Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-06-13
sATURDAY....-.....JUNE Is. 1885.
/" Benton Mint Drops. :

Benton Mint Drops"
A forcible, not to say unsnsweraole,
argument in favor Of the adoption oil
what Is known as " WARMERS CON-
promise " on the silver question is stated
in Washington telegram to western
paper, when it says that it would be
the beginning Of what might be called
a metallic currency--that is, it would
create currency based on something
more substantial than public credit.
This turn in new direction would, it
is commended, be most welcome.
II is almost incredible that anybody
should prefer a currency based upon a
debt. as al the bank notes are, or q
currency based upon nothing but Gov
eminent credit, as all the greenbacks
are, to a currency Of silver and gold
or. as it used to be expressed, that
anybody should prefer paper money to
"BENToN mint drops" As long as
a condition Of peace prevails, and the
Government credit remains unimpaired,
greenbacks will continue to constitute
a currency stable enough for any pur-
pose whatever but let war overtake
the country and the Government have
to issue greenbacks or bonds by hun
dreds Of millions Of dollars to pay the
expense on our side Of carrying on
that war Sand greenbacks will soon fall
below the par of the now-despised sill
yer dollars.
A paper currency is much more con-
venient than a metallic currency, and
almost everybody will prefer paper as
long as it is at par with coin. But no
longer. Let panic come, and rumors
Of broken banks prevail, and every de-
positor will demand, if he has the
right, that his deposit shall be paid to
him in gold or silver. He will not be
choice. Either metal will suit him
much better than irredeemable paper;
and all the paper money which we in
this country have seen up to this time
has been at one time or another ire
dcemable.
Mr.. WARNER proposes to furnish a
paper currency that will always be re-
deemable, and which, therefore, no.
body will ever desire to have redeemed.
lie proposes to issue treasury notes re-
deemable at all times in silver. We say
"tressury notes" because that is the
right name of the greenbacks, and is
also only another name for " silver GER
tificates," which are kind of treasury
notes. He proposes, too, to stop the
compulsory coinage of silver and to is
sue silver certificates not for dollars
worth less than gold but for the bullion
value in gold Of the silver.
This compromise involves great
concession on the part Of Mr.. WAR
YER and the silver advocates in Con-
gress, who constitute large majority
in the House Of Representatives, and
we suppose small majority in the
Senate. He does not admit that the
silver dollar is fraudulent dollar, but
claims that the gold dollar is the one
that has changed its value. He can
prove by the facts that such is the case.
A silver dollar will buy more wheat,
-four. corn, bacon, pork, beef, &C.,
&C., now than it would twenty years
ago. Isn't that. proof enough that
silver has lost none Of its pur-
chasing power? To speak Of the
silver dollar as being "short" or Of
slight weight" or "worth less than
a dollar" is to assume as settled the
very point on which the whole dispute
turns. Neither Mr.. WARNER nor any
other intelligent advocate Of bimetal-
lism wishes to see the currency debased.
II no thought that silver dollars had
lost their purchasing power, he would
say issue no more them" But he
does not think SO. lie contends that a
silver dollar will now buy more Of al
most any article except gold than it
would twenty years ago, and so he
naturally concludes that it is gold that
has become scarce and high and above
the par Of silver, and not silver that
has become abundant and low and be-
low the par Of gold. In word, the
fault is in the gold and not in the silver,
and there Is, in his opinion, danger that
the trade and commerce and business Of
the country would be paralyzed and
ruined by such continued and per-
sistent and never-ending contraction Of
the volume Of the currency as would
resslt from decentralization Of silver.
Mr.. SHERMAN says such would be the
result. What thens five cannot do
without the silver, let us bring it into
use in rsdeemipg paper. Mr.. WAR
xER proposes that this paper shall be
rsdesmsble in silver bullion at its
market price in geld. Isn't that con-
cession enough for him and his friends
TO maker
fNl}t -ff------- ----- - = -
According to the Alexandra Gazette
Indeo KEITH has decided that the