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Coinage of Gold and Silver Not "Use" Thereof. "DEMAND" MAKES "PRICE." Judge D. S. Hooper Contributes •i a Clincher to the Mone tary Discussion. From Sioux Falls Press. ,v^7-4i,"r ltwlfield, Sept. 2, 18%.—To the editor of J'he Press: The opinion so generally held ly people in this country, that the commercial value of gold and silver is miiinly dependent upon the seeming de •miuiiJ for their use as a money, is a 'popular delusion, l'robably ninety-nine rmcii out, of every hundred believe, or ^think they believe, that it these metals Were not, so used their market price 'would be greatly reduced. Isay "think ithcy believe," because no man believes Without evidence, and there is no evi deuce in this case to support such a be 'liet. 'J'lie assumption that the law of sup ply and demand which regnlates price is present and operative in the use of "these meialsas money, is the source of .'.J this delusion. The only fact relied up 'on t,o support this mistaken theory is that after the passage of the law of 1873, which established the single gold standard, the price of silver declined. Upon this single fact it is again as sumed ttiatthe law of 1873 lessened the demand for silver as money, and caused the decline in price. Hut if the demand was cut off in 1873, the total decline in price consequent upon that law should have taken place immediately, while the fact is that the price began to de cline thirteen years before, and con tinued to decline for twenty-two years after its passage, and this decline was 750 per cent greater the last year than for the first year after the passage of the law. If the governments of Eu rope should by an embargo against American farm products cut off that demand, the American farmer would realize its full effect in the decline of prices within the first sixty days there after. Prices are regulated by the re lation of supply and demand as it ex ists in the actual present, and not by contingencies which may arise in after years. The period during which the price of silver fell from $1.36 per ounce in 1859 to 60c per ounce in 1894 was marked by an increase in the production of th it metal never before witnessed. From an annual production of 29,000,000 ounces in 1859, the amount of the out put from the mines of the world went up with annual leaps and hounds, until in 1894 it reached the enormous sum of 167,000,000 ounces. The candid inquirei with these facts before him would be chiefly interested to learn why. with an increase of production of 475 per cent, the decline price for the same period was but 56 per cent. The decline in the price of silver which was in progress at the time the single gold standard was established in 1873, (toes not afford the least evidence to support the theory that the use of gold and silver as money affects theii commercial value. Yet the democrats candidate for presldept, in his recent speech at Madison Square Garden in New York, gives this as a foundation upon which the free silver structure is based: "We contend that free and unlimited coinage by the United states alone will raise the bullion value of silver to its coinage value, and thus make silver bullion $1.29 in gold throughout the world. The best known law of commerce is the law of supply and de mand. VVe recognize this law and build our arguments upon it Such views as these must proceed from a very vague and shadowy con ception of those economic principles upon which the law of supply and de mand is founded. If under the opera tion of the law of supply and demand the price of silver bullion would be ad vanced by reason of increasing the amount of it used as money, it would not follow that the free and unlimited coinage of silver would in the least de gree promote the result claimed for it because under free coinage the ounce of bullion would represent exactly the same commercial and exchangeable value before coinage as it would after being coined and as there would be no profit resulting, all inducements to have bullion converted into coin would be removed. Besides, even though the owners of bullion should send it to the mints for coinage, the probability that any great er amount would be used as money is very remote. The United States now has more than 8600,000,000 of coined silver. If free coinage should be brought about, these dollars would at once drop in price to their bullion val ue, and being' as cheap as the new coins would compete for circulation. No silver country in the world, not even Russia, has ever been able to keep in circulation an amount of silver per capita equal to the amount per capita already coined in this country. No man can therefore safely assume that Jrea coinage would increase the use o* silver as money, and without ouch in crease1there could be no increase iu the price, even admitttmg that the price could be increased by such use (which it cannot). Price (or commercial value) can have no existence where there is no de mand, and demand is the offspring of consumption. So long as the supply