The times. [volume] (Richmond, Va.) 1890-1903, 1891-05-19
FREE COINAGE IN THE South
An Ex-Bank President Expresses ii''
on the Subject.

c,a+a Il re,r-tbl,shed in The IIMEs oy Ieluo'''
'''''' LAysrSGBURG, n. Y.
Dear Sir,-Can Southern representatives IN IN
CONGRESS afford TO aid in passing an ace loi tue
free coinage Of silver we M rii
;..orosts ~ their several States ana To mann
~, IL deveIopment and the prosperity OF
~ Nevv Soutbn Will the free coinage OF
s;i,-er have the effect TO sustain aud continue
such prosperity | think such OPINION u one
of tho biggest fallacles ever delusVeiy HAT
bored by men. rt..o hos, optor
,oininc tha belief that the South, by reason OF
its Iarge and diversified natural resources anG
49, increasing and excellent facilities for the
TRANSFORMATION Of products, Afforded rare OBJ
nortunitv for the safe and profitable invest
ment of money. | have constantly adViseu
suoL investment by people whom repre-
sertsd and bv others whom knew, who also
sought information respecting me-
ment for money: results have salls-
factorilv sustained the judgment ana war
ranteA my confidence. came TO my conNlc-
tion after some careful study OF the sltua-
ton IN the South. What has that region To-
day the most need OFF What has 10 not; ~
has no vast accumulation OF reserve cap,laE
il has need # much capital It's natural re-
sources. now only partially used only mon-
eratelv deye ped need more aDuudanD CaP11
ital to enlarge the industrial activities OH an
kinds. and thereby use IN 50 native lesouii %
and create new wealth VIII unlimited SILVER
dollars help or hurt the South
If there were hundreds OF millions OF silVer
dollars the South could get them only Dy Duy-
inc them with some property w4lch IL n9s w.
sell. or by borrowing them with SoiIie.H.L5
which it has 20 pledge as security, Hn9 ~
South the credit and property with WHICH 1t
can
BUY OR BORROW THE CAPITAL
which it desires. which it needs; VIII 10 hayo
such credit after free silver coinage may Oe
adoptedy That is the vital question OF
free silver coinage does not MAXI it f,r .,e,
dollars Who wants them must pay LOT mem y,
inst ms he must pay for gold dollar. Ana H.
NAV be a great deal harder to buy them OF 10
borrow them than TO get the gold uoii"i'
to-day. r... .;
Tie condition of the South is peculiar sun
generis These States have great lA"'eIt."l ~
sources have large possibilities OF proulaoio
DEVELOPMENT. 70 realize these grand posi-
bilities: TO convert these latent resources ihl"
wealth by productive industries tine absolute
indispensable condition Of success, is cIeuIli
American monetary affairs ana ehde"cl99 anu
the attitude and disposition OF the peoPi7 IN
the South must be such aS TO command lhe
confidence of the capitalists OF the world DOM
domestic and foreign who nave money 70
lend and who seek investment Tor thef capl-
tai somewhere. One needs capital. announcer
has it, Can they hitch up together III loihI
undertakings for common beneht ana mu'un
profit by creating wealth. III has ueeh ap1y
said: You can lead horse to water out you
cannot make him drink he o0utn can
show what it has and how profitable us re-
sources can be made but cannot make any
CAPITALIST buy them or lend upon them. hose
acts must be free, and will be controlled 10y
his Judgment IN respect &c present ana pros
pectye values. The last Is most important.
Shall any man. with money invest IN the
South. or shall he lend on long term engage
menty lie asks with reasonable caution: what
will values in the South be IN three years, nVe
years or ten years from now: w hat VIII proper
ty be worth there during these periods ana at
the end OF them; That IS the test question
which the experienced investor puts 20 NM
self at this time. If free silver coinage shall
prevail. the trained economists and the repre-
sentative investor who commands the tens,
ave the hundreds of millions OF money
which would carry the South on and forward
in It's new prosperity to It's more benehclal
contamination, will
FEEL A HESITATION AND DOUBT
in making new investments there which they
have not felt at any time IN the last twenty
wears Just what the South needs to-day and
hereafter will become more difficult to9et and
farther from It's easy reach with free silver.
The man who can view the coinage Of Sill
yer with comparative cOmpOsure Is the one
with money in hand: for he can convert ms
money into forms that suit HIM. The men,
the corporations. the cities. the States, the
communities that have resources which are
improbable but who owe money or who wish
10 borrow money IN order TO use their prop
erty prOftably, have their future at
stake now. The reason Is plain. II
they desire money they need credit
If they have property they must also com
mand confidence IN themselves and ia their
future If the soundness of our financial sys-
TEN shall be suspected II cur credit shall be-
come impaired; II our monetary methods shall
be deemed unsafe, with tendencies % ulumate
liquidation and insolvency, IN the estimation
Of capltallstic people at home and abroad
whose aid is sought and whose money is asked
for although free coined silver dollars shall
be piled as high as the Alleghanles, they viii
not be available 20 ard the South IN develop
ing its resources and % turn 1t coal iron.
wood. stone, lands into productive wealth.
No shrewd man will buy IN 1891 II he believes
the property will be worth a good deal less In
a Tear, or two or more years later. IT a GER
tain policy will invite collapse insolvency and
low prices the far-slghted investor Will wait
till the bottom is touched. He can then reap
a harvest because he has not sown too early.
No sagacOus man will sell q gold dollar now,
20 be paid in a silver dollar freely coined in
some later year. This Is automatic
" nat IS the mature experience or tHt WoflU
upon this question of free silver coinage
What is it, firm positive opinion 1t Is adj
verse 10 such coinage. But, say the silver adj
yOcates. the wor al is wrong. MAY be- but the
men who have money act on their Judgment,
not on that Of clamorous sellers or borrowers.
There Is the rub 10 Is futile 20 declare that
silver will be good. The fact is that it is
not good To coin unlimited silver is 10
deny this fact Proceed 10 do this and the
slyer-bass sellers and borrowers will yainly
beg for buyers and lenders No leyel-headed
man will sell what he knows 10 be rood for the
promise he believes to be bad. however hon
est the promser may be. Above all other
men in the world the man who has property
and desires money % use for gain on his
property most needs TO have credit 10 main
tain confidence. 20 uphold the sound prlnci-
pies of economy which the world practices.
because it has found both by success and by
disaster that they are uud. Can the South
command capital freely if silver coinage
shall be unlimited ! think it cannot.
"Halt " will be the word along the line
should say. No more investments upon prop
erty now. Wait till the event come then get
in az the bottom" Is this harsh, 10 is
simply business The very cornerstone OF
the greatest prosperity OF the South, which I
shall rejoice 10 see, and Of which we have
some foregleams now that
ARE FULL OF BRIGHT PROMISE,
is full and entire worldwide credit: perfect
confidence in our public financial and eco