| Show AUTOMATIC regulation OF MONEY I 1 d I 1 I 1 address by A J warner president amer can bimetallic league the im import p ortance anco of the principle of I 1 a automatic ut regulation regu alion of money is is in in I 1 danger of being overlooked in in the mad nee race to set up tile single gold standard 2 As long as it is 13 possible to produce the precious metals in quantities sufficient to keep pace with the tile production of other things lings ti it is 13 possible to have money supply regulated resu by the same I 1 lawa laws that govern the production of commodities modi ties generalli generally and in this way to I 1 I 1 maintain a close approximation to 11 stability tabi lity in in the purchasing pur chaoing po power of 1 jandard tan dard money I if gold could be produced in in quantity to keep pace with the grow me ing needs for money arising from in increase of population and wealth then stability could as well be secured with the single as with I 1 the tile double standard but the tile admitted in fact ie that gold cannot bo be produced with euch such regularity and in in such 1 I 1 quantity as is necessary to meet the in C crea beasing ing demand for it in in the tile arts and at I 1 t tho lie same time supply the growing needs for money neither has silver in the past been produced in in quantities sufficient alone to supply the needs for i money indeed at times and some times for long periods as during tile middle ages the production pio of both 11 metals together was not sufficient even to keep the money volume intact on I 1 tt tho I 1 e contrary from the beginning begin nine of tb the e christian era to the discovery ol 01 america the total stock of both metals fell from about 1040 to at the tiie close of the fifteenth century A but since the discovery disco ery of america except during the spanish american wars when many of the tile mines mines of tho tile new world were closed the production of I 1 both metals has been sufficient to fairly 14 keep up the supply of money and thus 44 4 to maintain approximate proximate ao testability est stability ability in e th the 8 purchasing rc hasing power of tb the metals metal wile hile there has been at limes times a glack lack of gold and silver for money the world has never suffered from an oversupply of these metals and for the simple reason that continued oversupply is impossible ibl for if tile production of the metals I 1 I 1 should at any time increase beyond th the e growth of population and wealth the oversupply would bo be indicated by a 1 rise of prices which would continue till tho tile point would be reached when a dollar A could be obtained with less labor or with less sacrifice by prod acing i something els else e than by mining mining the metal out of which to make the dollar and the production of tile metals would thereby IP a oe checked and the tile P production of other things would bo be st stimulated I 1 in u through I 1 this regulating principle as long as tho the supply of metals last the stability in in t the lie value of tho tile precious metals may be fairly maintained it is only through legislation that wide fluctuations in recent years have taken place because ol 01 tills this principle of self regulation I 1 and this alone the precious metals through the process ot of evolution base have gained acceptance everywhere aa as money indeed but for this principle pf the automatic adjustment of money supply to other things there would be no advantage in metallic mone over paper money this principle of automatic regulation has been in n all ages the tile conserving conse ving force in securing stability in money and maintaining the equities of timo time obligations it has survived all resolutions revolutions and preserved the value of 01 money amid the rise and fall of nations when hen this principle is given up what will take its place will M it bo be legislative gig ge zd regulation do they who now clamor for the overthrow of the bimetal lie standard comprehend what they are alam doing it bimetallism is overthrown the principle of automatic re regulation tais of money goes with it when hen this ie is gone 1 on what will the equities of contracts I 1 extending into the tile future rest do cold gold under understand sta nd the significance of a chanse from the tile automatic regulation of money to legislative I 1 I 1 regulation or per perhaps ba I 1 8 to spasmodic regulation bor by y v banksy thanks there is ar safety for all in relegating the supply of standard money to the laws that govern the supply of everything else and until some method of regulation I 1 I 1 better than has ever yet been devised is worked out the safest side is to adhere to the principle sanctioned ionee by the experience peri peri ence of so man many IV a A J WARMER I 1 president american bimetallic league I 1 1 I 1 |
