The times. [volume] (Richmond, Va.) 1890-1903, 1891-10-04


James II. Dooley. in which he discloses two
dissppontments that lie in tho path OF those
who believe that the free and unlimited coin
| ace of our present silver dollar will prove o
panacea for our financial straits.
1t is made plain that in order to avoid seri-
Gus additional troubles to debtors. whose
| obligations are being rapidly transformed into
gold contracts, It will DO necessary to pass
law making silver legal tender for paying
debts contracted TO be paid specifically in
gold. Il is further shown that the vision OF
prosperity which is before the minds OF en-
thusiastic silver advocates is an illusion and
will prove only mirage in the desert.
To attempt by legislation to change tho
laws OF nature in trade il more unwise than
'tho Popo's Bull against the comet" because
it is apt to produce result exactly the con-
trary of what the fat Of such law was IN
tended to accomplish II is not in the power
of the United States Government to control
credit among the citizens OF this country.
The government may enable debtors. by a
semi-bankrupt proceeding, to evads their con-
tracts. but il cannot protect them from the
faint which their disreputable conduct will
infallibly fix upon those who thus avoid their
just obligations.
This country is now on gold basis. Cold
may be had now for any loan that may
be made. II the lender is prepared to deliver
gold 10 tho borrower, ls there any hardship
now in requiring as a condition precedent TO
making such delivery Of the yellow metal
that il shall be returned in kind? If the
debtor is disabled from doing this. except at
a heavy loss, he will have no one TO blame ex-
cept his own government if it should TALL into
the hands Of the ''Silverites"
Tho fact that the present programme OF the
silver men involves by necessity. as Major
Dooley shows, an net by Congress which will
enable debtors to break their contracts is OF
itself conclusive proof that the free coinage OF
silver as proposed should not become law.
We want more money, and a largo majority
Of our people are firm believers in bi-metal-
ism. Neither gold nor silver, OF themselves.
offer sufficient basis for the financial trans
actions of the country, We need both, and
in such way that the intrinsic value of the
0Ondr III one Mttdi Will tuuhi tho foANo
Of the dollar in the other metal.
Considering the present great disparity in
the intrinsic value between our gold and sill
yer dollars, equalization of values could be
accomplished by reducing the amount OF
metal in the gold dollar or increasing the all
YER in the silver dollar. For the most obvious
reasons the latter is the only safe course.
Gold is the standard of value Of the COM
mercial and financial world, and any action on
the part of the United States Government
which ignores this truth or attempts TO go
counter to it, would be merely to retard our
progress as a nation and involve incaculable
loss
The ratio between the respective market
values of gold and silver has fuctuated within
modern history from l012 for | TO u for /.
and is now about ~ for 1. More than once
has our own Government changed the ratio
and it is plain that the time is now come
when if the minis of the United States are to
be thrown open to the free and unlimited
coinage of silver, as they ought to be under
proper restriction, the present legal ratio
between gold and silver should be changed
and again established by law so that the
market value of silver dollar will be
equal TO tho market value Of
gold dollar. This action could not work harm
to any one. Practically all of the silver coin
age now in the United States has been utter
cd on Government account, and if there is
less than dollars worth OF silver in the sill
yer dollar the Government has made a profit
IF the difference and now owns it. The own
srs of silver mines cannot claim more, and are
only entitled to receive, like any other citi-
,ens the market value of their property, and
{ the minis ere thrown open upon new
alto in which more silver is putinto dollar,
{ will be for the bullion owners TO determine
whether they will coin their silver or sell it |
or industrial purposes.
The position of the Democratic party as re-
,ently announced in the platform of the |
New York Convention, is most satisfactory. |
Il opposes the coinage of silver dollars not of |
equal intrinsic value with gold dollars.
Major Dooley. although bi-metallist, ex-
)lodes the present programme for the free
coinage of silver by reductio ad alb |
urdum." 1t is to be hoped that no act will
become law which will drive gold ont Of
,ur currency and extinguish the hope of in
elligent bi-metalism, and that no act will be
,assed which will place this country before
he world as officially authorizing breaches
# contract, which in some cases may be acts
# fragrant dishonesty.
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DEMONSTRATIONS AT ROME.