Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-02-07
The silver Question.

press. In my anxiety TO gain light on
il. | took occasion the other day to re-
fer to an old book entitled " TIacy's
Political Economy" As many of your
readers may not be familiar with this
book, it may not be amiss to state that
it was written in the early part OF this
century by the Count Destutt Tracy,
member Of the Senate and Institute oil
France. Mr.. Jefferson was so iavora-
bly, impressed with work that ne per-
sonally revised and corrected " the
translation Of it into English, and recom-
mended it to his countrymen in very
strong terms. In a letter dated Month
cello, October 25, 1918, which is pub
lished as an introduction to the book,
he says: 1.-THE merit of this work will,
| hope, place it in the hands of every
reader in our country. BY diifusing
sound principles of political economy II
will protect the public industry from
the parasite institutions now consuming
it, and lead us to that just and regular
distribution Of the public burthens
from hich we have sometimes strayed. y
In view Of this endorsement by Mr..
Jefferson. was curious to see what the
author would have to say on the money
question; and as some of his views
differ widely from those Of the anti
silver-men of the present day, 1t oc-
Cured to me it would interest some Of
YOUR readers to see them.
In chapter 6, which is devoted to
the discussion Of money" the author,
after reviewing in a brief and in
structiye manner the reasons which
rendered the adoption Of the precious
metals as the measure or standard of
value in the exchange Of all other COM
modities, he goes on to say page 49,;
This short explanation of the ma
ture Of money shows us-frst, that
there can only be one metal which can
really be money-that is to say. to the
value of which we refer all other val
ues; for in every calculation there can
be but one kind Of unit which serves as
basis. This metal is siirer, because
it is this which is best adapted to the
greatest number of subdivisions of
which there is need in exchanges. Gold
is too rare; the other metals too COM
mon.
"Gold, however, comes in aid OF sill
yer in the payment of very great sums,
as would also the precious stones ii
they were divisible without a loss OF
value. But it is only as a subsidiary
that it is employed, and only by refer
ring the value Of gold to that Of silver.
The proportion in Europe is nearly as
fifteen or sixteen to one. In China 1t
is commonly as twelve or thirteen to
one whilst in IndoStan, on the con-
trary, it is about as eighteen or twenty
to one"
This will he regarded by the cham
piOns of gold as a startling as well as
novel doctrine. Yet who can galnsay
its truth? Is not silver better adapted
than gold to the greatest number Of
subdivisions that are needed in eX-
changes? A silver dollar can be con
veniently divided into ten or even TWEEN
ty parts to meet the demands of trade
while the smallest denomination o.
gold coin that has ever been issued II
our country is the gold dollar; and thai
has by common consent been retired
from circulation as nuisance. Practl
cally all denominations of gold coin be
low fre dollars have been found incon
yenient and have passed out of circu
lation. Not so with silver. The dollal
and its fractions-halyes, quarters, anC
dimes-are to be found in the purses o
the people everywhere, and constitute
the standard in all small transactions
Silver is the money of the people. /
has been so from the remotest autiqui
ty-from the day that Abraham bough
the field and cave Of Machpelah frou
Ephron for four hundred shekels Of sill
yer to the present time silver has beef
the common measure Of value. In ou
own country the silver dollar has beef
and is the unit of our money, and silve
has always constituted nine tenths o
the metallic currency in the hands o
the people. Outside of the. Commercial
centres gold has been comparatively un
known. 1t has been hardly an appre
ciable element of the currency of tn
country. Gold is the money of bank
and brokers. In times of disaster
ceases altogether to be part of tn
currency; it is boarded and becomes
matter of merchandise and speculation
All will remember the gold-rOom {
New York during and after the close G
the late unfortunate civil war, and tn
disgraceful scenes which it daily exh
bited to the public.
1t is often a matter OF great impor
lance that there should be a large AM
general diffusion of coin among the pee
pie. In times of peace and prosperity
!, when confidence prevails, what is Gale
! paper money answers all the demand
, of trade. and more than nine tenths G
the business ofthe country is transacte
, through bank-notes, negotiable paper
and checks, or the transfer OF credit
, on the books Of banks. But when wa
/, breaks out, or any great financial dis
aster occurs. confidence at once withers
, banks stop specie payments, and com
, mercial paper Of all kinds ceases to b
available. Every middle-aged ma
will remember the collapse which o.
Cured at the commencement of OF
civil war, and the difficulty We had
n carrying on the ordinary business {
( life. The financial crash of 1887, whe
( every bank south Of Massachusetts, SUI
: denly, and to most persons unexpec
s eddy, suspended payments, must
: fresh in the recollection Of the old'
men Of the country, and few Of Il
a present generation have forgotten Il
$ disasters of 1872.
5 Under circumstances like these it
Q of the highest importance that the char
S nels Of circulation should be filled
the greatest possible extent with spec
/ to make the people comparatively ind
I pendent of banks and the whole systei
Of credit and paper money. The onl
coin that is available for this object
silver. Gold represents large values
: condensed form, and is therefor
> easily transferred from place to plac,
and at the first note Of alarm il vanish,