Music Trade Review
Issue: 1896 Vol. 23 N. 6 - Page 4
Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
THE MUSIC TRADE REVIEW.
- ^ • E D W A R D LVMAN
Editor and Proprietor.
PUBLISHED
EVERY
SATURDAY
3 East 14th St.. New York
SUBSCRIPTION (including postage) United States and
Canada, {3.00 per year; Foreign Countries, $4.00.
ADVERTISEMENTS, $2.00 per inch, single column, per
insertion. On quarterly or yearly contracts 0 special dis-
count i« allowed.
REMITTANCES, In other than currency form, should
be made payable to Edward Lyman BilL
Entered at the New York Post Office as Second- Class Matter.
NEW YORK, AUGUST 29, 1896
TELEPHONE NUMBER 1745. — EIGHTEENTH STREET.
"THE BUSINESS MAN'S PAPER."
I
N another part of this paper we present a
letter written by Mr. O. W. Gleason,
who takes issue with us in our advocacy of
the maintenance of the gold standard. We
shall print any correspondence which may
be sent us anent "the battle of the stand-
ards." We believe in a full, fair argument
of the dominating question in American
politico-financial affairs to-day. If we oc-
cupy a position which under the light of
argument and reason shall be proven to be
false and untenable then we shall be willing
to admit that our views at present enter-
tained are incorrect.
But until we have acquired the necessary
knowledge we shall hold to the belief that
the Republic of Washington, of Lincoln,
should not adopt the money standard of
Mexico and of Siam.
We claim that the advocates of silver are
not bimetalists but monometalists. They
know that with unlimited coinage of silver
all gold must be driven out of the country.
That means in itself would provide all the
gold necessary for the gold standard coun-
tries of Europe, together with the annual
product of the American gold mines, thus
postponing indefinitely the possible bime-
tallic arrangement between the civilized
nations of the world. Jefferson, whom the
silver men frequently quote, wrote that sil-
ver, owing to its peculiar fluctuating quali-
ties, must be best regulated as circulating
money medium by the action taken regard-
ing its value by the great nations of the
earth.
Now what we object to is that the silver
party wish to force, by legislative enact-
ment, silver to a value not recognized by
the great commercial nations of the world.
In the days of Jefferson silver was mined
about in the proportion of 15^4 to 1, but
since that time silver has been mined in
such quantities that its value measured by
gold has descended to about 3i/4 toi. Our
friends object to the gold measurement,
claiming that it is an appreciating metal.
We claim that there can be but one stand-
ard, and that as gold has stood the test of
centuries, it so will stand until some metal
more rare—if ever discovered—shall take
its place. We claim that a standard once
established cannot be changed without in-
calculable loss accruing thereby. All of our
commercial dealings having once conformed
to it, can not be shifted as the weather
vane. Might as well change the unit of
measure. Suppose tailors should suddenly
change their yard measure to 30 inches.
A number of misfits would result, and sup-
pose that they should continue to make
changes, or in other words, have no stand-
ard of measure. We claim that the silver
men wish us to accept in place of a stand-
ard which has stood the test of centuries, a
standard which has no stability in the great
marts of trade. If by legislation we can
settle the currency matter, without paying
heed to economic laws governing supply
and demand, then we say that the silver
men have solved the greatest problem of
this or any other age. But let us ask if it
is well to discard that which has withstood
the test of ages for the visionary panacea
offered by the silver enthusiasts.
We do not believe while maintaining our
views, it is necessary to insult the intelli-
gence or the honesty of the men who are
sincere believers in the Bryanic doctrine.
While we most emphatically condemn the
mouthing Tillman and the blatant Altgeld,
whom we consider political demagogues of
the most violent types, yet we must admit
the right of every man to follow the course
which he himself believes presages the
greatest future for the upbuilding of Ameri-
can interests. But let us ask our silver
readers to name one country in the world
which is on a silver basis wherein prosper-
ity reigns and industrial or agricultural in-
terests are on a par with those of the gold
standard countries? Is it well to discard a
fact for a theory, however alluring the the-
ory ?
#
#
Another old and distinguished house
has fallen a victim to the monetary strin-
gency and curtailment of credits which has
been caused by the present financial agita-
tion. The assignment of the Emerson Pi-
ano Co., as reported elsewhere, will occa-
sion sincere sympathy and regret.
The individual members of the firm are
careful and competent business men, who
command the unbounded respect of the
entire trade. They have managed the
affairs of the firm in a capable and, as was
necessary, conservative manner during
these trying times. Meanwhile their en-
deavors to tide safely over the period of
depression was interfered with, as in sev-
eral other instances, by the action of cer-
tain banks in curtailing credits and dis-
counts, without which the most prosperous
business cannot be conducted.
The healthy condition of the firm can be
estimated from the financial statement,
which, although unofficial, is sufficient to
indicate that there can be no question as
to a resumption of business at an early
date.
Of course, at this writing, it is impos-
sible to predict what action the creditors
may take, but it is safe to assume that a
sensible course of procedure will be adopted
which will allow the Emerson Co. a fair
opportunity of again being a factor in
the trade.
Business men of all shades of opinion
must admit that extraordinary conditions
now prevail in the business world. The
banks as well as private individuals seem to
have "lost their heads" to some extent, and
a feeling of distrust and uncertainty, which
is not altogether well founded, has resulted
almost in a paralysis of business. When
merchants cannot get accommodation ex-
cept on "call loans" it is not an easy matter
to engineer commercial institutions in
these troublesome times.
When a calamity occurs which cannot
be averted^ by human endeavor it is hardly
proper for outsiders unacquainted with the
facts to criticise and preach about what
' 'might be done.'' The better plan is to hold
out the hand of encouragement and hope.
