Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-01-03

tam weight OF gold IN raroS varying,
say from ten TO sixteen Dances OF silver
TO one ounce Of gold.
From the very c'that
COLD AID SILVER
arc used as ipsernational money 1t is
very certain mat they should not be
used as TIE basis for national cur
rency-smply because it is unwiss to
make re supply Of money for domestic
exchanges depend upon he irregulari-
,jss and fluctuations Of international
commerce.
international relations are in a crude
or barbaric condition, and will continue
to be in that condition for an indefinite
time to come. For that reason inter-
national commerce is international bar
ter, and international money, gold and
silver. are barter money-the money of
bsrbarism. Perhaps nothing so retards
the civilization Of this century as our
obstinate adherence to the money OF
barbarism. The value of everything
in this country is estimated on
the gold basis. We estimate the value
of a certain house at 81, 001 because we
believe that we could exchange it for
sl.O00 in gold. II we adhere to the
gold standard, the value of that house
will fluctuate according to the supply
| Of gold in our country, which is the
left-handed " way Of saying that the
value Of gold fluctuates in any country
in accordance with its international
commercial relations. What madness
il is to make use Of 50 fluctuating a
standard as gold for estimating the
value Of property in this country
How uncertain must be all contracts IN
which time and values are involved
with such an unreliable standard! The
same would be true with silver or any
other international money.
In view of recent events, it may be
said that to-day gold is the worlds
standard.
THE VALUE or GOLD
depends upon the quantity OF currency
of all kinds in circulation in the world.
The value Of the currency that any ma
ton can hold in its circulation depends.
and Twill depend, upon its ability to COM
mand gold as long as gold is the stand
ard of value for its currency. The
maximum quantity Of substitutes for
gold that any nation can carry at par
with gold without danger of deprecia-
ton, is about the minimum quantity re-
quired for domestic exchanges. If more
is attempted depreciation is the conse-
quence.
Let us assume that with the gold
basis. twenty dollars per capita, or say
81 coo, 090, 600 is the minimum quality
Of currency required for domestic eX-
changes. Then it is certain that we
could always carry that quantity of
national currency atpar with gold, pro-
yided,
First. That all other kinds OF cur
rency, including both gold and silver,
were demonltized.
Second. That the national currency
were made full legal tender for all
debts, public or private.
Third. That the Government receipts
exceed the Government expenditure in
such manner that the Treasury supply
Of gold. silver and currency be never
quite exhausted OF all three at the same
time.
Fourth. That the Government buy,
with currency, all the gold that is pre-
scented for sale at the Treasury at the
standard price, and all the silver so
presented at the market price Of oil,
bullion IN currency. The buying Of
silver at its market price could be
scientifically accomplished by so vary
ing the Treasury price of silver from
time TO time that the proportion OF gold
to silver III the Treasury should remain
constant, or nearly sO-Say at abou:
equal values Of the two metals. The
average price thus paid for silver bull
lion would be the average market price
Of that metal.
Fifth. That no reserve ofmetal be pro-
yided for the redemption of any par, of
the 81 900, 900, 900 currency, but every
dollars worth Of bullion received in
exchange for currency issued in excess
of that amount should be held in re-
serve to redeem the currency so issued
IN such manner that any excess in the
circulation over the one billion of
dollars would be represented dollar for
dollar by bullion in the Treasury.
Sixth. The currency to be redeemable
on presentation at the Treasury in sums
Of not less than 800 as long as any
bullion remained in the Treasury with
which to redeem it.
1t would not make any difference in
either the value or the stability Of the
$1,000, 100000 whether they were
PAPER DOLLARS,
IKE our greenbacks, or lightweight
silver dollars. like our Bland dollars.
The only thing essential would be that
be dollars were each worth less than
gold dollar in foreign countries.
Making them Of silver is a mere waste
# costly material.
The very first step towards currency,
'eform. and honest money is to restore
O the Government the sovereign right
10 issue and control the volume Of the
currency. right now usurped by the
national banks. The second step
,hould be to provide uniform currency
every dollar Of which shall be equal in
value to every other dollar and full
legal tender. Next the national debt
should be refunded, if necessary, and
made payable in currency. The fact
that it is now payable in coin threatens
at some time to depreciate paper
money.
Queen Victoria, Madam Langtry. and
many other foreigners, own large guam
titles Of the very best real estate IN
New York city. The rents Of that
roperty are
CONVERTED INTO GOLD,
and 60 to England. Large quantities
Of rtnt-paying property throughout the
United States are owned by foreigners,
who, every one, help to drain the gold
from this country. A very large guam.
tity of American securities--corpora-
ton bonds-are held in Europe, the
interest and principal Of which must be
paid in gold. When our imports ex-
coed our exports the balance Of trade
must be paid in gold. 1t is because
Of this enormous and unnecessary de-
mand for gold that any considerable
increase in the quantity Of other kinds