Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-10-11
THE OTHER SIDE.
~ RICHMOND MERCHANT IN OPPOSE.
TON TO FREE COINAGE OF SILVER.
~ Ceatsatson DassA On Practical Expert
eace-The Question Of standards
eA International OaN
Rrcnroxp. October 2, 1891.


70 ne Ediiow Of ne Dispntca:
This 10 the Arst time l have ever op.
pcared IN print and il will be my last---cer-
stainly on the subject now propose to dis.
cusa Notwithstanding tho non de plane
adopted BY me II will be very apparent
that i am not Sir Philip Francis. but a
plain. unpretending merchant of Rich
lnond. l am well aware that is now popu-
lar 70 say that " / am in favor of the" free
and unlimited "coinage of silver" II is
rarely, however. that have found myself
Certainly on q subject like this .(aficcs-
Sng, a. IL docs. the very founda::
tions OF the business in which j
nm .engaged) I may be .pardoned for
thinking for myself. rather than following
tlindly the lead of senators. judges. presi-
dents Of Farmers Alliances. orators,
writers. politicians, or silver kings. The
Gree and unlimited coinage OF silver" The
words are captivating. especially when
clucidatcd and advocated by our patriotic,
eloquent. and distinguished senator. the
Hon. John W. Daniel: but with all respect
TO him they are. in mr. Judgment. decep-
rive and delusive. Major Daniel cannot,
with all his rare gifts. make II cents 100
cents. 1t II not true, and no power can
make II true. Give MAJOR Daniel and all
who think with him tho most absolute
bower and authority, and tell me what
natural law would be affected by any OF
his or their acts. wishes. or desires.
contend that Major Daniel might have
oil power Except infnite) and still he
could not make n cents 100 cents. When
he can by act OF Congress passed unan'-
mously by both branches. and approved
by the President Of the United States and
afterward confirmed and ratified by every
man. woman. and child in America cause
james river 70 flow 10 Lvnchburg instead
Of (as decreed by natures law 70 the AZ,
)antic Ocean. then. and not until then. Will
believe in his theory IN regerd TO the
=" free and unlimited coinage OF silver,
and vet if ! had the vote which would
elect the next United States senator 1t
would be cast for him, because l know
That he is patriotic and would hope that
be might see what / believe 70 DE ms
krror on this important subject and change
his views and position.
Mr.. Editor. know of nothing when
Beaches more efficiently and impress
Siyely than dearly acquired practical
Experience. In the prosecution OF my
business, especially that part In which
dealings in foreign merchandise are H.
volved. ! have experienced anxious days
md restless nights. both before and since
Che late war. Never again can any one de-
sire who has had such an experience o
repetition OF it. With vitiated, debased.
and necessarily fuctuating currency L
have an acquaintance sufficient 10 satisfy
ia my ambition. And now We have an
honest dollar and let us hope that II may
forever remain honest.
THREE PICKS FOR A BUsTrEL.
Nv father was afarmer. He lent anelgh-
bor four pecks of corn, who delayed re-
turning II until by act OF Congress he was
permitted TO offer, as a Legal te,sder for the
kour pecks. three pecks of corn and in
listed that his obligation was fully dis
fharged My father demurred, but was
Told that the law forced him to accept this
tender. He accordingly scquiesced. but
te thought the neighbor dishonest and mad
no further dealings with him. tried TO
tonsole my father by telling him that llent
D friend 100 cents and under the same law
was forced to accept II cents IN full salts;
faction. At this he grew indignant, and
laid that my friend was just as dishonest
Is bis neishbor, and was constrained TO
admit II.
have had some correspondence with q
Aentleman ON TINS subject and his views
correspond with my own so exactly that
An induced to quote from him: Every
hne must feel the Importance OF money
N.nd what kind of money is t. be received
| vhaslng power, will ii vary IN value. IS 1t
brood. Poor men and poor women, too
&re interested in il. Now all know that the
money III circulation in the United States
slg Of lis good, the same as gold. III VIII
mass everywhere and buy MS much AS the
kane amount of any other money IN the
world. Our money Is OF many kinds Cold
kllver. nickel. and copper are all coined into
6noney. Then We have United States notes
=. no ~
t.icates. and national bank notes. But
She virtue of ali these many kinds of money
s. that they are all good. A dollar OF each
IL as good ss dollar OF any other kind.
III are as good AS gold. But here comes
The first difficulty. The silver In the silver
!.ollar is not worth as much Us the gold IN
the gold dollar"
The nickel IN that coin IS worth but q
small part Of FIVE cents worth of silver.
Gnd the copper IN the cent is not worth one
Hf,h Of the nickel IN tive-cent piece:
aiow then can these coins be made equal
10 each other: The answer is that COIN
Hse l. Government monopoly. and
though the copper IN five cents is not
worth nickel, and the nickel IN twenty
pieces is not worth silver dollar, and the
oliver in sixteen dollars is not worth SIX
teen dollars in gold. yet rs the Govern:
uent coins them and receives them. and
snG,n'ains them al pdr 'r,2. gold, they are FOL
oil purposes money equal TO each other
end wherever thcy go, even into foreign
countries. they are received and PAID out
o. equivalents. The reason for all this IS
That the United States limits the amount
Of all these CONS to bc Issued except gold
which. beng the most Valuable. - cO-Aeo
without limit
" coinage of all these metals were free
ind any holder OF copper, nickel. silver
Or gold could carry 1t to the mint TO b.
coined We would have no money but cop
Der and nickel, because they are th'
cheaper metals, worthless than one fourti
q. what AS coin they purport 10 be. fol
the Same reason II the coinage OF slivel
were free at tho ratio OF sixteen 81 sllYol
e. one Of gold 70 gold would be coined. be
cause sixteen ounces OF silver are not wort.
one ounce OF gold. No man would be foo
Enough TO dcpo>l. an ounce OF gold FOL
coinage into SIS when with hrs ounce o.
gold lie could buy enough silver bullion
20 have coined. without cost, $50. IL
avoid this and 10 Keep both silver and colc
a money the present law provides thai
yhe United States should buy silver Uui
lion al lis market value and com II only a!
the people needed it,
DISTINCTIVE STRIKING IEATJ RE.
Under this law the United States is nov
purchasing monthly more than the entii'
product OF silver bulllon III thc tblttt
States. and all TINS bullion Is represented
In our currency by either silver coin o.
lcca.-tender Treasury notes OF the Unite
States Ne expended under this &C
in the purchase Of silver bullion
prior TO August lst Of this yea
k55. l9l .s2l and issued that amount q
Treasury notes. which are now III circu
lGtion. Under this law silver bullion II
purchased az i.s market price aud held IL
The Treasury as security for and redemp
lion of the Treasury notes on demand. anC
thus MAINTAIN these notes at thu
parity of greenbacks and gold. In
der this law We Will have con
etantly increasing volume of currency
absolutely safe. and any profit derived
from tho purchase of silver bullion ant
coiuing Will inure to the benefit of tn
people Of the United States. The on,
distinctive. striking feature of this law i
that she United States Will not pay for sil
yer bullion moro than its msrket value
And srhy Should ire, What Is there sbou
Silver bullion that distinguishes it frou
tny other product Of industry that tn
Government needs! When the Govern
mcnt needs food and clothing for tn
Army and navy II pays only the marke
price to the farmer and manufactures
The value Of silver produced Is insight
cant compared with the value Of many o
the articles produced by the farmer. tn