Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-01-29

hn AnubtThttOu Vi III bth'tt 49, -
properties. All these must be most
disastrously affected. Who will p p,
benefited Those who owe money VII
be-. for they will pay $1,000 with Seyv,
and the owners OF silyer-mines on tno
Pacific coast will be benefited, for maI.
ket will be made for their produce. DIV
none Others. and their unearned benensss
will exhale from the tears OF those VINO tnos'
need aid, and after thoy receive their oene.
fits affairs have got TO work back 10 Jus'
such another condition of things a. "a.
isted when they commenced the preson'
disturbance.
Much IL often accomplished by the use
Of popular word. Iuse popular ~
the senss Of well known. II the Govern,
ment can make 412H grains OF silver WoItn
Is $40 grains of gold, why can II not m "a
$50, 300. 200, 100, 1? asked most inte,i,,I-
gent silverite this question, and he fTanA AZ
admitted that his case compelled nm W
say that IL could; which, it seemed 10 M,
ended the discussion. III IL can 90 tni S
with one grain Of silver it can do the sam an ),
thing with oak leaves, which Is Inv
money. -,
The advocates Of silver say silver should
have a chance. Why should not IRON, tlni
lead, zinc, also have n chance? Inc worLu
outside OF US has agreed on COLO az w
standard of value, and it is beyond .ne
law-making power Of the United states 20
reverse the order of law established oy tne
rest of the world. and we can no more
have two standards of value than we ecu
have two yard-sticks or two pound-welgn.i,91
or two gallon-measures The silver DlI.
should have an amendment TO the enect
that while il remains in force the laws OF
gravitatlon and trade shall be suspended.
A word now in respect to the Farmers
Alliance proposition for currency. n mel
proposition as l understand 1t IS TINS Inc
Government is to cover the country WIN
warehouses. in any one of which the farmer
may store his crop, whatever ii may pc.
We will take wheat: The farmer stores
1000 bushels of wheat and the warehouse
man gives him q certificate stating that ne
has stored that much. and at the ssIne
time he gives the farmer 80 per 0V sbe
of the then market value OF INC
wheat in the United States legal tend dsn
Treasury notes-that IS, if he stores ,oOo
bushels of wheat when wheat 10 worth q
dollar q bushel the warehouseman gives
him a certificate of deposit and SSOO Oh
greenbacks. with which the farmer may
pay his debts or buy fertilizers or Whatever
else he desires. The farmer holds his cer-
tifcate for rise in wheat. When II comes
he takes the certificate to the miller, VINO
buys it from him, it being an order on the
warehOuseman for GOO bushels OF Wlea',
The miller delivers $500 of the purchase
price to the warehouseman for the Govern
ment, and delivers the rest OF the pur-
chase-money to the farmer.
The objections to this scheme lie so OBJ
viously on the face of it that II seems hard-
lY to Justify comment. IL is an e1ort 10
peryert the very beneficial usage OF loans
on collateral into q currency-issulng ma
chine, which is something wholly foreign
TO its nature. The long and the short OF
it is an attempt 20 force the Government
into lending an enormous mass OF pdt
money backed by no coin TO the farmers on
farm produce as collateral. If the pro-
duce rises in value the farmers get the al
vantage of it. If it falls in value, that part
of the community who are not farmers
must bear the loss II II wholly perishes,
that part of the community who are not
farmers must bear the loss. for the farmer
has been paid for it. The farmers are en-
titled to great consideration, bot think
they ask for little more than their tar
share here. There are 101 objections to
the scheme. any one of which Is, in nv
Judgment, enough to Danish it forever. L
will mention one only, which is enough
for me.
IL would cause the Government 10 put
out at once an enormous mass OF nat ="
money (the greenback dream was nowhere
TO IT'D, which amount it would annually in
crease by another enormous amount. A
large part of the first years output would
undoubtedly be coming in in the second
year while the second output was going
on, but large amount would necessarily
remain out. But the enormous MOOD OF
fiat" money would not be the only evil.
No man or authority would ever be able to
tell within thousand millions (perhaps
FIVE thousand millions) OF dollars OF how
much currency was outstanding. Prices
would rise and fall like the tide. No man
Would ever know on what basis his con-
tracts were 10 be made-whether upon a
flush currency or on constructed cur
rency.
There is no fact better known in gov
eminent than that an over-infiated paper
currency kills the government that puts 1t
ont. The dssiqndis destroyed the finances
of France; the continental currency al
most turned us over TO Great Britain; the
redundancy of the Confederacy's paper
money did more to conquer US than Grants
army. Our Yankee friends had studied
history to advantage when they provided
their currency system for the late war.
They allowed no one 20 put out paper
money but the Government, and those the
Government controlled, and though they
put out something like $1,000, 100000 OF
currency, treasury anu Odnh uOLes IO-
gether Il write from memory, they always
managed TO keep their paper money up to
a toIerable value. Per contra, the Con-
federate fnanciers disreSarded the
lessons of history and came to grief.
The Confederate Government never
issued as much as 300, 900 900 of currency,
yet the currency broke down from reple-
ton. Why? The Confederacy permitted
every State. every municipality, every
county, every individual, to issue as much
currency as each chose. The result was
that while the Confederate currency con-
sisted nominslly of less than 800, 900, 900 It
really consisted of many thousand mil
lions. The continental currency broke
down not because of the quantity issued
by the confederation, but because each
State issued also as much as il chose, and
all became worthless because there was too
much. II the Farmers Alliance PROPOSE
ton is adopted one of two things must
happen: Either all the banks will go out of
business or all contracts will be made pay
able in gold. WILLIAM Il. ROYAL.
WHAT PRESIDENT PARKER SUGGESTS.