Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-03-24

1873 when the silver dollar was worm
moro than the gold dollar?
Mr.. BROWN, Of PennsylvAnia: Was
II not the effect of the law demonet'z-
ing silver which put gold up and silver
DOWN.
Mr.. HEMPHILL: There are gre az
many things which have helped to keep
silver down. One is the great fuss you
are making to persuade people to take
it against their will.
Mr.. WARNER, Of Ohio ! quite
agree in Gresham's law when 1t Is cor
rectly stated, and / ask the gentleman
what he understands by Gresham
law. :,
Mr.. HEMPHILL I understand by
it that eventually the cheaper money
must drive out the dearer. That Is
the general proposition.
Mr.. WARNER, Of Ohio: Quite
true. But to what extent? Will q
million dollars drive out hundred
millions Of dollars?
Mr.. HEMPHILL Oh, no.
Mr.. WARNER, of Ohio Correctly
stated, then will not the cheaper money
drive out the dearer to the extent o!
its own volume, but no more?
Mr.. HEMPHILL: l do not know
but that is so.
Mr.. WARNER, Of Ohio: | think
there is no question about the correct
ness of Gresham S law as | have stated it.
Mr.. HEMPIIILL: The only ques-
ton is as to the extent of its operation
and what its effect will be.
Mr.. WARNER, of Ohio: No, not
quite that. The only question then is,
the extent Of the cheaper money. 1t
will drive out the dearer to the extent
Of its own volume. A hundred mil
lions of cheaper money will drive out
a hundred millions Of dearer money
two hundred millions of cheaper will
drive out two hundred millions Of
dearer; but your present silver coin
age, if no more be added, can never
drive out the gold now in circulation
under Gresham's law.
Mr.. HEMPHILL: agree with the
gentleman. IL we coin no more we
shall be safe; but suppose we 60 on
coming silver?
Mr.. WARNER, Of Ohio: Ifyou add
hundred millions of silver suddenly,
then, undoubtedly, that will expel a
hundred millions of the dearer money
but only hundred millions.
Mr.. TILLMAN: Measured by the
gold standard of value, it is estimated
that the gold dollar is worth about
sl.25 as compared with the silver dol
lar, putting that at 100 cents. The
gold dollar, therefore, is regarded by
some to-day as more valuable, and it is
commercially more valuable, than the
silver dollar. The silver dollar, again,
is much more valuable than the green
back or than the national-bank bill
and vet the greenback, or the national
bank bill, or the silver dollar, or the
gold dollar, either one of them, will
equally pay a debt or tax. If that
be so, how does Gresham's law operate
upon either of the four, as long as
either of them is a dollar with which a
debt or a tax can be paid!
Mr.. HEMPHILL: In answer to thai
| would say that the greenback and the
national-bank note do not pretend to be
real money. No man accepts then
under the impression that they are real
money, because they bear stamped oil
their faces the promise Of the Govern
ment to pay real money in the future
Therefore, a man who takes national
bank note or a greenback does not taxi
it relying upon its inherent value h
relies upon the credit of the Gov
eminent. But the man who takes {
gold or a silver coin stamped by tn
Government as a dollar has right II
rely upon the honesty of the Govern
ment, and to expect shat the coin whicl
is thus stamped by the Government a
a dollar is worth 100 cents, and if it i
not, be is fooled, as many wise men hay
been. Therefore, / say, and the gen
tleman from Ohio Mr.. Warnerl, VIII
agrees with you upon the silver ques
ton admits, that if we continue to pus
these silver dollars upon the countr
they will drive out so many gold dol
lars.
Mr.. WARNER, of Ohio Provide,
nothing occurs to absorb the extra coin
age. But if population increases a
such rate as to call for fifty million
additional money, then those fifty mil
lions will not drive out any gold.
Mr.. HEMPHILL: That is a matte
about which there is difference Of opin
ion.
Mr.. WARNER, of Ohio Has no
the demonstration Of silver gradual
augmented the value Of gold?
Mr.. HEMPIlLL That may possibl
be one of the results, but | do no
think the
Mr.. WARNER, of Ohio Then tn
gold standard is not the same standar
or measure that it was ten years ago
it has itself been altered by the de
monetization Of silver.
Mr.. WEAVER, Of Iowa: BY legi:
latiOn.
Mr.. WARNER, of Ohio BY legi'
! latlon.
Mr.. IIEMPHlLL: Well, if we mea
to act honestly we ought to repeal II
statute or else have the money conforl
to it-one thing or the other.
Mr.. WARNER, Of Ohio: l qui
agree with the gentleman.
MIR. HEMPHILL : AS long as
have this unit Of value it is unfair
force people to take something whi(
is not equal to that unit.
Mr.. WARNER, Of Ohio: / qui
agree with the gentleman.
Mr.. HEMPHILL In this countr.
however, nothing has contributed mo
TO its decline than the extreme eflor
| ,lo4 ava hare made To nut IL into Giro