The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-09-25
Il sfeckssnbITg DeInocrnt on the
Money Question.

mn 1lconsertibla paper currency and hsge
foreign debt, the exchange will be against
it and the premium on gold aiso high. This
siate bs things will stimulate exports, by
making the exchange drawn upon them
more valuable, and for the same reason dis
courage imports, as Mr.. Winder has proved.
But there IS a point. beyond which this
action IL reversed. 1t is when the price OF
the produce in the foreign market |. re-
Gi,tced by excessive exploration so low toat
it will not bear expectation, except for the
purpose OF paying debts and saving the
hioh premium on gold. AL cSportatou
after that point is at n loss-lowers the price
of produce below the paving. point, reduces
the value OF the exchange drawn upon II
here, and so discourages exports anu en-
pcouraees imports, reversing tne LOT
mer action, as / have sald. Ihe
money, Icing ineonyertible, cannot g,
abroad to pay debts, but its value is reduced
by the high premium on gold. lt,goes into
the market for produce, TO be exported at a
loss to pay debts, thus by the competition
in purchasing here and in selling abroad
iniuriDg the unindebtcd exporter and caus-
ing a loss to the whole country OF all the
produce exported beyond what would nave
produced the same price II there had pccn
no premium Oh gold. The volume OF our
currency is undiminsbed, it, is true, but
part OF it has been laid out here in pur-
chasing at 4 high price cotton and tobacco
70 be sold abroad at low price, the result
being loss in the value OF our exports
from selling them too low. In the case OF
convertible currency the foreign Debt is
paid BY property sold here at sacrifice, &C.
cosioned bv contraction Of its Uolumc; IN
that OF the uncorvertib!e by the :aie oil
nroperty sold abroad at. sacrifice,
caused by reduction in its Uatue. In
the first case. one class OF our citizens
loses. but another gains: in the other, our
citizens lose and only foreigners gain. |
think also an inconvertible currency must
have a tendency 10 increase the imports OF
Il country. because as gold is not in demand
in such country and will not circulate
there, the proceeds Of exports can only De
brought back in the shape OF imported
merchandise In the five years precedlrg
the panic OF 1878 our imports exceeded our
exports by S579,000.000. and in the ten
preceding by $l,127, 100000. This. said
Sir. Winder. accounts for that panic; and
yet during all that tine our annual product
OF specic was more than 500, 00O,000. l
am not arguing for resumption now, but
against the idea that inconyertlEle paper Is
blessing, and that premium on gold Is
duty on imports and bounty on exports.
During all that time the gold export OF our
mines was brought back in merchaE disc.
The Green back platform commences: cone
measure OF value established by law Shall
be the only legal tender for all debts, pubic
and priyate": meaning that the dollar CT
that money shall be the measure OF ali
values. Now. nothing can be measure CT
length unless it is length, nor anything a
measure OF weight unless it is a weight
itself; and 50 also nothing can be a
measure OF value. unless it is value
itself. Hence that dollar must have
value; for il it had not, no number OF
no,bngs could be the equal OF anything
that had real value itself. Now, paper
dollar has naturally no appreciablc value
it is nothing. How, then, Gin hundred
OF these be the equal in value cf horse or
1000, that Of a house or a farm? The
answer l.. you must either take dollar OF
gold or silver (Which has value in ltselD, or
you must take Il paper dollar and by law
give it value; say it shall have all the legal
effects and attributes OF gold or silver dol
lar; make it legal tender for all debts or
dues, public and private. But can you Go
this in every case? Suppose the Govern
mcnt forms dollars OF ice, or wax. or tall
low, and says these stall be your dollars,
and then suppose you sell your farm for
thousand of them, and the next morning
lind them all melted away--would such
money as this answer? You certainly see
that money such as will answer the purpose
clnnot be made out of everything. There
must be choice; some articles might he
very lit, others very unit; one thing
I,o IN unfit in
other: while another might be very tit
in Il great many-nav, in all-rcspccts.
Ought not the Government, in selecting the
material OF money, to have reference to
these things? II it should fail to make q
wise choice, and should compel those under
its jurisdiction to use that money, and II
another government should make q wiser
choice and issue a more useful and service
able kind Of money, and the people OF the
first government should become acquainted
with 1t and should prefer il to the other
money, would not the Iutler be at dis
count and the other at Il premium. ana
could the first government prevent it?
Now, this we claim to be actually the case
between metal-monev and paper-moncy. L
say that intrinsic value, if rot an essential,
is vet very important property or money.
1t is much easier to take something that Is
really valuable and attach to it an additional
value than to take something really worth
less and attach to it by force OF law new,
mysterious, and apparently imaginary value.
Now. gold and silver have this property !;
their very name denotes it-"tbe precious
metals, the precious stones" Who doubts
that diamonds, emerads, ard pearls have
intrinsic value, or that gold and silver have
II moi, what means the rush OF rlcn from the
utlermost parts Of tic earth to California.
Australia. Patagonia, New Guinea? Is 1t
not better to take for our unit OF value Il
gold or silver dollar than to depend upon
the doubtful experiment OF making one by
law: untried hitherto by any great COM
mercial nation, or, ii tried, abandoned as
improbable, impracticable, impolitic, and
unsafe. But Gcacral Butler and his friend
kearney (come from California, OF all places
in the world to teach men that gold has no
intrinsic value" Physician, heal thyScT,')
say "gold has no value except from being
used as money" We'll, ii it is exclusively
or emnently fit for that use, who can say it
has no value? What has greater uses than
money? What can it not buy, what can 1t
not do? Money certainly is the most uSefui,
necessary thing in The world, and Eold Is
the best money in the world, II England,
France, all Europe, are to be believed. But
General Butler says No. Flour you can cat,
wine YOU can drink, cloth you can wear--
everything has its use, and is therefore val
liable; but gold has no value, for you can
not eat it, drink or wear it, but only use it
as money. Well, il that use does not make
1t valuable nothing can. DRAPER.
WADE. HAMPTON on INDEPENDENTLY
bis Sncccl, in GrecnYille, S. G., on the 18th