Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1884-12-07
s,lver-A Dangerous Question.


s,lver--A Dangerous Question.
We said q day or two ago that we did
~ share IN the apprehensions which some
persops had expressed Is to the effect OF
the continuance Of compulsory coinage OF
standard silver dollars; but we added that
We were willing 10 trv the experiment OF
repealing the Law authorizing their coinage
n those Democrats In the House Of Repre-
sentatives who have heretofore been the
leading advocates Of that law are ready TO
ran the risk OF its repeal. In yesterdays
issue OF the Dispatch our Washington cor
respondent tells the public that the silver
men In Congress have no idea Of legislating
IN the Interest Of Wall street, and there
fore yin ROT consent 10 the repeal afore-
said.
The 0reenback craze Of few years ago
seems to have come to an end. No large
number OF persons seem now to believe
that the Government can by its mere Dat
make paper money that will be as good a.
coin. But the large number who recently
held to that theory are not dead nor con.
verted TO the opposite theory. They have
merely yielded 10 the force OF circum-
stances, and may be said now to be occu-
plying the position Of watchers and walters.
They will show their strength again when
ever the condition Of the country shall put
II into their power TO impose their plausi.
BILE theories upon a community suffering
from ills the origin OF which, not appa-
rent TO the average voter.
1t surprises us to find sensible men who
are not In the least degree afraid Of a volume
Of paper currency amounting to eight hum
dred millions Of dollars borrowing trouble
from the future because the Government
coins thirty millions OF silver dollars an
nuaIly. The paper currency Is absolutely
worthless so far a. intrinsic value Is con-
cerned. II Is not worth as muchas would be
20 much blank paper. II rests entirely upon
confidence. IL has no other basis. That Is
10 say It's value depends solely upon the will
ingness and the ability of the Government
to redeem II m silver and gold coins or
otherwise. We say cor othei wise" be-
cause the Government receives paper mo-
ney In payment Of taxes Of one sort and an
other, and in that way redeems 1t, and may
therefore be able to keep it at par with coin
by that sort Of redemption. But after all
Is said that can be said on this point, 1t still
remains true that confidence Is the only
basis Of our paper currency-confidence
that the Government will redeem il on de-
mand In coin or by receiving IL for taxes.
Silver, on the contrary, has intrinsic
value. A silver dollar will sell by weight
Tor four fiftbs as much as the value OF a
gold dollar. Nobody can possibly lose
more than from 10 to 20 per cent. Of the
nominal value Of standard dollars. II silver I,
money had been boarded In the time Of
ABRAHAM and kept until now it would to-
lay be worth sixteen dollars q pound.
You may hoard 1t now-put it away In old
bags, and hide 1t In your cellars. and let
1 stay there till every paper dollar
N existence has rotted,-and even
hen the silver dollar will be
worth a. much as now-perhaps more.
We can recollect well when silver was
worth more than gold relatively-tbat Is.
when 412s grains Of silver were worth
more than 25 $40 grains Of gold, and when
Congress passed law requiring less silver
% be put into the subsidiary coins than
had heen heretofore put into them. as q
means Of keeping them from beng export
ID to England and other countries. The
discovery OF new gold mines may any day
bring about like state OF things.
And yet, we repeat, theorists have con-
ginced a large number Of intelligent men
hat there Is danger 10 be apprehended from
silver dollars but none from paper dollars.
Whyf They say, because paper Is redeem
able in coin. Wen, suppose 1t Is. You
don't know how long 1t will continue to be
redeemed In coin. But let that be as 1t
may, 1t would seem to be easy TO make sill
yer redeemable In gold II promise Of re-
demptlon is all that makes greenbacks and
bank-notls better than silver.
We did not set out TO argue this ques.
ton, but 20 remind the Democrats that it
was dangerous question 10 fool with, as
The reader may learn from the following
which was offered In the United
States Senate last Thursday:
Resolved, That IN the existing depressed
condition Of the industrial interests Of the
country, and In presence OF the great fall
xthtfh hao faAGn rltaaD and IL Ill In
gress in the wages OF labor and In the prices
OF the products Of farms, workshops, mills,
and mines, the recommendations OF the
President and ef the Secretary OF The Trea-
sury, that the coinsgc Of silver dollars and
the issue OF silver certificates shall be imme-
diate and Internationally prohibited, are cal
culated TO create alarm, and thereby aggra-
vate the difficulties OF the situation, and that,
10 the end that the public mind may be
quoted by the assurance that II the total
volume OF the currency Is not 10 be en-
lareed In correspondence with the in.
creasing population and exchanges OF the
county, II shall at least not be reduced by
su>pending the coinage Of silver dollars.
The Senate declares It's opinion to be
that no valid reason exists at the present
time for imposing any new and additional
restrictions upon either the coinage Of sill
yer dollars or the issue OF silver certificates.
Let the present condition Of business
continue TIL next fall, and let Congress re.
peal the silver law, and MALONE viii have
a new issue 20 present TO the voters Of vir-
giLia that may serve him as good turn as
did the debt question. "a word 10 the
wise Is sufficient"
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