The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-08-16
TIIr.>ILgER question:

8 TiIE.sILEER QUESTION:
Nlr. David 4. Wells, in his letter adj
a,.>rd II Murat lialStead. Of the Cincin-
s ii Commercial and rcpubiiShed with aJ.
b prabation t., the New York Times OF July
h argues the question OF rcmonetiZing sill
skr. 4s If IL advocates were confined TO the
5,.h.or class. The letter is interesting, a> is
srrrfhin- Iha. comes from the pen OF so
Il l..inrui.hrd 4 rnanclcr. whose reputation
q established throughout the world. Ii may
& taken i,r granted that any admissions by
II n, NAV be regarded Is 50 conclusive rs to
= rtii-r nothing further to be said 10 prove
"a >uh>tan,iatc them. and that TO rciuic his
), umrnt j 10 rcfUte the whole argument
4~,iu>t TcmonctiZin. silver. In that view
Il wilt bc Instructive 10 take a review OF the
q ,umcnt - presented by him.
4 lie commences by stating that in China
e. GOLD and silver are merchandise, and
a :, hy w"I <ht and tincncSS, but neither m
d ned. Ii provides one coin, and one only,
Il The ,>c oi itS pcoplc-namciy, @n ugly,
u arse. and comparatively heavy disk. COM
Il I'D mainly OF iron with u little copper.
+ i coin, which i known among foreign
a, by The name oi "cQSh," has the value
IA me nal. American money. IL - ulfh-
e 4. /. intended 10 be deduced from this
Il 'rmcnt. unl"S> il be, a> wages are eX-
Il n..Iv low III China, that the coinage OF
q coin. or any coin OF small value, neces-
a ,#v produces low wages. 1t IS hardly
81 .l,p>atc that so eminent 4 writer
ID IlI 80 coufolnd cause and effect,
n - pcyvcrt the natural infercnccS.
ii %. the -" 0i tins lower subsidiary
- h. nj h,.N
I'll e. war.> which in time have been pro-
Il; red iv the oycrcrowued population OF
e ma. The argument has no application
ii this country. and therefore may be dis
"a .,"d. lllS next argument Is dcduccd
i. n HE weight oi silver. Eighteen dol
III and fourteen cents. represented by the
pi >rnt subsidiary coinage OF the United
StMr<. weigh a pound: ono hundred dol
Ia weigh tive and half pounds, and for
es RS thousand dollars that Il man IS paid in
sil yer a wAcclbarrow would become neccs-
g. il he proposed to remove it," From
th. changed conditions OF affairs III the
Uitcd states. "our high nominal wages
al 1 prices. ana the necessity that exists for
TIL carrying Of comparatively large sums OF
sfr ncv upon the person. he deduceS the
Conclusion "that il by law silver should
nc bc made the exclusive standard
for money valncS in the United States
tlp law could enforce its Use for general cir
caaiion. Substitutes OF paper money would
BIZ rc>or,rd to. and speedily replace it,
Yi h. advocates 'of the money OF our IA
III r "-lh" old constitutional currency,
th accepted currency until very recent
Mriod, of the world in all ages, genera
til ~. and all commercial people. without
-M Ill tt,.,y
fy rrtlnn-- nave therefore cOn,en0ed that
ae b gold and silver should be used Is I
Sa .ium II exchange to facilitate the move
hi u, oi trade. and were never more ne
es >ayr tIan IN this aye. when the steam
EA p. thc railroad. and the telegraph nave
Id completely broken down the barriers OF
sH and space. They know, besides, that
sh argument Vi Mr.. Wells is also applicable
be- Inst ti, crclUSir" 1tSt OF gold. 1t Is very
iH nnycn.rnt 10 carry even one hundred
ls 4.> in gold permanently, rs pockct-mo-
be Mr. Wells knows thatsl whcelbarrow,
nf y.n = raiiroad-c ear, would become ncce>-
ii, II nur large cominccial dealers and
hs kcrs were required to make their pay
tai 1T even in gold coin. Then why intro
In an argument 80 pucrlic against S!vs-
ia thai is applicable practically with rs
t IA force against the system he would in
ll luce: All commercial nations have
Esl nu il necessary TO resort TO the paper re-
Ss >rniat!vcs of gold or siivcr-tbe prom
fA - pay. the bill 0i exchange, the bank
he". the account currcnt-w hich are ac-
bel ed in place Of gold and silver because
ta can on presentation be turned into
Eg lie. 1t has been thought that the
bill Of exchange iS one OF the grandest i'm
mycmrntS and greatest factors introduced
flta modern commerce, without which it
E2uid languish and become impossible.
EurIv he does not contend against the use
Npapcr money properly secured, and that
hi always and at once be paid in com
Elm presented for payment!
/ a. then proceeds TO say that much OF the
Ea able OF the people Of this country-the
ksyrican labOrer, the masses-is connected
El the attempt 10 make the United States
A ,l and use forms OF money or media or
Ea hangc which our own experience and
M experience OF other nations teach we
Fh uld not Use. The advocacy OF anything
bt most stable, Notwithstanding, and com.
Es tIa!lv valuable currency would be any
EA = hut popular. As Il condition OF ma
E6 al defence, furthermore, 4 full supply or
tH most valuable coin is more necessary
pa iul! supply of arms. ships, or forts.
At the safest repositories OF such coin
lee not III" vaults OF banks or OF the Fed
H Treasury. tlthe pockets Of the people;
m tnr convenience OF the people would
MnIpt them to employ more coin, and so
g. up greater supply o. the essen
M munitions Of war. il gold was the stand
H than il The supply was exclusively sill
ks. It is rare in any public document TO
n 20 many bold and naked fallacies in so
H~ 4 space. ~ouc Of hi. gcneraltleS
E. be agreed 10 in certain senses. Thus
W present public mind. enlightened by
Nv uhslon, VIII assent 10 the doctrine that
M great evil OF the day is an unretleema-
@ and Luctuating currency, such as is
tg' afforded bv The United States Treasury
kSr,. II that Is his meaning he advances
EsIt may now be regarded rs truism, so
FQ Ecr>aIly /. il acknowledged; but il he
sf'hs more, and seeks TO apply the same
fss0nln@ TO silver and gold as the basis Of
E9ait and exchange as contra5ted with the
III standard, pure and simple. then he IA
tNE iaiis IL producing proof to sustain the
MNnent. Il Is most distinctly denied that
saer England or Germany have escaped
Ee b!ghtin2 crisis III financial affairs; that
ES masses OF these countries who have de-
EgctlItd silver are not now disturbed, and
E# their noycrty Is not increasing. Our
EI tricnce ana the experience OF other ma
w. do not teach Us that we should demo-
~ silver. and make gold the only legal
El"r. Germany has tried the empirical
merlncnt under circumstances the most
EXpraolc-Aer own treasury-assistcd by a
nAIard OF coin, the spoils OF conquest from
SHncc, and yet Germany is undergoing i
ncIat panic, While France, depleted but
@ enjoying silver currency. is free from
"a In The one is the picture OF loss, deca-
ce, panic; in the other OF hope, advance
ESl, and prosperity. You may explain it