Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-08-04
The Silver Question.

We are glad that by correcting a little
mistake which he had carelessly made, we
have induced Mr.. j. w. PORTER to send us
the following letter lie treats very IN
teresting subject.
To he Eitor Of he Dispatch:
Sir have to thank you for calling at
! teution 20 the mistake in my paper III the
current number of the Southern Planter.
1t should have been. destroy half the
money of the world and the purchasing
power of the remainder IS doubled" The
| price of the money, not OF commodities, Is
| doubled.
In a recent work, 1.-The Philosophy Of
| Price" the author, Mr.. n. A. Downing,
maintains that We may just as properly say
we buy money with our wheat, corn, or Ia
hor Ms To say that money buys our pro-
| ducts.
The argument made in the Planter is that
/ our farmers are suffering greatly from the
differentiation of their products, and that
the destruction by statute law of the one
| important function of silver mOney-lts
/ measuring pOWcr-was the one sufficient
| cause for the general decline in values and
of prosperity. As the highest authorities
| estimate the present stock OF met"ihc
money at about $3.50. 0O0. 900 OF silver ana
- 25O. 900 900 of gold IN use in the world,
of the mluJs 70 It's free and unlimited
coinage, it no longer measures values,
though its functions rs q medium OF eX-
! change Is still maintained, for all nations
and peoples which use money at all use Sill
yer. But gold IS the sole measure OF
values. With a double burden imposed on
the yellow metal its purchasing power IL
increasing constantly, In other words
commodities measured by II are lower.
This is the point We would impress and
| emphasize.
The question of prices is the one which
most concerns me- No matter how much
money there is in the country land bank
ers and mOney-lenders say that there IS
enough, unless prices are above the actual
cost of labor employed III producing our
great agricultural staples, such as wheat,
tobacco, cotton, corn, and meat leaving
no surplus for repairs, for improvements,
and general contingencies, then indeed
the farming interest is going from bad TO
worse, and the words of Colonel Robert
Beverley in his address before the National
Farmers Assembly are justified. he
said: THE condition of the farmers OF
the country is most deplorable."
Why should it be otherwise, when only
enough money goes out TO the country TO
pay labor bills, while in the cities there IS
a plethora of money seeking investment at
very low rates OF lnterest--an actual con-
gesuonf
Restore the circulation to the great
body Of the people, where 1t can find
abundant use, and commercial and INDUS
trial wealth Will be restored. Paying Pr1oeS
Will produce Just that effect.
Your own quotation from the Atlanta
Constitution some months ago, Mr. Editor,
50 well illustrates this that you will pardon
Mr.. j. G. Fielden, leading corn mer-
chant. said (testifylng before the British
Royal Commission on Silver:
1.-The restoration Of silver TO parity ui9l
COIN would increase the value of wheat
all wheat-frOn ~ TO $3.50 per quarter"
That means for the producers of 800, 0000 600
bushels of American wheat 1925, 100000 TO
Sl50,000, 600 per annum more than they now
get. Let Virginia farmers figure what our
shAre would be. That iswhat bimetallism
means for us, and the benefits would be
shared by all the people.
Lawyers, doctors, and teachers, meehan-
les. miners, and preachers, would all share
in the good results aud get better rewards
and more employment.
Then how much better general move
mont for he good Of oil than for farmers 10
follow in the footsteps of the legal and
medical fraternities and the trades unions
and Knights of Labor by combining for
our own special advancement aud protec-
ton.
Give us prosperity and there will be no
room for combines and trusts and pools,
which are simply evidences Of the general
arrangement, and efforts 10 secure a profit
by unfair means, when in healthy condi-
ton fair profits would be assured by the
greater demand for all manufactures
Under-consumption rather than over
production is one of the evil consequences
of the efforts which resulted in nearly
doubling the bonded Indebtedness Of the
world by the destruction Of the measuring
functions Of more than hall Of the worlds
money.
] LIST rs HAYS silver rextnred 10 its tinA-J