Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1884-12-28
SiLYBR AND CURRENCY.
CONTINUED.
M. 9.

Ekewjse coined AZ rs intrinsic market value,
snd they are equally useful ~ circulating
medium, and equally acceptable 10 the gen.
ersl public a. a LEGAL tender. Indeed. ~
no sstd before, silver II valued bv nine men
ouf a every ten more than gold for pay
nnfpt Of the more numerous classes Of debts
and ,bc pui chase OF toe vast daily wants OF
the comic, The use OF silver has lately be-
come 30 considerable IN the smaller opera
t,ops Of trade thet Il has occasioncd the dis.
use 10 large extent Of notes below the
dtnomioation Of s5. while gold Is seldom
tecn, though 10 be had Of the hanks.
II Il generally understood that the banks
complain Of silver, but !, IS because the
Government has not put In this coin the
fun weight Of metal which " should nave
TO bring Il to the standard OF gold, and nm
Ger certain cxigencics OF money they may
he ltfi with large amounts OF IL on hand
that they cannot utilize; and then some
bankers have an Idea that silver Is not so
likely 10 maintain consistency OF value as
colo. This Il speculation. with experience
against such theory. since silver has, since
Sic introduction thousands OF years ago.
maintained regularity OF value equal
10 and even In advance OF gold,
and Il likely 10 continue TO do 80.
But II IL Idle 10 hope for any such uniform
fly Of value In anything as viii give II
permanence Of purchasing power. I'M
chabgeable ~ time itself. The only eyl-
depcc. indeed, that we can have OF the uni.
formity OF value Of anything IA the regu.
lsrity Of supply or production OF 1t. pro.
poriioped TO average uniformity OF demand
or use. Human affairs do not admit OF
this condition OF uniformity, though gold
and silver currency change as little as any.
thing. This may be accounted Tor In the
fact that coin-circulatlDg medium does
NOT tend 10 surplusage like other
products, while the average OF all
products, gold and silver included. re-
suit year alter year In much the same.
For The average fruits Of human industry
u about the same continually; while one
protu fails largely another Is supera-
tundant, and consequently the average
value Of surplus productions with which
gold and silver have 10 dea, creates no
rtrain ON the purchasing power OF these
coins. And even II the aggregate average
value Of the great Productions were to vary
considerably this would not necessarily
CiIurb the value OF the coins. since the
excess Of production cheapens the price OF
them exactly In proportion to the Increase
Of their quabtity, and advances them pre-
opIy the production OF gold and silver at
the mines in unusual quantities that dIsturbs
the value OF their coins; and as these metals
srefoundin nature so intermixed with earth,
sand, and gravel. or wedged In The crevlces
Of vast Quarries, the necessary human
labor, even aided by machinery, cannot be
modified so as TO materially reduce the cost
Of their production and thus their value
in the markets 81 the world does pereep,i-
bly, vary during long periods OF time. III
there Is some increase OF supply from pro-
duciion. the advancing or multiplying
operations OF trade. which increase the
needs for them, together with the wear and
tear and loss in the ocean snd otherwise,
eouDter-balances these sources OF pr0duc-
zion. While there is nothing so uncertain
as the future, there Is nothing about
which we need concern ourselves
so little ne The future OF gold and silver.
They will take care Of themselves, and the
wisest heads we have will never make
reputation In directing the methods OF
money and trade. Calculations Of this
tort are like the concern that some pbloso-
pliers entertained about the advance OF the
population OF the world, when we should
have 10 eat each other up TO get standing
room. We do not mean II say that paper
currency does not largely affect the value OF
commodities. We know that property sold
on time will sell for much more than the cash
Price with interest for the term OF the credit
added. and as paper money is required
10 aid IN The transfers OF products and
values, its superabuudsnce will advance
prices aud ITS scarcity reduce them. Its
facility OF issue mot being a production
itself, but a representative OF credit gives
Il tins character OF instability, for il can be
multiplied without cost beyond reasonable
probabilities OF redemption, unless limited
by such pledges Of tangible securities a.
VIII serve 10 restrain it, excessive issue
Since the values OF the world are the re-
suits Of labor 10 produce them, whatever
Is thrown into the great storehOuse Of
these values, or put upon the markets In
common with them, will be treated a
STRANGER unless backed by such real values
as will serve to melsuraDiy vOuch for ITS
,Sufilciency and consistency or, In other
Horcs. their ultimate redemr' on in some
one OF the values that are L questionable
and The product 81 human toll.
Whatever Is useful or valuable TO man
must partake Of this character OF property.
IL il the excess earnings OF one man or one
community that Is set over against another
mans or comnuni'y's earnings. and these
excess elrnngs are treated rs surplus pro-
auctions for exchange between people aud
nations in order tnat what one may have
10 spare may be converted TO the needs OF
Others. Money i simply used TO facilitate
these exchanges, and is not exchanged
ifself. There is no utility in my giving
NV money TO you for your money. both
being equally good. Money is taken for
other property or produce In exchange
that the receiver Of the money may ind
that which will suit him, aud which the
money Will buy, ana In this way money u
only useful 10 man. The things. finally er-
changed are articles or property for con-
sumption or use IN reproduction. and mo-
neu Is not one OF these. IL IL true Ii NAV
be spilled to hire labor. but II is the labor
that Is the final and actual matter OF en-
change and not the mOney-monty sery-
ing as an order for whatever Is 10 satisfy
the owner Of something 1sted with for its
value 10 bin, or rather its value In the mar
ket Of human wants for. that determines
its value TO him. though he desires to par.
with II, and II compelled to keep II, It
would possibly be useless TO him.
As TO The Governments connection with
the money Of the country In the nature
Of supplying its people with good money
IN such quantity as the needs OF commerce
dsmand. II is quite a stretch beyond It's
functions. II Il can ascertain its own ne
cessary and economical wants, IL has done
well. In the nature OF things II cannot
know the monetary wants of its people any
more than 1t can devise Tor them plans OF
social happiness and food TO suit their
several conditions Of life, and il would ap-
pear manifest. therefore. that the citizens
should institute their own methods OF
money, a. Of other things; and rs money
safc and substantial money-should he
based. II OF the character OF paper money.
on real property or that which Is capital
lied labor OF actual values. IL Is not within
the POWER Of Government 10 supply such
basis: for its only function for acquiring
value Of the KIND Il by taxation only, and
this function is not bestowed on 1t for any
other object than 10 raise the means 10
carry on the business Of Government
which does not, and never was intended TO-
include banking.
The confidence a. man ~ FAR more ir'
rational attribute than would be supposed
oil him. We SURF rise ourselves TO find
what shadows we have 80 long anc
comfortably entertained as substance
Poor human government often come
10 he regarded immaculate and ih'
confidence In its good faith weighs dowr
oil opposition however supported by
logic and experience. We derive consola
ton from diyes,ing our minds Of investiga
tior. and tue best course is that winch give
us tue u asst thought or trouble. IL woulC
a.. q