Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-10-15
The Trojan Horse.

The proposition to restore currency BIZ
| metallism on the basis OF the present mar
| kct value of gold and silver bullion is
occasionally advanced by some pretended
| friend Of the double standard like Senator
| sherman. lie IL was who headed the
| procession In this country which estab-
lished the single standard, and the sugges-
ton referred 10 is worthy Of IFS author.
Such measure would be incOmparably
worse as plot OF currency-cOntraction
than the present system Of inaction pur-
sued in America and Europe, and because
Of the standing Of It's supporters it is
worthy Of notice.
In the first place it would require about
S1,000,O0O,0OO worth OF silver bullion TO
raise the existing silver currency TO that
standard. which amount could not be pro-
cured anywhere in the world, and would
| absorb the whole worlds net annual coin.
supply OF silver bullion for thirty years 10
come. This being, OF course, impTacticl-
bic, the scheme would necessarily depend
almost wholly upon the metal already
coined, and it would necessarily undertake
TO obtain its supply by melting one
third Of the worlds coinage INTO the
other two thirds. This would contract the
silver currency OF the world one third a a
starter, which would be an operation far
more radical and destructive than the most
ultra-monOmetahc scheme ever ventured
to attempt, as those latter undertakings
generally content themselves, in tccOm-
pliShing their ends, to compelling CeSSa-
ton Of silver coinage instead of "A deStriIc'
ton OF the coinage. rs this infamous sng-
gestion proposes. 1t would be, therefore,
az a means Of money contraction, incilcu-
ably worse than a universal and total suS-
pension OF silver coinage throughout the
world.
Aside from the contraction feature,
which would necessarily damn 1t in the es-
timatiOn OF any honest man who under
stands it, there is another feature in it
equally as Objectionable. TO appreciate
This the reader must have 1t clearly fixed in
his mind that gold has risen 40 to 30 per
cent. above silver, labor, and other classes
OF property. Silver has retained its rea-
tive position to labor and property, and will
exchange as mcoined bullion for about a
much labor and property as when gold be-
gun TO advance fifteen years ago. The
proposition to add enough metal to silver
coins to raise their intrinsic value TO the
| gold parity is consequently TO crystalline
| the universal depreciation OF values, and to
make silver currency the means OF render
| ing that condition permanent.
The rise in gold was produced arJih.
cially 10y the conspiracy against the use OF
silver as an alternative currency OF equal
rank; and to put say 40 per cent. more
| SILVER into coins Of the same denomlna-
| tons would be exactly tantameunt u CIV
| ING that atrociOus intrigue final triumph
| by substantially charging all measures OF
| quantity--the bushel. gallon, yard, and
| gravity measures-and the timetables oi
labor by 40 per cent, as q perpetual con-
cessIOn to capital. Gold has acquired that
| addition of value, so that gold coin, with
out any change, will buy so much more
! property and labor than formerly; but IN
! order TO make silver coins propOrtiOnatcly
as valuable intrinsically ct the present
artifcially debased value OF bullion, the
actual physical contents OF that measure
OF all values must be increased according
to this yilanOus device by about 40 per
cent. Such a step would involve the
greatest losses to producers and labor and
property values that the world has ever
seen; and the cApital-inyeSting or credit
Interests Of the world would have their
enormous ill-gotten gains permanently con-
fiTmed to them.
H. has been repeatedly shown that there
is one intelligent and honest method for
raising the intrinsic value OF silver coins
and that is by exactly reversing the policy
which artificially depressed their metallic
value. 1t is also as clear as daylight thai
all the ingenuity Of man can devise nc
other method for accomplishing that result
There is no possible remedy but free
mint COurier-.JOurlsdI.