- nEFd and made pcrmu nsni.
IN gold. why cahuol the price Of az other
commodities b. made permanent and un-
nnctuatlnE hy the same process
When thg advocate Of free ana unlimited
coinage deylarss for sixteen TO one, do,a he
not give away his ease and aEvf ~ himself
for a gold standard as the zone b. which
10 measure silver aud everything clFeg
Customs dues tr~ based urOn the value
IT imports computed in American or { riiJl
States currency The Law Cpmp.l1 IN" see
Rotary 81 the treasury az the beginning Of
each quarter 90 proclaim NlIu. Of foreign
coins M Jnited States money Now the
Eug'iHh pound b. ~ 81 $40 on q gold basis
Importing Et9a worth OF merchandise from
England to-day. you would pay duty on
Nss valuation tIui going 10 % yer basis
the Eugiish pound would ht 10 Tinted
States currency s. 72-doubls There fore ths
du'irH on the same EooiA would hI double
would they HotT
The queries 81 Mr.. Morton cannot be-
full answered IN a shoEi paper. There
are implied In them too many iHliacious
assumptions for that. There b. room
only Tor explicit statement of some mil.
apprehension - =. .h- ends ,s.:,.h Tree
coinage drsitcraiUE, and exposure Of
grave rrrus Of elementary. monetary
and general economic doctrine. The
paramount end aud aim OF timetable
Naiuniur imunCyl Tor commerce iR the
restoration 81 q normal pricc-tunge and
thu maintenance Of ~ consiancy and
stability over periods ~ time Stability
Of general prices " exactly the same
fact as stability In she value ~ the price
making rpurr,. This ,tabiiii, ~ piirr
range, or iu other words. stability In
the Hiu, NJ money, outwcigbr IN i'm
p"rtancc ,Hch and all other cou-iderR-
lions in the legal constitution II MONEY.
The price Of any commodity. gold
silver. cotton or corn can be- made per
mancut aud unhuctuatinC. n the stat
ute will but aiilN the money definition
and function Ia a prescribed unit 81
that commodity Such ;iNity OF price
tthc mint price, n. however. purely
ptbitrary. statutory nominal, static,
drhni'ioual the commodity named Ice
ing it's own price maker Whether
equivalence among the prescribed units
~ tvn or more different commodities
will supcrene IA the general market
will depend upon the direction and
amount of force, :. g.. pressure Of de.
maud lct loosc by such legislation.
IN the case ~ silver II should never b.
forgotten that Grro coinage will give
the old time unlimited demand for Ill.
Yer at Slgp an ounce. g. e., ii2i, grains
~ ii will be- "intriusically" worth one
United States dollar, HE whole world
over Free coinage docs not, cannot
decree that the Zone" shall measure"
the 10 or the H. measure the one. That
proposition of drlusion and folly H.
found only in party platforms. The
statute cndows each independently
with the price making Office in com
mcrrc, standing each on IT, own mt
talIir merit and IN no way nmcnnble TO
the other In that oiIicr The bcnsfcrncr
of optional dollars dnos no, consist IT.
their parity with each other. That
must hp left 90 the free and salutary
play Of economic forces governing Hil
exchange relations. How they will
work in that regard h. a question 81
value IN dynHmics. whose factors are.
first and chiefly, the Rruss quantity 81
dollars Of all kinds on the one side, and
the total commerce 81 the pep0lc where
they are used as standard or drflaition-
NJ money on the other; and second, In
n subordinate degree. upon whether
the legal ratio Is approximately con
formed to the quantities of each obtain
able for monsy use The last dilemma
OF the QuOrist b'trays great ignorance
oi the dyuamics Of value. II ignores the
would take of from gold and transfer
over onto silver aud the changed value
ratio of the metals whirh that transfer
would compel. r. u STARK.