The times. [volume] (Richmond, Va.) 1890-1903, 1890-04-29
TUESDAY. APRIL %, 1890.
,,nnr MnNrY MANTED.

That more money is wanted, and badly
wanted. by the people Of this country, w'ii
h. denied only by those whose interest II
Is 10 keep cash scarce. and therefore, dear
Tais want ofmoney has been sharpened by
she extraordinary development now mi
progrcss in the West. the south and SOUTH
west-by the increase in population-by the.
withdrawal Of National Bank notes irom
,urrcncv-and is evidenced by the hieh
rates demanded and prevailing, not merely
in the remote sections, where. upon securi-
~ Of undoubted suliciency and availability
100 interest is regarded as moderate, and
l2g 10 1870 not unreasonablc-but IN the
great money centres. where the high rates
preymling for more than twelve MONTHS
indicate that there is not enough money 10
20 round for legitimate business.
reasonable and proper effort 70 supply
the necessary money for the business Of this
country was thwartod and delayed by the
wild devices Of the Greenbackers, who
would have issued an unlimited quantity Of
"promisos TO pay" without those steady
and controlling influences which experience
has shown TO be found only in the royal
metals, gold and silver.
Then the decentralization Of silver first by
England. and afterwards by Germany, dis
credited and deprecated one of the subjects
Of money which has stood the test OF ages
and so stopped the free coinage of metal
which is today the exclusive legal tender
coin Of the greater portion Of the people Of
the world.
That there can be but one standard OF
value seems a self-eyident proposition, and
that this standard. has, by the force and
power Of the wealth and trade Of Great
Britain and Germany been made gold, is q
fact that cannot be denied. Their effort ha'
been 10 treat silver as mere commodity
ana i'm this, England has rcaped rich re-
ward in all her trading with her Eastern
dependencies. for should a ratio between
gold and silver be established, whereby the
Indian merchant or farmer can know pre-
cisely what the value Of his rupee isln Eng
lish coin, the English trader viii lose The
benefit Of that margin. which he hberalll
claims for the uncertainty Of the iluctuatinl
silyermarket in London. The great effort
therefore, Of those who would restore silNe
70 its proper position. as one Of the estah
Iished subjects for money, has been TO settl
the proper ratio Of value between silver an'
gold. When this is done, the trading be
tween the silver countries and the gol'
countries, aud between those VIII
use both silver aud gold, will become sim
pliiied. and an inestimable benefit will b
conferred upon those nations who have sill
yer alone. While under our law the amour
of coin when it is gold, is limited only b.
the competition between the market for gol'
for industrial purposes, and the uses of gol'
as. money, this privilege has been with
drawn from silver. thus depriying 1t in
large measure of its monetary uses, whic
under particular limitations, might b
made Of indefinite extent, and thus bcin
regulated only 10 its industrial uses, silyo
has been brought down in value to an eS
tent which seems unreasonable and arb
trary on the part Of the governments VIII
have accomplished il. To avoid at once th
unsubstantial greenback, and 20 give 70 ih
country a dollar that has cost a dollar, an
at the same time introduce an element &
elasticity which would enable the govern
ment 10 test the relative values of gol
and silver in an open market and ON equs
terms, was the most striking feature ef III
proposed silver certificates Of the Secretar
of the Treasury. This proposition has bee
modified by the caucus of the Republica
party. and we now have bill presenie
which is certainly a great lmproNemci
upon any plan heretofore propounded i'
handling this troublesome question, and "
think that il should be fairly dealt vii
upon its merits regardless Of its parentag'
Some Democratic papers have assailed
because it was a Republican measure. Son
Republ lean papers have assailed 1t becau'
the "gold bugs" object to the withdrawal
any worship from their own golden cal
but. taken as a whole. with limitation No
vet included, restricting the amour
OF bullion 10 De sold in any mont
bv the Secretary& Of the Treasury,
is a conservative ana wholesome measure
and will give great assistance TO bushes
enterprises, aud relief 10 those who requli
easy money.
In its essential features it is sound, an
will no doubt receive the support Of tho'
who represent the new and growing section
of the country. Wall street TO the contrai
notwithstanding.