The Washington times., 1901-09-27

of absurd contentious made by silver
men. there was not one which even ap
preached in economic monstrosity the
stock argument of the gold men that
| the value of gold was intrinsic" and
consequently Interchangeable. In myriads
of cases that claim was made in SO
| many words, and even when not speci-
fically expressed it was implied by the
general tenor of the gold standard ar
guments.
The basic contention in favor of the
gold standard was that gold was the
only honest money. This can only be
true upon the hypothesis that the metal
is of a fixed value. for if it is worth
more at one time than it is at another
it cannot be strictly honest at both
times Elaborate arguments were made
to prove that gold never changed in its
value. Who has forgotten the oft-re-
peated plea that the gold dollar never
varied because it was always worth
hundred cents?" Measured in that
way. of course, 1t never varies, because
in gold are exactly the same thing ex-
pressed in different words. 1t could as
well have been urged that the gold
dollar never changed in its value be-
cause it was always worth gold dol
lar. According to Mr.. Cummins this
preposterious claim has been verified
by the experience of the last five years.
If he really thinks SO, he can devote
some little time very profitably, first
to the study of elementary political
economy, and then to a consideration
of the commercial conditions which
haze prevailed during the period to
which he refers. If he does these two
things he will learn that value is not
an intrinsic quality at all, but is Who'll
ly extrinsic, and is constantly chang
ing. He will learn also that gold IS,
in truth. from twenty to thirty per cent
cheaper than it was four years ago
that is to say. it is worth from twen-
ty to thirty per cent less in exchange
for other things. There is not a lead
ing trade journal on either side of the
Atlantic that does not recognize this
fact
The cheapening of gold has been
owing to its increased abundance. Here
we have a perfect verification of the
main contention of the silver men,
namely, that the value of money de-
pends upon its quantity in proportion
to the things to be exchanged for
money This is the funHamental idea
pervading the writings and speeches of
all the recognized leaders in the silver
movement. Literally the only point
that can be made against the silver
men is that generally they expressed
the opinion that there could be no re-
turn of prosperity under the gold
standard. But this in no way initiates
against the soundness of their econo-
mic arguments. They simply failed to
foresee the tremendous and sustained
increase of gold production-a thing
which nobody could fairly anticipate.
The gold men did not, and in effect,
they claimed that no increase was
necessary, for they argued in season
and out of season that there was plenty
of gold.
If Mr. Cummins were inclined to be
fair he would simply say that nature,
having relieved the monetary situation
with a bountiful supply of gold, what
ever might have been urged in favor
of free silver a few years ago. such a
measure is unnecessary now. But In
stead of this, he makes 4 narrow. par
tlsan argument. assuming that because
we have now fairly prosperous condi-
tions. the claims of the silver men were
all wrong. In doing SO he very con-
yeniently forgets, or at any rate he
fails to mention, that no longer ago
than 1896 the Republican party, in ma
tional convention assembled, pledged it
self to promote AN international agree
ment for the free coinage Off silver
This was either an admission that the
restoration of silver was desirable, or
it was a false promise made to catch
votes