re mains uniform neither price, demand or consumption can change without producing a corresponding change in the other two factors. In other words, if consumption is increased, increased demand with increased price must fol low. Nor can one of these factors exist independent of the other two. To de stroy one is to destroy both the others. Hut the use of the precious metals as money does not constitute consump tion-otherwise, to increase the amount so used would be to increase their con sumption, enlarge the dem ind and in crease the price or comniP"cial value and thus, by increasing thf:ir purchas ing power, lower the price of till other products. A theory which forces the absurd conclusion that the "lowest prices" must prevail when the "greaest imount" of gold and silver is beiny used as money, must have its founda tion in error. In order to constitute consumption in an economic sense it is not neces sary that the thing consumed should be destroyed, as coal is destroyed when used as fuel but the use must be unc.h us results in diminishing the general supply. This is accomplished whenever a portion of the supply is so used as to remove it from competition on the morket with the portion which re mains. When a oommodity is placed to some permanent use, even though such use may not result in changing either the form or quality ot the thine used (as in the case ot brick used for building purposes), it is nevertheless consumed. The adding ot value to an article by the application of iabor and skill constitutes consumption, as this results in its removal from compe tition on the market with the product from which it is taken. The 18,000 tons of silver bought by the United States since 1873 has been in an economic sense consumed, for thp reason that the over valuation placpd upon it has resulted in removing it from competition on the markets of the world with the stock of bullion on hand. Stating the proposition negatively— no use to which a product can be ap plied, which fails to either diminish the quantity or to remove the thing so used from free competition in the mar ket with current supplies, is consump tion Where a commodity is bought and held for consumption the supply is les sened, and to that extent the demand is increased but when it is bought to he sold again, supply and demand are in no degree interfered with. This lat ter is what always takes place when Lrold and silver are used in making ex changes. In an economic sense, the TO Id or silver (as well as the property for which it is given in exchange) is "sold" and in every other case (except when taken by the manufacturer), th con srold or silver is bought not sumption, but to be sold again. There is nothing in the use of gold or silver hb money that approaches consumption, except thp loss of weight caused by handling. Such use does not remove it from competition on the market with supplies on hand, nor from campetition with current produc tion in the mines. For it Is onlv by putting it upon the market that it can be used In making exchanges. It has not been made more valuable, bv the application of labor and skill, than the product from which it has been taken -because a given quantity of coin bears no higher price on the market than the same quantity of bullion. Nor does it reduce the supply on the market by devoting the money in circulation to a permanent use for while it is coin it is at the same time available for every use to which the metal can be applied, without any enhancement of above that of bullion. price These economic principles demon strate that the use of geld or silver as money does not constitute consump tion, and therefore the price cannot be advanced by increasing the quantity so used for money. As gold and silver represent proper ty that can be drawn upon at will, a large amount is always in the possess ion of the people which is held as ac cumulated wealth—not because it is money, but because of its value simply as gold and silver. But when so held, whether for short or long periods, the economic effect is that they are taken off of the market. This is the normal condition. In times of financial and business disturb ance, the amount thus removed from the market is greatly increased. The more violent and long continued the disturbance, the greater this amount becomes, thereby reducing the supply available to the workers in the indus trial arts, bringing increased demand and higher commercial value. Thus it is that In times of panic low er prices prevail by reason of the in crease of the purchasing power of gold and silver. But when the danger is past, and confidence is again restored, these hoards are brought out and' again put upon the market by being offered In exchange for other forms of property. As soon as the amount driven into hiding by distrust is restored to the market, the increase in the purchasing powefwhich resulted from the lessen ed supply through hoarding is remov ed, and prices again advance. So that instead of' this increased use of gold and silver, really as money, having the effect