Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1852-05-24


now Mr. Newderate we can believe, is not ex-
trayagant in his surmise, that had matters re-
manned in StdtU GHo-that is had there been no
removal of protection on the one side, and no in
creased supplies of gold on the other-prices
would not have ranged materially higher than the
present average. For the whole year 1885 the
price was only 39s ID.
1t suits the iactious purpose of the Manchester
confederacy, to represent the home agricuturist
in the odious light of wishing to keep out food from
the people, aud to stint them in its consumption.
Nothing can be more false. All he desires is
being in this respect neither better nor worse
than other producers and traders-such price
as will enable him to exercise his industry with
fair prospect of advantage to himself. With such
fiscal arrangements as were imposed on this coun-
try by high range OF prices, he knows that he
cannot prosper-more, with very low range he
cannot live. In what way the law on the high
rate is brought about is of very little consequence
to him. Though he was secured from foreign COM
petition by the return to cash payments in $40,
yet the sudden depression of price resulting from
that measure oecasoued him great distress; and
so, now that he is exposed to the competition of
the world, he would very cheerfuIly face it, and,
we believe, in the end fairly beat it, should an
action of another kind proceed. Surprising that
increased supply OF gold should continue to
give an upward movement to rates. he would soon
Ue rs ludepeuueHt VI pluuuCtiou dS COulu 20 ue-
Sired and, with the greater encouragement afford
ed to his industry, would probably render this
country to very great extent-if not wholly-in-
dependent of foreign corn.
The supply of the precious metals after having
been stationary for great number of years, was
increased about the middle of the last century by
the greater productiveness of the mines of South
America. The result was fairly stated by Mr.
Huskinson in his speech MAY l, 1879 the
resumption of cash payments =
.sHe remarked on the great stimulous which the
increase of the circulating medium had given to
the arts and industry of the country. To show
the improved condition of the country he stated
that from the year 1868, to the year 1854 there
had not been single bill of enclosure, and corn
was imported. From 1854 to 1896, during which
period there had been rapid increase of the circu
lating medium from the mines of America, the
enclosure bills amounted to 5000, and we became
an exporting country"
Mr.. Huskigson was no loose talker. The rise in
prices caused by the increase in the precious me-
tails so stimulated the growth of agricultural pro-
duce, that in the ten years. l760'70, with wheat
at the then almost unprecedented price OF Ass. l0d
per quarter, we not only fed our own people album
dainty, but exported 1884 ,56l quarters of wheat.
We need not insist that like causes must pro-
duce like effects.
The probable effect of the increasing production
tary men. Some letters in the The Times, and
some remarks in the city article of that journal,
have directed attention to the advance in prices
now taking place, and few of its correspondents
go so far, if we understand them rightly, to ad-
vocate an appreciation of our standard. For our
own part, we very earnestly deprecate discussion
on that point-and for several reasons. In the
first place, prices-we adhere to grain as the rule
of other commodties-must advance considerably
+l,y aoFt I,rt
of the 18th century, and must become double what
they are at present, before they reach the ave-
rage of the first twenty years ofthe present centu
ry, when the greater part OF our burdens was con-
tracted Evidently, then, there is a wide margin
for advance before any single class OF the commu-
nity would have title to complain; and therefore
even call to consider the subject is plainly prema-
ture.
But, further the return to cash payments, and
the restoration of, or adherence to, the old stan
dard of the country, was much in the nature of
solemn national contract as any Legislative en-
actment could be- 1t was admitted that the ar
rangement must be greatly to the advantage of
the national creditor who had lent his money du-
ring the war: but adherence to the standard-cer-
tany as old as the rel gn of Elizabeth, and deli
berately restored in the reign OF William Ill
was though at great cost to the indebted nation,
urged as an act of faith and honor, and as a set
ever. The language held by the adherents of the
bill of 1919 was conclusive to the final charac
Ser of the measure. In the debate on Mr. West
ern's motion in 1922, Mr. Huskisson proposed as
an amendment the memorable resolution OF 1906.
ssthat this House will not alter the standard of
gold Or silver, in fneness, weight or denomina-
tion''-and carried it by an overwhelming majo-
rity. In that the ablest of his speeches, he sta
ted the grounds en- which the standard was to be
orsless plentiful -
s'In this country, where gold is the standard of
value, what is it which the parties stipuate for,
and the State guarantees, in every contract for a
money payment! Why that the rendered
in satisfaction for such payment shall not be less in
weight and fineness than is required by the
standard; but the contract does not stipuate,
neither does the State guarantee, that the guam
tity of gold contained in that sum, shall bear,
at all time to come, the same value in relation
either to land or to other commodities, as it did
at the time when the parties contracted TO-
gether. 1t is among the highest and first du-
ties Of the State in relation to property, to main
tain that standard inVioate and immutable, |
and it is because we have neglected that duty |
that we are suffering all the evil consequent
ces of our neglect. lnasmuch as any diminuton
In the value Of the precious metals-elther from
natural causes, such as abundant supply from
the mines or from legitimate causes, such the
substitution of paper really payable demand
or the other contrivances OF credit-lnvolves no
breach of pecuniary contract, however prejudi-
cial to the creditor, so on the other hand an in
creased demand for the precious metals in this or
any other country flor the effect would be the
same should the demand arise esewhere) or |
diminished supply from the Mines affords no
ground for the interference of the State with the
conditions of that contract, by which it would be
violated for the benefit of the debtor.'
Considering what it has cost this country in
times past to maintain this Standard it is hardly
likely that any party will ever seriously propose an
alteration of it. Should such proposition be
made, the money interest would, we are satisfied,
stand alone in its supports and, with nearly every