The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-01-29
TEE GOLD QUESTION AND MONEY.
i yirginian Calls Mr. sisnsy 7. Niles TO
Account Thereon.
10 edo nIade. Jan. 8.


EDTToR BLADE. In q recent issue of
lIt7,e B1alf, Mr. Fl A. Niles calls atten-
fien to the gold question. He is correct
in assuming that the fun restoration Of
silver to Its equal rights with gold at our
national nlinfs isalreadya foregone Goa
! elusion isat be ii needessly alarmed as
! to its effect upon geld
The very purpose which needs to be
accomplished. is to deprive gold Of it's
/ abnormal Importance in the exchanges
OF The world. This IS the very essence
Of the claims Of bimefaliisn, and the
necessity oi action was never SO apparent
as nov, when the results OF the attempt
to extend the gold STANDARD. over other
countries SO nearly produced q financial
4 cataeiysin III london the seat and cen
/ ire Of gold monoiistallism, from which
they were only saved by successful APP
+ peal 10 lianetalic France
] Che great superiority of the French
system OF finance was never more APP
parent Cham now. The French have
! always maintained the cause OF bimetal-
i lism, and between 1903 and 1874 main
4 tained the parity Of gold and silver, By q
4 law. public and universal. at the ratio
Of 151 to l. Thelaws Of France provided
/ for the coinage Of Both metals at that
ratio for all comers
! This held gold and silver at that ratio
/ for the world, until the legislation of
! Germany, and Of the United States.
closed their laints to silver, when the
/ French closed their own minis in self
defence.
Still honoripg silver in their own ter.
ritofy the French supplemented their
metallic money by paper issues, and
i.s.;l5iiieda volume of money which has
50 promoted their Industrial develop
lue' 4sta make France one OF the ricll>
~: es. Ties In the world It has also
eiss,l!s & her to bear tie enormous losses
/ of tise eiman war and the Indemnity
| paid tie Germans, ana 10 recover, 50 as
to stand tle-slloelz Of the Panama canal
failure without ripple
1t is believed that he latter alone
would have overturned the whole fabric
Of credit arpiiances relied upon in Eng
land, which Americans have SO foolishly
inflated
Checks drafts and certificates are con-
yenient appliances, and good in their
way. but . commercial people find now
land then. how their excessive use as a
substitute for money inpairs security in
the periodic panics which oefall them.
England alid the usli5ed States, in their
financial history, present q terrible res
cord of disaster, while France sereneiy
moves on her way without such reverses.
Franee, nv the latest returns, shows a
totsl volume Of money OF 80, 300 ,oG0, O0o
/ er $50 per capita.
Great britain, 4 volume of $3.50, 600,
or $40. 50 per capita.
The figures Ne take from The philadel-
! phia lfnalsJactuer. ard they do not
vary greatly from the official reports Of
our directories the mint.
TIE per capita supply of the United
/ States is computed to be about $22,
\ though we rate as the wealtfiest nation
in the world.
The correctness of the estimate is
questioned as to our country because Of
known and unknown losses of paper
money in the 80 years OF its use, a loss
estimated by many at $4,000, Goo
As the history Of decentralization shows
the objects sought We're ia increase the
value of money and Of time credits. We
know the cause OF falling prices.
AS to the fear that silver will drive out
gold SO freely expressed by the oppo-
nents of hi metaliisn, there is no ground
forany such fear.
Wealthy nations can, and WILL com
mand ail the gold hey want
The beneiicenee, the justice, and the
wisdom of an act restoring to its time
llonored place rs q concurrent measure
4 of value the white metal, is now too gen
orally conceded to admit OF doubt.
The cause Of bi-metaliism is rapidly
/ growing ii England for it is being real.
ICED that theie is no enough gold to
| measure the exchanges Of the world, and
1 that the pre,lictionsof ierpresent chan
/ celior Of tile exchequer, Nj. Goschen.
! made at the International Monetary
conference at Paris are likely to follow
any general adoption OF the single gold
/ standard
He then said: ~ usigat agoooz;e one
Of the ayuoest crises ersa undergone by
commerce.
There are SO many reasons why our
country should at once cut clear from a
policy so destructive to onr national in
terests, as gold recommendation has
proved Itself to be, that it is passing
! strange that Ameri sans should any
where he found sdv3eatipg a policy
which IS Row only sustained in England
because Of her vast holding of foreign
bonds payable in gold.
America is the greatest silver producer
in the world
Why should we slislaonor our own pro
4 dGct2
+ Why permit England to fix its price.
i get our silver ut low bullion value, to
use il India at coin vai,ie in buying
wheat anit cotton to cat down our Eu
ropean market for these staples and also
Il to depress the price Of every busilel of
4 wheat and every pound Of cotton pro-
dueed by our farmersg
What interest have Americans in
mainta lining the value. of British and
4 German holdings Of foreign bonds?
Can any intelligent man believe that
our country can continue prosperous