People's Pilot, Volume 3, Number 51, Rensselaer, Jasper County, 8 June 1894 — GETTONG READY. [ARTICLE]

GETTONG READY.

A Southern Paper Clearing Its Decks for Action on the Silver Question. We had occasion the other day to Comment on an article on the silver question which appeared in the columns of a contemporary, and to draw certain logical deductions from the position it took that the value of gold and silver could be brought and kept at a parity by an international arrangement for the free coinage of both metals at a fixed ratio. Our purpose was not to enter into a full and elaborate discussion of the silver question, but to reach, if possible, an understanding with our contemporary as to certain principles of monetary science in order that we might simplify any future discussion by a process of elimination. We pointed out in that article that anyone who favors international bimetallism must necessarily admit, first, the insufficiency of the present volume of money and the present source of supply, and, second, the power of law in opening the world's mints to the free coinage of both metals to regulate and control the value. If the first proposition be not true, then international bimetallism would be worse than useless, for it would dangerously inflate the currency. If the second proposition lie not true, then international bimetallism is impossible. We further sail! that on our contemporary’s own showing, it was proposing purely by the force of legislation to add to the value of silver and the profits of the silver miner, and was, therefore, estopped from urging this objection in future as against those who favor bimetallism by a different route. We hope we may now take it for granted that we and our contemporary are agreed that the world’s supply of money is insufficient to meet the demands of commerce to the extent of the whole volume that would be added by the universal free coinage of silver; for it is inconceivable that any would be willing to add this amount if it were not needed. We trust we may also take it for granted that we agree as to the potency of the demand for money, for media of exchange, independent of all other demands,in controlling the value of a money metal. If this were not true, international bimetallism would be wholly ineffective in bringing the two metals to a parity, for it would not increase the commercial or commodity use of silver in the slightest degree. Our contemporary says that if this government can put its stamp on a piece of metal and make it worth 60 cents more than it was before, all metal should be abandoned, and to should proceed to stamp and issue paper according to a scientific determination of the needs of the people. Whenever our contemporary is ready with its'“scientific determination.” we shall be ready to discuss that question; but in the meanwhile we must call its attention to the fact that the same answer is pertinent to the scheme of international bimetallism. This scheme necessarily supposes an increase in the value of silver by the fiat of government; and if any number of governments, by mere fiat, can give value to a metal, why may they not abandon metal altogether and proceed to the stamping of paper? And if a number of governments can, by mutual legislation, thus add to the value of a metal, why may not one government add to the value of that metal to the extent that by its single action it may subject it to the influence of the demand for more money?—Memphis Commercial.