CHANGES IN VALUES OF PRECIOUS METALS. 185 



Any discussion of the economic disturbances resulting from changes 

 in the relative values of the jDrecious metals, would be incomplete, that 

 failed to point out how the events that originated the so-called " bi- 

 metallic " controversy were the natural outcome of the revolutionary 

 changes in the methods and production and distribution that have oc- 

 curred in recent years in all countries in proportion to their advance 

 in civilization. 



It is not easy to imagine that any person of ordinary intelligence 

 can seriously believe, that the enactment of laws looking to the recog- 

 nition of gold as the single standard of value, thereby effecting what 

 is called the demonetization of silver, could ever have resulted from 

 mere whim or caprice, or with a view of occasioning either domestic 

 or international economic disturbance. There was a time when nations, 

 with the expectation of receiving benefit, did adopt policies and enact 

 laws with the undisguised and sole intent of injuring the industry and 

 commerce of neighbors with whom they were at peace ; but happily 

 such days have long past. And the inference is, therefore, fully war- 

 ranted that whatever steps have been taken, which have resulted in 

 any territorial restriction of the use of silver as money, have been in 

 consequence of a belief by the parties — nations — thus acting, that such 

 a policy was called for by change in the economic condition of their 

 affairs, and was likely to be to them productive of benefit. And the 

 answer to the pertinent question as to what benefit, is simply, that 

 which might be expected to accrue from the using of the best rather 

 than an inferior tool ; of a money instrumentality adapted to new, 

 rather than to old conditions of production and distribution. 



One needs but to stand for a brief time at the marts of trade in 

 countries of varied degrees of civilization, to quickly recognize and un- 

 derstand, that the kind of money a country will have and use, depends 

 upon and will vary with, the extent and variety of its productions, the 

 price of its labor, and the rapidity and magnitude of its exchanges ; 

 and investigation will further inform him that when mankind, savage, 

 semi-civilized, civilized, or enlightened, find out by experimentation 

 what metal or other instrumentality is best adapted to their wants as 

 a medium of exchange, that metal or instrumentality they will em- 

 ploy ; and that statute law can do little more than recognize and con- 

 firm the fact. In truth, legislation in respect to money, as is the case 

 in respect to other things, never originates any new idea ; "but merely 

 enacts that that which has been found beneficial or prejudicial in many 

 cases, shall be used, limited, or prohibited in all similar cases within 

 its jurisdiction." Thus, in all countries where prices are low, wages 

 small, transactions limited, and exchanges sluggish, nothing more 

 valuable can be used as money for effecting the great bulk of the ex- 

 changes, than copper ; and in countries like Mexico and China, even 

 the copper coin corresponding to the American " cent," the English 

 " half-penny," and the French " sou " is often so disproportionate in 



