Gold, Silver and the Coinage of the Silver Dollar. 



of the silver dollar to claim for silver that its value has not fallen, 

 but that gold has risen, as the reason of the largely widened difference 

 in value of the two metals. Judge Hughes, in his pamphlet before 

 referred to, takes the lead in what he presents as proof of this assump- 

 tion. He produces a list of some seventy staple articles of commerce 

 with their prices in 1870 and in 1884,* and shows a depreciation in 

 the latter year as compared with the former of twenty-six per cent. 

 The judge assumes from this showing that his proposition is proved, 

 and says: "This table shows a fall compared with gold of twenty-six 

 per cent.f Thus it is plain that silver and general prices have 

 remained on the same level; gold having risen." 



" Who will pretend that there has been any such real destruction of 

 values as these tables indicate? It is obvious that the fall in prices 

 denoted by them is in the main but relative, and is absolute to but a 

 partial extent. It is the standard that has been increased. It is gold 

 that has undergone a change of value and has risen by eighteen or 

 twenty per cent. By what means and for what purpose this increase 

 in its value and the resultant tax imposed upon all mankind who owe 

 debts, own property, or live by wages has been effected, is a subject 

 for the indignant reflections of the reader." \ 



I have quoted the judge, because I observe he makes an argument 

 which is followed by many members of Congress in their speeches and 

 by many writers on the question. § 



If Judge Hughes had studied his subject closer, probably he might 

 not have made up his judgment with but half the testimony before 

 him. 



That the general prices of commodities and service — of all things 

 purchasable with money, are to be taken as the criterion of its value 

 — of its purchasing power — is admitted. But suoh prices must be 

 taken with due allowance for adventitious ccicumstances and condi- 



* lb., pp. 50, 51. 



% Mulhal'l, in his price level of the world's commerce from 1860 to 1883, makes 

 the total commerce for 1873, £1,285.000,000; for 1883, £1,883,000,000. For the 



rmt..'.l Stat,-. 1ST-!. L">:. enn.uuu. jsv.;, .eon. p rice level for 1873, for 



the United States, 100, for the world, 103; for 1883, for the United States, 91, for 

 the world 81. That is, between 1873 and 1883 he shows a general decline of the 

 world of twenty-two per cent; of the United States of nine per cent. Mulhall, 

 History of Pn,v., pp. |.",.V,U 



$ Judge Hughes is followed in this line of argument by Mr. Beck in the Senate 

 and by Mr Reagan, Mr. Symmes, Mr. Warner and others in the House. Mr. 

 Warner puts the depreciation of average commodities as high as fifty per cent, 

 trly excessive. Others quote somewhat of English authority to the 

 general average depreciation of about twenty to twenty-five per cent decline, 



