Part 02, Chapter 31 : Economic Superstition

[Liberty, August 13, 1892.]

Apropos of my editorial of a few weeks ago, forecasting the probable increase in the supply of gold through its extraction from the ocean and the consequences thereof, Comrade Koopman writes me: If this is so, every craft that sails the ocean blue will carry an electrical center-board to rake in the gold as it sails along. I am afraid, though, that the governments will betake themselves to platinum (I believe Russia tried it once) or some other figment, and so postpone their day of reckoning. But what a shaking-up a gold deluge will give them if it come! I hope we may be there to see. If the present adherence to gold were anything but a religion, there would be some ground for Comrade Koopman’s fears. But, so far as the people is concerned, it is only a religion. To uproot the idea that gold is divinely appointed to serve as the money of the world is to destroy the godhead. In vain, after that, will the priests of plutocracy propose a change of deities. The people will say to them: If you lied when you told us that gold was God, you are lying now when you place platinum on the celestial throne. No more idolatry for us! Henceforth all property shall stand on equality before the Bank. In demonetizing gold we monetize all wealth. The Anarchists are fighting the old, old battle,—the battle of reason against superstition. In the earlier phases of this battle, science, after a time, reinforced the philosophers and gave the finishing stroke in the demolition of the theological god. Perhaps it is reserved for science to similarly reinforce the Anarchists in their task of smashing the last of the idols. Of this, however, I am not as hopeful as I was. A fact has lately come to light that fills me with misgiving. No sooner is it proposed to begin the extraction of gold and silver from the ocean by the new and cheap method than a man pops up in England to say that he patented this method a year or two ago. If his patent is valid (and I see nothing to the contrary), this man is virtual owner of the entire 21 billion tons of gold and 64 billion tons of silver which the ocean contains. All finance must kneel to him as Pope. Nearest, my God, to Thee, will be his hymn henceforth, or rather till some luckier individual shall discover a still cheaper way of securing the ocean’s treasures and thereby become Pope in his stead. This one perfectly logical and appalling possibility ought to be sufficient in itself to sweep away as so much cobweb all the sophistry that has ever been devised in support of property in ideas. Gold, after all, is not the last of the idols; in mental property it has a twin. And my remaining hope is that science, with its new discovery, may do double duty as an iconoclast, and destroy them both at one fell stroke.(82 ¶ 5)