Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-01-01
The Silver Question.
To he Editor of The Dispatel !:

To Ule EdttOr or ne Dtspdtct:
Nothing in the way of legislation can
more directly affect for veal OF for woe the
Great majority of the people than laws con-
trolling the quality and the quantity Of
money. whether it be coined money or pa
per. This is fully illustrated by the results
which have followed the legislation OF 1871
and 1873 dishonoring silver, aud its effects
are felt all over the world. -,
Ii has converted an ere which should be
one of unexampled prosperity for the great
body of the people into one characterized
by the entire want of prosperity among
the farmers of the country. and one OF
doubt and anxiety to the great body OF
small traders and manufacturers. ltlsldie
10 attribute the changed conditions to our
tariH-systam as many do; for the condI-
ton of affairs is even worse in free-trade
England, aud there the cause has been IN
yestigated by royal commission OF twelve
able men, who have agreed after patient
examination that il is due TO the leglsla-
ton dishonoring silver.
The unlawful change made in thu STAN
dard of values is now known to be the
cause Of the widespread arrangement, :.
We saw unlawful, for lit impaired the obi
CATION of every contract then existing, as
IL has in a measure those since enteredl INTO,
for the constant appreciation OF gold-a
term identical with one stating the general
decline in the prices of commoiities-for
purchasers have been continually losing
by falling market.
This unlswfulness of the act of 1913 in
our country is indirectly recognized III the
act of February %, 1873, when Congress
made the silver dollar legal tender for ell
debts, public and private, except ,eheT'e
Otherwise expressly stipulated IA ne contract"
Also BY this clause In the act: ana pro
- ftfe NET siffU he
construed 10 authorize tie payments "a sito7' o.
certificates of deposa issued under the proclsao1,s
OF section 254. he Rerised Sidt,css." These
we're presumably gold certificates.
The former guarded against violating
contracts of olden times, made payable 10
Spaaish milled dollars for now very valu-
able land leases in New York city.
l am told that such dollars often have
cost very large premium to meet con-
tracts of that kind Here, then, is the dis
tinct recognition OF its want OF power to
impair existing contracts.
In view of the widespread misinforms-
ton of the general public relating 70 TINS
question II is highly important that It
should be discussed freely, and very many
are glad to see that the Dispatch is not
II Is very common to hear very intelii-
zen. people deny that gold has appreciated.
A prominent merchant of your city so
stated to the writer when at the state
Farmers Assembly.
Others claim this in another way by say
ing that gold Is fixed standard and that ~
"a as absurd TO have the gold aud silver
standard ~ TO have two yard-aneas'ires on
different lengths for cloth.
This yard-stick theory II best exposed
Nv asking what kind OF yard-stick that
Weuld be which under sny circumstances
eould be exnsndod TO forty-eight inches or
ooi,fracfed "a twenty-four inches.
,That cold has expanded in IT. purchasing
power since 1879 from 70 70 - per cent y