The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-05-13
The Double Standard.

the white people OF Richmond.
--------------------
The Double Standard.
II seems 10 be contradiction in terms
"a sneak Of a double standard OF values
and vet silver money has always existed
from the days OF ABRAHAM until the present
time: and gold and silver together, not
separately, constitute now the valuable
currency of every country In the world as
distinguished from paper currency, or cur
rency having no value in itself. BESIDES
rs the sum OF the squares OF The other
Two sides of right-angled triangle
are always equal TO the square OF the
hypothenuse, so, as has often before been
said, the prices Of commodities must vary
with the quantity or amount OF the valt-
able currency Of the country. or the world.
Or to state the case differently. all the mo-
ney in the world will buy all the property
in the world, Gt is to be presumed; y and
therefore, IL gold were the only money, the
gold in the world would buy all the pro-
perty N the world or, which is the same
thing, the prices of property would neces-
sarily fall and accommodate themselves to
the supply of gold.
The London Spectator gives the above
argument, or statement OF fact, as a rea-
son why Great Britain should pay off its
public debt more rapidly than it has hith-
erto done. IL says that gold sis rising in
value" and, therefore, "the capital OF the
debt is increasing in amount, and its bur-
then becoming greater both as to principal
and interest" 1--WE quote the Chicago
Times.) The Spectator commends, by
necessary implication, the course OF the
United States Government in paying off its
public debt so fast; and by its argument
makes a strong point in favor Of the policy
Of remonetizing silver all over the world.
For II the public debts OF all countries
are becoming annually more and more
burthensome by reason OF the increased
value Of gold, it must be true that private
debts also, aud corporation debts. and State
debts, and all other debts, will also become
more and more oppressive year by year.
And il this increase OF the purchasing
power Of gold-otherwise called an in
crease in its yalue-is due to the demonetl-
cation Of silver, the remedy would seem to
be simple-namcly, the reconciliation OF
silver all over the world. Accordingly,
the Chicago Times, which despises green
back lunatics and has never had any SYM
patty with the advocates of the daddy
dollar" says to or of the Spectator:
"Thc Spectator might. without incur
ring reasonable suspicion OF desire to
deiraud public creditors, join in advoca-
ting the project Of international bi-metal-
ism. BY the concurrent action OF the great
commercial nations the divergence between
the two metals can at least be arrested.
Probably it can be corrected, and the ratio
which was maintained with but little yaria-
| ton for nearly century before 1873 may
not only be restored but held more firmly
than ever before. This is q perfectly le-
Ultimate method OF arresting the apprecia-
| ton of gold, il that process is going on, as
alleged. and OF securing greater stability
than has ever yet been known III the value
of standard money, to the just and due adj
vantage Of all nations and all individuals
who owe large debts of long standing"
No other journal opposed more earnestly
than this did the proposition to coin 81
cents worth OF silver into dollar, though
we favored the Iolicy Of remonetizing sill
yer; but no one is more ready than we tc
acknowledge that but for the passage Of
the silver bill. the Government would
probably have been unable to maintain
specie payments for any considerable
length of time after their resumption il
January, 1879. The supply Of gold would
hardly have sufiiced. The temptation tC
neutrality-suspicious. to run up the price
OF gold by drawing out all the Govern
ment's stock Of it might have been toe
strong 20 be resisted.
We have imagined for some time that WI
could see in the New York Tribune evi
dences that it had weakened'' on tn,
gold question. At any rate, 1t has learned
! to treat the silver advocates with due cour
} tesy. II recently published a communi
cation from the president of the Chase Ma
G tional Bank OF New York city in favor o
double standard. 1t has also published
l without unfavorable comment letter from
: K. +. RILEY, Esq, OF Osceola, Iowa
/ which sounds note OF warning in behal
+ Of the people OF the great West and North
} west. Mr.. RILEY says
, OscEoLA, IOWA, April IL, 1883.
9 Joha Thompson, Chase National Bank, Neu
Iork:
Dear Sir,-The posttion Won take en- neo riv ooh,
: eldes with my views on the silver question: anC
yonr reasons are so good aud so strongly stated
that want 10 express TO you my thanks for Tho
q Muc.e. "a recent plea for the double standard
There is no doubt In nay mind that the so-calIed
depreciation Of the value of silver is really. I'm
great measure the appreciation of gold, caused by
the demonstration of silver in England and Ger
many and The efforts In this country TO debase il
ana that silver has more nearly preserved H. old
relative value with produce and real estate.
believe The decentralization or even the r,stric-
ton OF the legal. tender quality Of silver dollars in
this country would increase the value OF mort
cages ana other securities at least 10 per cent.
ana perhaps . per cent: and many people I'm the
west believe the fight against silver Is carried ON
Tor the very purpose of increasing the wealth of
the creditors uniuSuy at the expense Of the debit
ors. People living H. the Eastern and Middle
states have loaned millions Of dollars 10 western,
| farmers and businessmen, and they hold many
| thousands of mortgages on western homes. and
any attempt or the representatives OF these credit
ors, Dy IN act OF Congress, TO make these debts
sarder TO pay, aud to make II more dficllt 10 re-
deel these western homes. m rely for the cake of
making the creditors richer, win meet with most
STRENUOUS and even bitter opposition.
=, Inc western people, TOO, bold many millions Of
Lne silver dollars, aud any attempt TO depreciafe
uleir value, even though the Government would
propose 10 redeem Them would cause great dissatis
iactio0. am glad 10 see an eastern paper take so
Jus, ana cntanle position on the silver question,