Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-01-01

80 generally admitted that Il Doerns . WnSto
Of Ink to Try 10 prove it.
But wo would sGk the cavillen IN what
way they could become coqnizant Of the
appreciation or depreciation of gold Ell
cepting by considering its relation to ven.
not by any physical quality Of the metal.
But let them consider what veuld be tho
effect Of sudden discovery of gold which
would add 500, 600 ,0e0 per annum TO tho
worlds stock. That for ten years con-
tinued would be only about s2j< per cent.
addition 10 the estimated stock now in the
world. Could any sane man believe II
worlid fail to advance the prices Of COM
modities? Such advance has always fol-
lowed any large additions to the worlds
measuring money.
Now. in restoring silver to lite natural
place 90 a conjoint standard of value, from
which it was unjustlv and, ne we claim. IN
lawfully dethroned by the only way posi-
bic. its free and open mintage, we do not
legisiate 30 per cent. to the value OF silver.
We simply restore the link which has con-
nected the two metals for untold ages.
Gold will meet silver more than half way
bvlosing some Of its artificial Importance
1t is not question OF more silver--nor, IN
deed, of more money-for no matter what
the volume of currency. in the country
may be, il the standard of value is to con-
tinue TO be gold alone, then God help the
farmerl for he will get less and less for his
staple products until he is reduced TO the
condition of the serf in other lands.
1.-THE property of the world Is measured
by the amount Of its standard measuring
money. This may be called an axiom. AS
cold is the sole measure OF values lite guam
tity is believed 10 be actually diminishing
as employed in monetary uses. The yastly--
increased use OF that metal in the arts and
its loss BY use, added TO the vast sums an
nually exported TO Asia--that great sink
for the precious metals-aDd there lost 20
monetary uses. ought to alarm even the
most inveterate monometalllst. The Duke
Of Marlboro, in bis paper, the Vampire
Cod, published IN the Fortnighag ReUier, in
1857. sounded the alarm.
It ought TO be needed by our bankers
and businessmen without waiting for the
entire destruction Of our agricultural in
forests. Calamity cannot befall that great
interest without affecting every other.
We believe that just as soon as it IS
known that the American minis are opened
not for he purchase of silver, bat for IFS coin
aqe. not An ounce of silver can be bought
anywhere in anv market for less than its
coin value. What then! In bars 1t IL worth
one dollar for every 4i219 grains OF
standard silver-that IS, $40 fine--at par
WIFI tOlil. IItt anu ODtE - "'~.
holds gold fxedly at par with its coin; and
its inter-convertibility into coin or INTO bul-
lion at will must hold il there-will make
il so for the world: Just as surely as British
law which compelled the Bank OF England
to buy all gold offered at its counters ut
c3I7.9 per ounce held gold OF par under
the enormous influx from California and
Australia in 1s56JG0. Even when Germany,
Austria, and Holland demonetized 1t AZ
held its place. At par with coin IL Europe,
where the ratio TO gold is 15ls to on the
Continent. and IA 2s-100 in Great Britain 1t
viii prove too valuable to take to any mint
exacting 16 ounces TO one OF gold rs ours DO
US. We shall then find confronting US the
condition which prevailed before our civil
war-our silver coin sought for IN prefer
ence to gold for the per cent. difference
between our ratio and the foreign. These
same silver dollars-for our derided Amerl-
can dollar is the same as when Washington
lived in its weight OF pure metal-were
actually sold IN Baltimore by Charlottes-
vile merchants at Sl.15.
Were silver TO DO now valued az II was in
1870. based upon the relative quantities Of
each possessed by the world then and
in 1885. an able statisticlan = r. Ivan
G. Mitchells-shows that the silver dollar
would now be worth II per cent. more
than it is now worth. At that time-in
1S50-theTe was estimated TO be thirty-two
and one half times the weight of silver
that there was of gold. 50 much greater
has been the relative product since that IN
1885 the proportion was lS1S TO OF gold.
Hon. X. Z. Bland SAID IN his address at
the st. Louis Silver Convention:
The great theory of bimetallism is that
nature, not the Legislature, furnished the
volume of money. That theory cannot be
accomplished or fulfilled until there Is an
opening for the supply-the unlimited sup
plv-of nature. Audit we are to have metal
money we must have it on that theory. or it
is failure in its entirety" Colonel Bland
made most eloquent pleafo silver. Him.
self a farmer, he spoke for American inte-
rests, and his presence with scores OF other
farmers at the convention efectually dis
posed Of the statements made by tie gold
side press that the convention was held IN
the interest OF silver miners. IL was there
claimed that where the silver miners lost
one dollar the farm ers and planters of the
country lost one hundred dollars. We be-
lieye this 10 be true. I'VE demand the re-
storation.of the money of the ConstItu-
ton. IL is right; it is Just. 1t will not adj
versely affect any material interest. That
bugbear so long urged by the advocates OF
the single gold standard that the coinage
of silver would drive out our gold has
been disproved by facts.
But it is a little singular that British
bimetallists claim that the silyer.using
nations are drawing the gold. This ap-
pears to be the truth, for France and the
United States, where silver coin is a full
legal tender, have rapidly accumulated
gold until each possesses now more than
Great Britain does.
1.-The assertion that we possess more
money than ever before does not meet the
question, even il true. The standard OF
value being gold alone, its quantity and
vastly-increased duty since wealth has
sidered. Also the vast increase III the COM
merce Of the world.
THE facts stated by Mr.. Henry Carey
Baird in his review of the fippant utter
apces of Colonel Mcclure upon this ques-
ton arc worthy of thoughtful considera-
ton.
"The deposits in our national banks on
September 80, 1889, were 1881, S92. Sls.
while the total amount of money held
by them was, including specie, treasury
notes. bank-notes. aud claims against The
Treasury. aggregated but S272, Os7, 372--less
than eighteen cents on the dollar or their
This Che says) is the dollar Of high
finance-an eighteen-cent dollar"
but YOU may urge that the 81 sos, 729, 73S
of loans of the banks are 2 guarantee for
the payment OF their deposits. The answer
is the deposits are the creature of the
loans, and these latter can never within
tWelyemonth be called IN to the extent of
20 per cent. without causing total collapse
Of banks, debts, debtors, and Of business
generally" He shows also that on March
Il, 1878, 1.-THE bank loans were but S54. 750--
7OS-this against S1.S05, 729.7SS in 1882"
This is utterly ont Of all proportion to the
increase Of currency so much written
about. ]. w. PORTER.
Charlottesville, "a, Dec. %, 1889.