to increase the commercial value of these metals, the tendency is in,the opposite direction. But all changes which take place in the quantity in actual use as money at different times depend wholly upon the changes in business conditions, and not upon coinage laws, or any form of legislative control. It ought to need no arguments to demonstrate that there is no economic demand for gold or silver except for their use in the arts. For if mankind should cease to prize the things which are fashioned by the workers in these metals—should retuse to purchase or use or consume, anything of which gold or silver formed a part—all demand for them as based on consumption would cease, and all commercial yalue would disappear. Therefor their production from the mine, and their consumption in the in dustrial arts, constitute the sole supply iind demand which regulates the price of gold and silver in the markets of the world and so the coinage of gold and silver does not amount to a demand which can not affect their price or com mercial yalue. D. S. HOOPER. The Limiting of Coinage. Galveston News (Dem.)—We have in this country a currency amounting to $1,659,800,000. The intrinsic value ot this currency is only a little more than $900,000,000. The power, credit and good faith of the government make up the rest. This is so not only with 53 cent silver dollars, but with paperbills, nickels, coppers, &c. It is apparent to every person who understands the mon ey question, or who knows what the endless chain" means, that the gov ernment has issued all the credit mon ey it can keep at par. In order to have all dollars equal and reliable it is abso lutely necessary for the government to limit the issuance of paper money, and for a like reason it is necessary to limit the coinage of 53-cent silver dol lars. The Passing of Bryan. Louisville Courier-Journal (Dem.) The "Boy Orator" has anproached, has come, and has gone. His coming was mentioned by the silverites with bated breath. They spoke of it as one of those portentous and awful things which would be naturally accompanied by perturbations of the earth and sky. Terriffle explosions of oratoty were pre dicted to which theeloquenceof Heury Clay, of Richard Menifee and John Breckinridge were as nothing. Whole sale conversions from sound money to repudiation were prognosticated and it was thought that the campaign would then end with universal hos annas for stiVfeV and socialism, as he Passed. As in olden times the comin of a comet was a thing of dread, at which people shuddered and got re ligious or took refuge in their wells oi cellars, so likewise the coming of Bryan was looked forward to with trembling anticipation as a new force of nature that was to turn loose for de vastation among the gold bugs and for delectation among the Chicago bolters. But the comet has come and gone It has swept through Louisville and through Kentucky, and has shot off in to space aerain, taking with it its gase ous Blackburn tail and leaving in the state of Kentucky a broad guffaw on the faces of the gold men and a sickly smile on that of the Chicago silver bolters. A more dismal failure, a greater promise with less performance it has never been the fate of Kentucky to witness. Some years ago one Dennis Kearney, swept through the country, from west to east, and from east back to west, making similar speeches, and carrying dread and fear to many timid bosoms, onlv to sudside and be known no more. A few years later one Coxev made a similar raid across the country, spread ing fear and horror in the bosoms of the timid and setting the precedent which Bryan at firstintended tofollow, of trying to speak even from the steps of the capitol at Washington, but he, too, passed away, and now "none so poor as to do him reverence." The Boy Orator has made two great mistakes. With a self-confidence as sublime as it was unwarranted he rush ed to Madison Square Garden, in the center of New York, there to display his supposed capacity as ft financier and statesman, before an audience who were as good judges of finance and statesmanship as any people in the world. The result was a most humiliat ing and laughable expose. Not taught by this experience, he next essayed to come to Kentucky, sending out his advance agent to de clare that there would he a miraculous display of oratory before that communi ty, which, from long experience with orators, is, perhaps, the best judge of eloquence of any people on earth. He has come, he has been weighed and found wanting, and the sound money "of the state of Kentucky is in a half broad grin, and the silver half of Ken tucky is weary and apologetic. Two such pretentious attempts, and amusing failures, have been enough to enable the people to "take the meas ure" of the Boy Orator. Those who have been accustomed to hear the. statesmanlike utterances of Tilden, of Cleveland, of Carlisle and the others who haye given America a leadership in finances, took his measure in New York. Those who were accustomed to hear the eloquence of Clay, of the two