| Show THE SAmE OLD SOPHISTRIES I JK l The Ba BanKers BanKers' for Match finds m d t the I origin 1 gln 0 of f our present trou troubles troubles b les a about out silver silver in the demand that the ratio oAts of ts value to gold should i be determined determined by the Government and says it itis i no no proper part of the duty of the Government to fix the ratio raio o of the two twP metals Being says says say the Ban Bankers ers Ia i Magazine Maga Maga- azine a- a zine commodities as well wen as money mon mon- ey eyrand and bein being Commodities before and and after ter they ac ace are e mone money and nd be be- be ney simple simp and ind only be because ause they re are re an and being com comic commodities 1 beca because se they have red re re- cognized and I d' d and an d. d intrinsic 1 va value 1 ue m inde inde- d e- e VV V I L V of any a action aion ion of government govern go ment merit a Fid and even in inthe j d absence o of governs overn ent nt and U ng therefore s si verall s abject to a aft the laws o of commodities t-es t the I law of variable supply d demand demano and value am among among ng of t is and he hele T e variations not being form for talc tats it i is isI impossible t government t can ever eve I fix the he rat rat i I of their dues values If however er it I uld be in ined ted that tha it is the thc f function and duty luty o of t to try to gry-to fix t the e ratio k i e t. t l. l f J t. t tI I t L r 1 1 4 t. 1 J t 1 ft f t i A j J- J 1 off thein values r t w t t t fis- fis S- S l t. t on t t since since hein relative relative- be e. e depends s. s absolUtely absolU b oh tely on the relative th the the- two metals It is is- the primary and pl plain in duty of of- to to- fix regulate their heir supply by controlling and operating th the gold and silver mines mines- the he sources of their productions That seems to meet mee with ith the hearty approval i of the Baltimore Sun and it adds the following Thia rhia is the the the matter in ina a nutshell nutshell- If the Government is to togo togo too go o into it must first aquire all the mines loines in the world and decide how v much silver silver and how hC much much gold gold are to be produced yearL year year- ly y Otherwise it is impossible to maintain a ratio after it is fixed France fixed it i 6 times limes but it would not stay fixed and France has las at abandoned the effort The United States Stales has also tried the experiment several times without success It is time the theorists were the alone w were re letting matter Both Doth the Sun and the Bankers' Bankers Magazine conceal the fact that fro from the the beginning of time governments have lave fixed ratio between the two metals They forget further the fact tact that thaI the reason those are called preciou precious precious pre pre- cious metals is because it has been Impossible up to date to obtain eno enough gh of both to serve the worlds world's purposes as money mony If some unjust men after the Government has withdrawn withdrawn with with- drawn all demand from one metal and put it all on another ascribe the drawing apart of the two to a a natural law is that certain evidence to those men The original ratio of this country was fixed so nearly as the men in charge cou could d do it bythe ty by the European ratio and the the V tr trouble with France that which caused hh her herlot her herto lot lotto to change her ratio a good many Y times was simply because she h herself herself her her- r- r self was trying to establish a ratio different from that of England on n the one side and Germany on the other If our t in 1873 instead of demonetizing silver silver had had made the ratio conform to th the the European ratio European ratio that is 1 15 5 to to l' l I there would have been no trouble trouble the two metals would have run along alongside side by side and moreover while those metals were metals were r recognized v ed eda a ai alike ik iii given the same standard nl as units of I value and as a perfect mea measure measure ur of debts they never dr drew w apart apar per per- no matter matte how ow much of- of foie one one or the other might be produced And we contend that Wat begin begin- ing of time the ratio between the thet two has never lie been en changed except t t by legislation The remark remark- of of- the thet t I banker and th the indorsement of ot of he the Je I Baltimore Sun that to to 10 this do-this this th thI the Governments must take pos possession e si n of the mines hines and see that the he h sa same sae same e 1 amount is produced of both buth i is not not e enough and cannot be enough for fore fors forthe the worlds world's uses for money mcney When h n s the time comes that to much can can can-be be e obtained of either or both both both- then it will be time to begin to talk about the of one or the other But BIlt that time lime wai was not iri in 1873 it is not yet because since 1873 vall all forms of property ha have steadily fallen fallen fallen fall fall- en in value until ordinary property is worth only 50 per cent ceat of was worth when that legislation vas was vas made and and on general principles it is only necessary to lo state that by an art act of legislation our Congress Congre's re reduced reduced reduced re- re the value of property in this c country 50 per cent and ever after refused to undo the th wrong to make clear what an infamous and profound profound profound pro pro- found injury was was- perpetrated upon this cou by that legislation Tribune |
