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Ik VOL. 2, NO. 2. SILVER CITY, N. JI., WEDNESDAY, SEPTEMBER 4, 1895. PBICE 6 CENTS NATIONAL BIMETALLISM. All Would Favor It If the Question Was Understood. Preferable to International DliiieUillHin 1'lonty of Money Mean Uood Money We believe that many honest American citizens, without sinister motives or prejudices in favor of England, have been persuaded that it would be dangerous for the-United States to open our mints to silver on equal terms with gold without the concurrence of foreign nations. If we are right in our belief, when they know the facts, all such persons will greatly prefer national to .international bimetallism. There is no material difference in the quality of gold and silver which makes either a very much better money than the other. Previous to 1873 many financial writers gave the preference to silver, because it was more regular in production and capablu of being divided intosuificiently small coins for general circulation among the nations of the earth. But since the more civilized nations to a large extent use paper substitutes for both metals, the superiority of silver as a money metal is not so apparent. The inde structibility of both these meláis was essential in the beginning before the art of printing and engraving was invented. The limitation of quantity which the two combined furnished was also essen tial on account of the want of knowledge or power in governments to fix a proper limit. Inasmuch as the value of money, the same as the value of every thing else, is governed by the law of sup ply and demand, quantity determines the quality of metallic money, and by the quantity we ascertain w hether gold or silver is good money or bad money. The money in circulation and the pro perty for sale are reciprocally the sup ply and demand of each other. Money in the instrument of swap whereby each member of society may enjoy what in hers produce by an . interchange of commodities. It not only furnishes the means of swapping things present lor things in the futuro, but it is also used in swapping things present for things which . may be in existence at some future day. The former are rash transactions and the latter are time contracts. With good money hon est swaps of every name and nature can be made, but with bad money some body is swindled in nearly every trans action in life. Under this test gold and silver have sometimes been good money and sometimes bad money,' depending upon their quantity as compared with population and business which created the demand. Among the ancients gold and silver were good money when the mines were productive, because their joint quantity was sufficient for use in the transaction of business without de frauding either party. Every civiliza tion which has preceded ours came into existence while the mines were produc tive, and prospered as long as gold and silver remained good money ; but when the mines failed and the quantity of coin grew less, gold and silver became bad money, and each of the ancient civ ilizations perished under the blighting effects of a contracting consequent fall in prices. Silver to-day is good money in every country where the holder of silver bul lion can have it coined at the mint with out restriction or limitation, because there is enough of silver in all those countries to equal the legitimate de mand. The supply of silver in the Orient has corresponded with the de mand so perfectly for the last twenty two years that general prices have re mained almost stationary. There is no difficulty in swapping property honestly and tairly in the silver using countries oy the use of silver as medium of ex change. Consequently, silver in the Orient is the best money in the world, because it performs the legitimate func tion of money as a medium of exchange and measure of time contracts. Gold was good money in the United States and Europe between 1850 and 1873. It is true that during that time general prices rose from 18 to 25 per cent., which gave the debtor about one per cent, per annum advantage in time contracts, but the creditor generally provided agai nst that by the rate of inter est. The Blight rise in prices stimulated industries and increased the wealth and advanced the prosperity of the civilized world more in those twenty-three years than had been accomplished in the pre ceding century. It may be that the sil ver of the Orient is better money tf'ay than gold in the United States was in the 59's. because it maintains a greater stability of prices but no man can say that a rise of one per cent. . per an num in general prices has ever been . pernicious ; but the decline of one-half of one per cent, per annum is immedi ately felt by every producer. The quality of gold has not changed, and it was good money in the ,50's, but from its effect upon the United States and Europe, it is the worse money which has ever afflicted the human race. The question is, Why is gold bad money? The answer is, because its quality, whether good or bad, depends upon quantity, and the quantity or sup ply of gold compared with the demand is less today than at any time during the century. The goldite will deny this pro position and tell us that there is more gold now than ever before. This may be so, but the demand is much greater today than ever before when compared with the supply. Previous to 1873 it took both gold and silver to make coin good money. There was not in 1873, and there has not been at any time since a sufficient quantity of either gold or silver in the commercial world to make either alone good money. The goldite tells us that new production of gold from the mines will remedy the evil, and to deceive the unthinking the director of the mint shows an enormous yield of gold. If we assume that Mr. Preston's enthusiasm to serve the goldites has not caused him to exaggerate, still the fig ures he presents are absolutely inconse quential. Suppose that the product from the mines should be $200,000,000 a year, and $100,000,000 of that should be coined into money, how long would it take to Bupply the deficiency in the volume caused by the rejection of silver without furnishing any new supply to keep pace with population and business? It must be remembered that silver has been accumulating since prehistoric times, and that the store of gold when silver was demonetized. If it were pos sible to produce gold enough from the mines to supply the store of silver reject ed, it would take centuries to accom plish that result. The seat of empire would be changed from the west to the Orient by the advantages enjoyed by silver using couutries before gold enough could be produced to take the place of four thousand millions of silver retired.