Breckenridges, of Richard Menifee, of the two Marshalls, of Lindsay and of the other Kentucky orators, too many for mention, could only listen with sur prise and amusement to the preten tious imitation from Nebraska. The universal verdict in Kentucky confirms the criticism passed upon him in an other state—that he is well named the Boy Orator of the Platte, which is a river a thousand miles long, six inches' deep and quicksands all the way. Bryan's Contradictions. In one of his speeches in North Caro lina on Thursday Mr. Bryan said: Can the United Slates take all the silver offered? If so, we can maintain the parity. The only way to know ibsolulely is to try, If we can take ii all we will fix the price at $1.29 and we will raise the price of those things which come in competition with the products of other countries) thereby re storing prosperity to the farmer, who would then purchase at the stores and make a demand for the products of fac tories. This is a most remarkable statement Mr, Bryan invites us to take a leap in to the dark. He says that the only way for us to find out whether we can increase the price of silver to $1.20 an ounce is for us to try free coinage. He asks us to make the .most enormous gamble that a people ever made. He asks us to risk all that we have as an experiment. He says that if we try free coinage of silver we shall find out whether or not we cau maintain the parity of our money so that a silver dollar will be worth not 50c. but 100c. Well, suppose we make this experi ment. Suppose we trust that provi dence will keep us from falling after we take the leap and thatsilver dollars go to $1.29 an ounce. Then, who is ii going to benefit except the owner oi silver bullion? If the val.ue of silver rises to $1.29 an ounce, the man who now owns silver bullion can sell it in the market for just twice what he now sells it for. The silver bullion which it, now costs him 40c an ounce to he can sell at a profit of 8llc an or 225 per cent advance. mine ounce, But who else will benefit? If asilver dollar contains 100c in actual value, then the wage-earner will get for Ills pay precisely what he guts now—IOUe on the dollar and he will buy the farm er's products for precisely what IK buys them now iUOe on the dollar, ii Iree coinage could double the value oi silver, then the farmer .could not sell his products for any more than he now sells ihein, because he would be taking in exchange for them a dollar that was exactly equivalent to our dollar of to day. If Hie coin in a silver dollai snould be worth 100c, then the farmei would give just as much ot his product lor one of these dollars as he gives to day. Under this arrangement every one who possesses any thing would giyt just as much of it for a dollar as lit tiiyes today—that is, every one exceui Uie silver mine owner, who would bt able to sell his bullion for twice whai he now can get for it.—St. Loui. Giobe-Democrat. One of the misleading statements ofteu made by silver stump-speakers ib as follows: "All we ask for silver, is that it shall be admitted to the mintc on equal terms with gold. If I have one thousand dollars worth of gold bul lion, lean take it to the mint and have it coined. Why should I not enjoy the same privilege if I happened to have thousand dollars worth of silver bul lion? Why should my gold be admit1 ted to the mint and my silver shut out? This question never fails to elicit loud applause. "That's a clincher— good boy—hit him again." The answer is nevertheless obvious. If I have one thousand dollars worth of gold bullion and take it to the mint, the government coins it for me and stamps it $1,000. If I have a thousina dollars worth of silver bullion and take that to the mint, the government, so long as the ratio remains at 16 to 1, coins it and stamps it, at the present price of pure silyer, $2,000. This is not equality of privileges between the two metals it is gross partiality and favoritism to silver. The government has no right to do it, It has aright to do it, on its own account, if havingsaid that a silver dollar shall be equal to a gold dollar, it stands ready to make that guarantee good. It has no right to let any dollar which it has issued, whether of silver or of paper, fall be low par. If it does it is guilty of bad faith. It has no right to take fifty cents worth of silver which does not belong to the government, but to a private citizen, coin it, stamp it "one dollar," and give it back to the owner. An irredeemable silver dollar, intrin sically worth only half its face value, is a cheat. "Why." says the silverite, "it used to do it. All we ask is that the gov ernment shall return to its ancient practice." No, it never did it. When it coined 37li grains of silver on pri vate account, for the owner, thatsilver was worth 100rents in gold. Now it is not. That is the difference, and a great difference, too. The intellectual and moral perceptions of the man who can not see it must be feeble indeed. If the proposition in the Chicago platform were to let the owner of a thousand dollars worth of silver bullion t.ake it to the mint and have it stamp ed $1,000, the same as the owner of gold bullion has a right to do, there would be none of this anxiety and ex citement, on the part of business men, that is every where apparent. It is because the free silver move ment contemplates putting a false valuation upon bullion coined for it owners, that economists and financiers jard the Chicago platform as first dishonest, and then inexpressibly dan gerous to the interests of the whole people, without distinction of class or pecuniary condition.