Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-02-01

own silver is concerned its free coinage
would add very little 10 the money circula-
ton OF our country. But why should the
Government buy domestic silver at the
metal price of .l.05 an ounce, convert il
into coined dollars worth Si.29 cents. and
make profit OF its own producers OF "a
cents in the dollar? This part OF: its
policy is mean, and unworthy Of n yeat
Government Better aud more honorable
far would II be TO com all SILVER OF domes-
tic production and make no charge. il
charge at all. bat the cost of coming. But
the policy IS maintained for an object.
The object Is TO perpetuate tho present
premium on gold. The policy makes the
Government the most potential agent for
holding down silver, which measures the
value of all staple products 10 a metal
price in order 10 perpetuate a large pre-
MUM on gold.
ABOUT FREE COINAGE or SILVER NOT OF HOME
PRODUCTION.
As to the free coinage Of silver not from
domestic mines. very little of it comes into
the United States from other countries
than Mexico and the States south OF her.
In fact very few other countries ever have
silver TO spare. The imports of silver In
1855 from Mexico and elsewhere were $2l,-
5g2, 062; and the exports TO all countries,
S29, 1875. 222. So that we lost of own pro-
uuNtlOus - lou. or lUb NtdI loJU Iut
loss OF silver from excess of exports over
imports was nearly the same that is TO say,
was IS, 545. ASS. II is plain. therefore. that
If free coinage should not affect the move
ment Of silver there would be no result
from opening our minis TO metal Of
foreign production, and really ii is doubt
full whether such measure would prevent
continuation of our loss of several mil
lions of dollars of silver every year.
THE HISTORICAL OBJECTION.
II is at this point. however, that the
bOndhOlding or "capitallstic Glass; come
in with Mysteries. They declare that open
ing our minis TO all silver will make our
country the dumping ground of the
worlds white metal. think 1t would be
fortunate for our own country If the
world had a surplus of silver to send
us. and should dump it in large quantities
into our laps. But the truth is that the
world has no silver 10 spare. Specula-
tive adventure would undoubtedly for
awhile engage in the minting of such
SILVER az it could buy up here and there.
now and then. for the sake of the profit that
might be expected between the cost of the
metal and the legal value Of the coin. But
there is no great amount of silver available
in that way, and speculation in 1t would be
While it lasted, our own
country would cease TO lose silver by eX-
portation. and would enjoy a sensible
benefit from the increase IN our clrcula-
ton which the dumping process would
bring US.
MORE CIRCULATION OUR PRIME NEED.
That we need an increase of circulation is
plain. The most prosperous people in the
world are the French, and French finan-
ciers are. and have long been, the most EN-
III Christendom. In France the
money in circulation is within few cents
of $50 q head. In the United States we
have not half that ratio of circulation.
For 65, 900 900 of people We have circula-
ton of only $ 200, 100000, If that much, or
only 1913 o head. Even in England, par
excellence government of the capltalistic
class, they have a circulation equal TO S2l
q head II we could run up ours 10 $40 PER
capita. or TO the grossamount Of twenty-five
hundred millions, there would be great
prosperity and magical relief. This would
require a thousand million Of dollars TO be
added to the present circulation. But no
rational man will pretend that we could de-
rlve as much as hundred millions from
the dumping process. Where Is the metal
TO come from? The chief silver-using and
countries are all Asia. all Africa,
all the islands and ArchipeligOes OF the
Pacific. and all Russia in Europe, with the
contiguous countries south of her TO the
Mediterranean. Their circulation per cap
ia taken collectively is not 81, Is not
81 per head. They need silver; their
cry is ever for more. Au relr0rsHm
is the fate of every ounce OF silver that en-
ters those hungry and yoraciOus regions.
A Mississippi or an Amazon pouring floods
of silver into the thirsty sands of the yell
low and black nations would fail to satu-
rate their Unsuitable capacities for the
metal. IL we could send them misslona-
ries in the shape of one fourth the shekels
which they need we should by that fact
send them civilization. Industry and
thrift are the parents of civilization, and
industry and thrift cannot live where
there is no money, silver being OF all
others the most welcome evangelist.
Those countries have no silver to dump
in our laps.
GIVE THE MINIS ALL THEY CAN DO.
The free coinage of silver other than of
domestic production in the minis of the
United States, would scarcely do more
than keep our home product at nome,
and. as a means 10 that end, IS desirable
measure. If 1t should have the further
mucb-to-be-desred effect of attracting TO
this country the scattered lots OF silver
which speculators might find here and
there in Europe, we should be gamers IN
the increase Of our home circulation. IL
that could be carried up TO $50, $40, or
$50 per head OF population; then the
masses of our own people would gradually
become moderate capitalists, and would,
like the French people, eagerly and easily
take up at home all bonds which we now
habitually send TO Europe for sale.
uYsrERIoAL OBJECTION NUMBER TWO.
Another objection to free coinage is the
prediction that il will drive gold 70 pre-
inium. and this is urged with cOuntenance
suggesting something dire, like the coming
of the Pale Horse of the Apocalypse, all
hell in his train. But gold Is already at q
premium and has been so ever since
chancellor Bismarck undertook, ike
Canute and Mrs. Partington did the At
lantic Ocean, to abate silver az worlds
money in 1873. Sometimes this premium
has reached 80 per cent, now II Is fallen 10
20 per cent, and is steadily going down.
SO we have long ago discounted the rae
Horse and have survived Its apocryphal
terrors.
But the advance Of gold is precisely what
will not result from free coinage. Its rela-
tive decline in price would be inevitable;
That relative decline Is the reason alleged
by the English Royal Commission against
a return by England TO the bimetalnc
Dohcy. which is another name for the
policy of the free coinage OF silver. The
class in America who echo the eaten
phrases of London have mistaken their
transatlantic prompters when they say
that free coinage will send gold TO a pre-
MUM. The real complaint is just the re-
verse. If the effect of FREQ coinage were
not certain 10 be cutting down of the pre-
mimi on gold there would DO no mysteries
in America. no pressure from England, DC
threats from Germany.
GREAT BANKERS, AND BANKERS NOT GREAT.
Opposition 10 free coinage comes almost
wholly from the banking class. There are
great men in that class, and some OF the
most noted Of these are advocates OF the
bimetallio policy. The elder Rothschild.
Great man, an earnest patriot, and pro-
found fnancier, cOunselied strongly
AGAINST the new departure suggested by
Soetbier and inauRurated in 1873 by BIS
marck. and foreboded calamitOus results
from its adoption by Germany and from
persistence in ii by England. The best
writers of France and OF the CoatineGt,
the brightest minds in England, Mr.
Goschen one of chem, are fervidly in favor
of the binetallic policy~-ot the equality
of gold and silver in the banks, in the
mirts, and under the laws OF legal tender
And though the mass Of bankers in New
York and Boston, two loyal colonies OF