Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-02-01
Indea Hnnhas on Silver.

We publish this morning from the pen
of Judge ROBERT w. HUGBEs long, able
and interesting article on the silver pro-
blem, or rather the monetary problem
This is no new question with Judge
HuouEs. Some years ago he published on
tho subject book which would nave
done credit 10 the strongest advocate OF
bimetallism in England. Germany, the
United States. OF the world. When We con-
trast the wealth of information upon when
Judge HUoHEs draws for his arguments
and in illustration of his arguments,
with the poverty Of the store OF facts whlcn
Wall street and Beacon street rely upon,
we cannot but wonder that there are any
nonometallists in the world. Judge
HuaHEs's book and Senator JoNrs's re-
port-both several years old-will clothe
ANY bimetalist in complete armor," IKE
HAs1yr's father. aud enable him to take
arms against battalioDs of monoInetaiiists
and "by opposing end them"
We have said that Judge HUoHEss letter
is "lonc." but IT is not too long. 1t is only
relatively long. Rather we might say 1t Is
too short.
Judge HUeHEs quotes statisticians as es-
timating the population of the world at
I.05O. 900 900. Weregard this as entirely too
low an estimate. especially az the silver
producing and silver-standsrd nations are
amongst those having the largest number
OF inhabitants. The American Almanac
gives the population Of the world as 1,Oll,-
900 900 In 1876, but this estimate, as we I'M
derstand IL, does notinclude many millions
of people in uncivilized countries. Not
withstanding this liberal concession, he
shows that the countries where silver alone
is the money Of the people contain two
thirds of the people in the world.
Judge HUeHEs holds that the prices OF
all commodities still retain their old rela-
lions with silver. We fear this can hardly
be the case. We also fear that though it
may be said in one sense that silver cannot
be demonetized. yet that the condition OF
things in the great commercial world shows
that IL has been demonetized in another
and the most important sense. To the
masses II makes but little difference whe-
ther we call The result of that policy an IN
crease in the value of gold or decrease in
the value Of silver.
The free coinage Of silver in the United
States. Judge HUGHEs argues, would not
be q sufficient remedy for present evils.
He says. as we have often had occasion
20 say. that England and Germany must
cooperate with US in order to insure the
success Of tina. measure. But England is
creditor country and demands gold from
her debtors. Germany is more gruf even
than England because less free. Gov
ernmsnt dominates the people"
Judge HUGHES argues that free coinage
In the United States would add very little
10 the money circulation. With all due
respect let us say that just here Judge
HuoHrs fails TO meet the strongest argu-
ments of the monometallists against free
coinage in this country alone. He ignores
entirely the increased production which
would result. We now produce $64,000,-
600 year. WY may we not produce a
hundred millions OF moreY Why may not
other countries double their production?
Nor can we concur in the opinion that
free coinage in this country can be sue
cess if confined to silver of our own produc-
ton. We should thereby discredit the
white metal and issue a premium upon
gold at all times. Coinage must either be
free TO the world or failure. There is
no salvation for bimetallism IN any measure
short of absolutely free coinage. We
must take one side or the other of the
question. If we cannot safely open our
minis 10 the silver of the world, we can
not safely open them to the silver OF this
country. As bimetallists we are pledged
70 free coinage only when this measure
will be safe one-nay, an advantageous
one. II cannot be safe one so long as the
United States is the only nation having
nominal free.coinage, and nominal free
coinage lawsuits the minis of this coun
try 10 the silver of the world, If there IL
too much silver to permit 1t TO be the
equal of g6a, let us concede the fact ant
govern ourselves accordingly.
Judge HuGHEs is not afraid that we shall
ever have too much silver. Perhaps, there
fore, we have done him injustice in saying
that he does not meet the point that there
viii be q largely increased production. TO
his argument upon the dumping" Ques
tion indirectly discusses this point
But enough. We did not set out to criti
else Judge HUoHEs's letter, but rather Il
call attention to 1t.