—Canton Reposi lory. From all reports Aberdeen's fourth rain Palace Exposition, which opens October 5th and closes October 10th, "ill bo one of 1 he best.. if not the very hest, ever held in the state. The pro gram consists of double balloon ascen -ionw daily by lady and srentleman, two ii'i-and concerts dally by the celebrated Arion Military band of Osnkosh, Wis., assisted by the Masonic male quartette Miss Stoddard, soprano, and Miss Fish er, contralto, soloists, all from Minne apolis. Mi.-s Calkins from Detroit. Mich., and Miss Kramer, elocutionists, and Clara Louise Thompson with her ^reat picture play, "The Chinook," in which 250 pictures are used, making it •me of the most novel and beautiful en tertainments ever presented. Many other attractions will also be presented •luring the week. Ex-Go v. Hoard 01 Wisconsin, who is known ineyerystate in the union through his interest in dairying, will speak October 8th. It takes three large buildings to ac commodate the exposition. The main •inilding, which will be used for the concerts, has aseating capacity of 2,000. 1'lie first annex adjoins the auditoriun and is arranged for the dairy display. All kinds of machinery used in the lairy will be in operation. A park -v i11 occupy one end, and will have a vater-fall, river and lake, fish, ducks, •abbits and a hundred canary birds. Yn immense painting covers the wall idjoining this, extending the land eape indefinitely. This will be one ot he most picturesque attractions ever •Ueuipted. Many other uovel features, is well as a magnificent electrical dis Say in all departments, will be enjoy •d. The decorations surpass all previ ous years and a. large force of experti .ns been at work for weeks on the in erior of the several buildings. Adja nt to these buildings are the stool lieds. covering a large area. The en •'osure is lighted by electricity, and as-, nost of the stalls have already beei ngaged, a fine show ean be counter n. In fact, the Aberdeen people an imply out-doing themselves in tbeii fforts toentertain both themselvesan heir visitors. The cheap rates givt I he railroads, special trains, and the .-ict that one admission of 50 cents ad nits to everything, will surely draw he oiggest crowd ever seenatasim ,-ir entertainment. We advise our eaders to encourage our wide-awak leighbors and enjoy a few days' pleas ire with them. DON'T MENTION IT. But Betrgs' German Salve will curt lie most obstinate case of piles. Son •,y E. Brauch. DOGS KEPT THEM WARM. the Knife Manofactnrlne Town Where Grinders Use Living Stove*. Thiers, an old town in the Auvergne, is famoub its steel knife industry. The town has ret^d much of its ro- mantio mediaeval character." streets are narrow and crooked, and the m?°u facture of knives, the principal industry of the town, is not carried on in modern factories, but in ancient, small build ings along the little river Durolle, which furnishes the power for the in dustrial township. Curious and unique, as everything else in Thiers, is the meth od of work of the people engaged in grinding the knives. The grinders, men and women, lay stretched out on wooden planks, over which they sometimes throw sheepskins to soften the boards. Head, shoulders and arms reach over the end of the board, and with their hands they ^pld unceasingly the rough steel blades upon the big grindstone which revolves be neath them by means of a powerful yet simple transmission. It is a very com ical aspect to see these people at work, particularly because every one of the workmen has a small, long haired dog, who serves as a sort of live stove. Dur ing the long winter in the mountains a body stretched out at full length suffers much from oold in these ill protected mills, and since it is not possible for the workman to warm himself by a change of position or by moving his limbs this peculiar expedient has been adopted in Thiers. The dogs are well trained to their office. One whistle of their master calls them up, and a sim ple turn of the body indicates to them where they have to lie down to give new warmth to the body of their mas ter. —Philadelphia Press. A Well Filled Yftllak A certain hotel keeper who k^eps an unpretentious establishment In Alglert not far from the passenger station otf the .. Southern Pacific railway says that in future he will net take baggage in se curity for board without having it pho tographed under the rays. "One month ago," said he, "a well dressed fellow who owed me for two weeks' board came to me and told me that aa he