Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-12-17
TUESDAY. ... DECEMBER II, 1889.
Silver.

The farmers Of Virginia who were rs.
sembled together in this city last week put
upon record another declaration in favor
of the free coinage Of silver. II will not
do 70 say that they do not understand the
question; nor 10 inform them eravcly that
the silver dollar contains only seyenty-Gye
cents worth OF silver; nor TO call silver
fiat money" nor to plead the rights Of
the creditor class Of the community. The
farmers belong 20 both the creditor class
and the debtor class, and discuss
the question under consideration i'm
partially and fairly. SO long as the
silver in silver dollar will buy
more cotton or wheat now than it would
twenty years ago, il will be useless TO talk
20 farmers about the depreciation in the
value Of silver. II is q fact-a startling
fact "A fact TO which statesmen ought not
10 turn "a deaf ear-that although the ma
tional debt ofthe United States has been de-
creased by more than q thousand millions
of dollars since 1865. it would take more
bales Of cotton TO pay that debt now than
il would have taken before dollar of the
debt was paid. With one hand we have
paid TO the nations creditors a thousand
millions of dollars. With the other we
have indirectly and unintentionally put
back upon the people larger debt than
they owed when the war between the
States came to an end
As we have said heretofore. the New
York Tribune now speaks on this subject
with voice which We no longer recognize
as that Of an enemy. II has received
light. II even "pokes fun" at the organ,
of the gold bugs" by reminding them OF
tneir lugubrious false predictions OF 1878
IL has not declared IN favor of abolshing
ghosts, bat it has intimatcd very plainly
that IL does not believe in ghosts. 1t has
not come ont on the peoples side, but it
has indicated its belief that the people |
have side. 1t has not advocated free !
coinage. but it has said that free coinage |
will not send the country TO the demn- |
ton bOw-wOws."
We have had our fears that a law pro-
vidine for the free coinage of silver would |
cause such an increase in the production
of that metal as to compel il to decline in
price relatively 10 gold. Remove this OBJ
lection and free coinage ought TO commend
itself to the approval Of every fair-mindel
man-every man who is not willing to con
tinue the present deplorable condition Of
the farmers Of this country. 1t is intole-
rable that mortgages upon the farms Of the
country should be maze to grow in amount
year by year without any wrong-doing on
the part Of the farmer. His annual crop
of five hundred bushels of wheat VIII
now not pay much more than half the
interest which it would have paid twenty
years ago. Can you blame him for trying
TO lift the pressure as the immortal
j. y. " was accustomed TO saying IN his
day? If he does not receive some relief he
must lose his farm. The mortgages upon
the farms of this country aggregate thou
sands Of millions Of dollars more in fact.
than five thousand million Of dollars. To
cut down the price of wheat 20 per cent
is to increase the farmers debt 10y more
than 20 per cent.
We return 10 the Tribune and the annual
production Of silver. That paper says:
"A notion which crops out constantly In the
discussion OF Mr. MinI0m's plan l. that silver |
production would indefinitely increase If the /
price were raiscd. lis rot an unnatural idea,
and 70 contradict 7; positively requires some Z
Jashness; yet II hnds less support in facts than
many Imagine. Mining for iron or coal may in !
Oeeu De eAi"ciel u decrease the output fApiiiy
whenever the price offers large profits. Bdt
mining for the precious metals II always 20 30
large an extent a venture In which minors and
capitalists are both we'll aware that Tlch prizos
are exceedingly few, while tho failures arc very
many, that TIE price OF the metal has not the T.
usual Influence On The output The few prizes
are enormously rich, whether the price Of silver p
Is low or not, The many failures end in loss, o.
whether the price ia high or not. Thousands |
spend their lives In prospecting without ANY re-
gard 10 price, because he who strikes 70 rich
can cease labor aud live Oh his money. There h
Is little evidence thai the number - such prizes
decreases when silver falls and Increases when I"
silver rises After a mine has been dir 'Oycrc1. n
81 the ore Is abundant and good u pays fOI taking .
out whether the meta. IL low or high, and the q
hope that II will soon DO found abundant and a
rich keeps men az work long alter they have be-
gun TO realize losses.
"Twenty years ago less than ton million =,
ounces Of silver were produced In this country. J.
though the price was over tl.3j per ounce. FOr ci
the last three yonrs the price has been below 81 .
per ounce, and yet the quantity produced has | u
risen 10 Sgii0OO OUNCES In 1883. 70 ii,eoO-vJV p
ounces In 1887. and 10 46,sSlOD ounces IN 1855, l.
and this year, with a Sun lower average price,
The production has probably been even larger.
This does not tend 70 confirm the impression
that the yield Is directly affected 10y the prico.r
"These ngures indicate plainly that the large II
majority OF mines known 10 this careful record D
are not profitable, aud yet they are worked aud ~
enormous sums Of money are paid into them be- u
rsuse there IL hope that rich ore may presently n
be rePchod- In The light Of these facs the fear il
that silver production would bo greatly Increased -
" the notal should rise IN value under Mr.. Win
fom's plan docs not soem 10 b. strongly sup
ported ~ experience" l.
Let us note here before we dismiss the ..
subject that in MIR. JoHS A. GBER's excel =,
lent little book entitled "Our Silver Coin ~
age" he says that 50 great has been the de- ;,
preston in the price Of cereals since 1873
by gold then and now that the
annual shriDkage in value of wheat, &C.. -.
Tor the years 1885. SO, and 81 averaged b,
about three hundred and sixty-fvo mil II
lions Of dollars, or q million Of dollars a y
lay "a