Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-03-22
The Monetary Conference.

The Monetary Conference.
President GRANT predicted in one
Of his annual messages TO Congress a
universal government and universal
laagusge--that is. panterrestrisl, OF
course, not for the universe Of worlds.
A universal currency ought to be more
easy of attainment than either a uni
serssl language or universal govern
mens. Considering that silver and gold
are everywhere used as money, 1t
wsuld seem that it ought not to
be a difficult problem to solve.
Hut it is certain that 1t cannot
be done until the commercial
nations agree 10 use both the precious
metals as currency, and to recognize
both as indispensable. There is not
gold enough to serve as currency for the
world. The United States Mint reports
Inc production Of gold for the year 1888
at s94, 027 ,90l--not enough to supply
the annual waste by friction and the
demand for gold for use in the arts. Of
course it would be impossible to sub
stitute gold for silver in India and other
siiver-using countries, when the annual
production is not enough to supply the
wants Of the gold-using and bimetallic
countries.
A monetary conference is to be held
in Paris in April. 1t is attracting
mach attention even in this country.
Mr.. THOMPSON. of New York, the
president Of tho Chase National Bank.
is one Of the bankers and financiers
who desire the United States to take
part in the Paris conference, and who
know something about political econo-
my. A reporter for the Cincinnati
Commercial Gazette interviewed him
recently on the subject. lie said:
"As to the silver question, it is evil
dent 10 me that both France and Ger
many are fast coming to the conviction
that the business OF the world requires
both metals. | emphatically advocate
the stcppagc Of the coinage of eur sill
yer dollar, and 1.-THE same time am
conyinced that mono-gold. on which to
base our credits and currency, will be
vital error, leading to such deprecia-
ton Of property as to carry dcstruc-
ton TO the debtor classes. and also in
the panic will revolutionize even the
creditor classes"
We take no stock in fiat money. Our
readers know how persistently and con-
stantly we fought the Greenbackers in
1873, when they threatened to food the
country with irredeenable greenbacks.
We agree fully, however, in what Mr..
THOMPSON says in the above-quOted
paragraph. A single standard has al
ready forced the prices of many articles
down below the cost of production, and
If persisted in by England, Germany,
France, and the banks and bankers in
this country, will reduce the entire
commercial world to poverty.
Mr.. THOMPSON said that Congress last
spring embodied in an appropriation
hill a $4,000 item for the express pur-
pose Of defraying the expenses of a
delegation to a monetary conference,
should one be called. Mr.. CLEvE-
LAND, therefore, can send delegation
to the Paris conference if he chooses to
do so. And il is 10 be hoped that he
:. will not send New York monometallists
hut some Of that class along with men
who represent the craftsmanship OF
the country--men blinded by neither
monometallism nor by bimetallism
bot capable Of understanding thai
as the Government fiat cannot make
valuable money out Of nothing, 81
the Government fiat cannot proven
recommendation from blasting the life o
every industry in the world. Mono
metsllism means, as Mr.. THoMPso,
says. such q contraction Of the volum
Of the currency as would crush com
merce as an elephant would crush a
egg beneath its foot. II is the very mad
ness Of the moon.
IL GOLD were abundant enough t
serve as currency the world over, W
should favor monometsiiism. II is
beautiful theory, and would be desir'
bic Il practicable. As 1t is 1t wOul
be almost * wise to adopt a sing
sGanaasdls ef values. and make TIN
standard to consist Of diamonds Of II
6rst water.
All men are interested in this que
Ios. II concerns every soul in Chri
tendom-nay, in the civilized worl'
BISMARCK is conceded TO be bimeta
list. Mr.. CLEVELAND ought, Their
lore. TO send delegates to the Par
conference who would be able to d
credit in that conference to the create
nstica in the world. If Englan,
France, Germany. and the United STATE
wcsid agree to the double standard II
world might then hope soon to have
un{xerSsl cfsrrency