was in financial difficulties of a purely temporary character he would like to leave his valise in security for the bill. He said he would redeem it in two weeks, or if he failed to do so I might sell the valise and its contents. The bag was not worth 60 cents, but as he was well dressed I concluded that a roomy valise stuffed almost to bursting With the wardrobe of such a swell would mnch more than pay the $14 he owed, me. I allowed him to take away the rest of his stuff without any hesitation. "Well, the two weeks passed, and I did not have any messago from the swell, but the valise remained undis turbed. A week later my housekeeper came to me and said that two of my best pillows were missing. They were big ones, worth about $4 apiece, and I did not liko the notion of losing them, you may be sure. I felt sore, and iu an aimless sort of way began looking around behind the office counter, not because 1 had any notion of finding them there, but just because I had nowhere else to look without leaving the desk to take care of itself. Suddenly my eye rested on (hat big valise that owed me $14, and then a kind of sick feeling camo over me. I opened it in a hurry— it contained nothing but my two big pillows."—New Orleans Times-Demo crat. Not an Anthem. Mr. W. S. Gilbert told a good story against Sir Arthur Sullivan and himself at the Savage club. While "The Mi kado" was in process of incubation the collaborators decided that it would be an excellent thing to herald the entry of the Japaneso monarch by a suitable Jap anese tune set to real Japanese words, fifad they appealed to a gentleman learn ed in matt?-18 concerning the far east to. help (hem in their difficulty. The result was the chorus in the secoiT'! act,^"Miya sama, miya sama," the strains of ^vhich are also heard with such singular effect in the overture. Until quite recently Mr. Gilbert and Sir Arthur Sullivan, were undet the impression that this air belonged to something in the national anthem but it now seems that they have been badly sold. A friend of Miv Gilbert, who saw "The Mikado" the other day for the first time, has written a letter complimenting the author and opruposer upon the general scheme of their local tsolor, but expressing aston ishment at the introduction of the Miya sama" chorus, the tune of which he declares to be that of a song sung only in the lowest teahouses of Yoko-1 hama and calculated to make the lord chamberlain's hair stand on end.—Pub lic Opinion. Tftluable Pennies. A striking instance of the desirability of taking care of pennies was seen ill the sale at Sotheby's of the second portion of the Montagu collection of' English coir.s, which was particularly rich in Anglo-Saxon and other old pen nies, chiefly in silver. The following are some of the prices obtained: Canute penny of London mint, £13 10s. Hardi banate penny of Aylesbury, £11 5s. ilarold II Chelsea penny (unique), the only coin known from this mint, from the Brice collection, £18 13s. Harold Bristol penny, £10 lOs. William the Conqueror Stamford pehuy (unique), £12 15s. 'William Kufus Leicester pen ny, £10 Henry I Canterbury penny, £11 15s. St. E^mundsbury penny (unpub lished), £14 15s. Carlisle penny (unique), £10 10s. Wallingford penny, £11 15s., and Wareham penny (rare), £12 15s. The day's sale realized about £600.—London Telegraph/ What Produces Perfume. According to M. Eugene Mesnard, it is not oxygen but light which is the main cause of the transformation and destruction of the odorous principles, although in many cases the two agents act in concert. In producing the perfume of plants light acts both as a chemical and mechanical power. The intensity of the perfume of flowers depends upon the balance established at every hour of the day between the pressure of water in their cellules, which tends to drive the perfumes outward, and the drying action of light. Where there is too much heat there is too little scent. This is due to the excess of light and the dearth of Water.—Cincinnati Enquirer. JHow Fine Wire Is Made. The finest wire in the country is made at Taunton, Mass. This metal cobweb of minute diameter is exactly the one-five-hundredth part of an inch in thickness—much finer than human hair. Ordinary wire, even though of small diameter, is drawn through holes in steel plates, but, an account of the wear, such plates cannot be used iu making the hair wire. The Taunton factory mentioned uses drilled diamonds for that purpose. Hid Tip. I 8 a as a be after he hau fiuifihed an ha What for?" askea cutting the tall 1tal1 T™' Why, for taking sucu ^00 .care you. Gentlemen generally Juve mc Something." "Well, so will I," said the tall man as he took his tally. 'You may keep the hair."—Pick Me Up. Celebrated Plrnying Cards. The most celebrated pack of playing cards in the world, "Turocci di Man tegna," was sold by auction iu London for $560, and incomplete at that, for five cards are wanting, their places be Ing taken by facsimiles of the originals. The pack is interesting as a series of Italian engravings of the fifteenth oen taxy.