The clouds of adversity which are now
darkening the business horizon of this
country are bound to be dissipated before
THE MUSIC TRADE REVIEW.
- ^ • E D W A R D LVMAN
Editor and Proprietor.
PUBLISHED
EVERY
SATURDAY
3 East 14th St.. New York
SUBSCRIPTION (including postage) United States and
Canada, {3.00 per year; Foreign Countries, $4.00.
ADVERTISEMENTS, $2.00 per inch, single column, per
insertion. On quarterly or yearly contracts 0 special dis-
count i« allowed.
REMITTANCES, In other than currency form, should
be made payable to Edward Lyman BilL
Entered at the New York Post Office as Second- Class Matter.
NEW YORK, AUGUST 29, 1896
TELEPHONE NUMBER 1745. — EIGHTEENTH STREET.
"THE BUSINESS MAN'S PAPER."
I
N another part of this paper we present a
letter written by Mr. O. W. Gleason,
who takes issue with us in our advocacy of
the maintenance of the gold standard. We
shall print any correspondence which may
be sent us anent "the battle of the stand-
ards." We believe in a full, fair argument
of the dominating question in American
politico-financial affairs to-day. If we oc-
cupy a position which under the light of
argument and reason shall be proven to be
false and untenable then we shall be willing
to admit that our views at present enter-
tained are incorrect.
But until we have acquired the necessary
knowledge we shall hold to the belief that
the Republic of Washington, of Lincoln,
should not adopt the money standard of
Mexico and of Siam.
We claim that the advocates of silver are
not bimetalists but monometalists. They
know that with unlimited coinage of silver
all gold must be driven out of the country.
That means in itself would provide all the
gold necessary for the gold standard coun-
tries of Europe, together with the annual
product of the American gold mines, thus
postponing indefinitely the possible bime-
tallic arrangement between the civilized
nations of the world. Jefferson, whom the
silver men frequently quote, wrote that sil-
ver, owing to its peculiar fluctuating quali-
ties, must be best regulated as circulating
money medium by the action taken regard-
ing its value by the great nations of the
earth.
Now what we object to is that the silver
party wish to force, by legislative enact-
ment, silver to a value not recognized by
the great commercial nations of the world.
In the days of Jefferson silver was mined
about in the proportion of 15^4 to 1, but
since that time silver has been mined in
such quantities that its value measured by
gold has descended to about 3i/4 toi. Our
friends object to the gold measurement,
claiming that it is an appreciating metal.
We claim that there can be but one stand-
ard, and that as gold has stood the test of
centuries, it so will stand until some metal
more rare—if ever discovered—shall take
its place. We claim that a standard once
established cannot be changed without in-
calculable loss accruing thereby. All of our
commercial dealings having once conformed
to it, can not be shifted as the weather
vane. Might as well change the unit of
measure. Suppose tailors should suddenly
change their yard measure to 30 inches.
A number of misfits would result, and sup-
pose that they should continue to make
changes, or in other words, have no stand-
ard of measure. We claim that the silver
men wish us to accept in place of a stand-
ard which has stood the test of centuries, a
standard which has no stability in the great
marts of trade. If by legislation we can
settle the currency matter, without paying
heed to economic laws governing supply
and demand, then we say that the silver
men have solved the greatest problem of
this or any other age. But let us ask if it
is well to discard that which has withstood
the test of ages for the visionary panacea
offered by the silver enthusiasts.
We do not believe while maintaining our
views, it is necessary to insult the intelli-
gence or the honesty of the men who are
sincere believers in the Bryanic doctrine.
While we most emphatically condemn the
mouthing Tillman and the blatant Altgeld,
whom we consider political demagogues of
the most violent types, yet we must admit
the right of every man to follow the course
which he himself believes presages the
greatest future for the upbuilding of Ameri-
can interests. But let us ask our silver
readers to name one country in the world
which is on a silver basis wherein prosper-
ity reigns and industrial or agricultural in-
terests are on a par with those of the gold
standard countries? Is it well to discard a
fact for a theory, however alluring the the-
ory ?
#
#
Another old and distinguished house
has fallen a victim to the monetary strin-
gency and curtailment of credits which has
been caused by the present financial agita-
tion. The assignment of the Emerson Pi-
ano Co., as reported elsewhere, will occa-
sion sincere sympathy and regret.
The individual members of the firm are
careful and competent business men, who
command the unbounded respect of the
entire trade. They have managed the
affairs of the firm in a capable and, as was
necessary, conservative manner during
these trying times. Meanwhile their en-
deavors to tide safely over the period of
depression was interfered with, as in sev-
eral other instances, by the action of cer-
tain banks in curtailing credits and dis-
counts, without which the most prosperous
business cannot be conducted.
The healthy condition of the firm can be
estimated from the financial statement,
which, although unofficial, is sufficient to
indicate that there can be no question as
to a resumption of business at an early
date.
Of course, at this writing, it is impos-
sible to predict what action the creditors
may take, but it is safe to assume that a
sensible course of procedure will be adopted
which will allow the Emerson Co. a fair
opportunity of again being a factor in
the trade.
Business men of all shades of opinion
must admit that extraordinary conditions
now prevail in the business world. The
banks as well as private individuals seem to
have "lost their heads" to some extent, and
a feeling of distrust and uncertainty, which
is not altogether well founded, has resulted
almost in a paralysis of business. When
merchants cannot get accommodation ex-
cept on "call loans" it is not an easy matter
to engineer commercial institutions in
these troublesome times.
When a calamity occurs which cannot
be averted^ by human endeavor it is hardly
proper for outsiders unacquainted with the
facts to criticise and preach about what
' 'might be done.'' The better plan is to hold
out the hand of encouragement and hope.
The clouds of adversity which are now
darkening the business horizon of this
country are bound to be dissipated before
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