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

cst.. IN tina conclusion that IL oil the silver
nroduced In the world went into coinnge. ~ ~
could not possibly coin more than So'VvI.,y s0
In addition to what We arc Annuniy
into our currency under the onvo, -S;ch Il
1890. This Is the insignificant sum wn'G ri, L
relied on 10 give relief to the country. tns
is the mighty lever which IL TO LIT the pisn'
of prices Of produce. property ana iaooI.
Whv the bill of 1850 increased the amouns
of silver annually added TO the currency ~
S92. DOC. 900, more than doubling tne qunus.y.
and that ia re arded az very trining. mater
nv tbe mora advanced advocates OF an en-
lareed circulation. "a;
How then can it be expected that An add.-
ton of the insignificant sum OF St,0 oV.Voo.
will accomplish such vast resultsf oucn ~
amount might lie added to the currency !"
any time without being felt or discovefeo'
FREE COINAGE GIANT ONLY DUMMY.
But. II you strip this circus giant entirely
of his garments. you viii ma .na' u 10 wv
even midget. it is only dummy,
Even the Is 900. 900 cannot be relied on. :.
In INV researches, discover on page 81 OF
,ba .Non.tnry report Of the committee
created under Joint resolution Of August 18TH,
1867 report submitted by senator Jones
OF Nevada. in favor OF remonetiLing slveI,
and signed by Bland Groesbeck and other
oreat leader. OF the silver men in Congress,
tbe following important statement:
~IInon the whole. II tho United States DO
mot restore tho double standard. and should
Trance abandon il, those countries. together
with Great Britain and Germany, would sun
consume annually in manufactures ana TUG
abrasion and loss or coin at least $50, ooO,Ooo
worth of silver At the present time they use
ND moro thnn that"
Thi. ia the report Of tho silver men them
selves in favor of remonetizlng silver. IL the
foures of the silver mon are correct then the
account would stand:
Total production OF she world. ti5o,OoO,0Oo
Coinage OF other coun- .oo, mn
Used In the arts, ac..... SO0OOOoO
- i2O,0Oo'0O0
Balance left for United States, only. sao,ooOOO0
,psts,d of IS. 900 900. which tho government
is compelled by act OF 1890 10 purchase.
This calculation does not take into account
the vast amount OF silver used by Italy,
Spain. Russia. India. China, South America
and other countries In manufactures.
1t appears from the figures of the free coin
age men themselves that free coinage will not
only not give relief By increasing circulation.
but may reduce tho amount annually added
under the act OF 1890.
Major Daniel admits that the people will be
disappointed in their expectation OF relief
from this source.
Roger @. Mills, the foremost leader of the
Democrats IN the House Of Representatives,
u
Der -. 1891: II do not believe that the free
coinage of silver will relieve the country from
the distress which it is now suffering"
What then is the object OF dancing this
circus giant before the people: Major Daniel
answers:
Fret. That the metal base of our moneys
should be fixed before we provide O paper
currency to substitute that of the national
bank notes. and to enlarge our coin crcu-
hitting medium
But tho nets base Of our moneys 10 already
fixed by Jaw. it is gold and silver and no.
body proposes 70 change it.
Second. IN order that we may put the two
metals 1T parity.
But that is exactly what the Senate bills
heretofore passed will not accomplish. Those
bills make il the interest OF the creditors,
banks and bankers who hold our gold CON
tracts and will own the gold to put it to a
premium.
hut Major Daniels own figures show that
free coinage will make no increase in the vol
ume OF money.
GIVE FREE COINAGE A FAIR TRIAL.
II. however. for some reason not apparent
TO a moderate inteligencelike mine. the expert
ments OF Tree coinage must be tired. give II O
fair trial. If yOu do not start it even with
gold. how can you hope that IT will ever catch
up! Under the Senate bill or January. 1871,
which failed L make silver legal tender in
payment of gold contracts, silver would be
d.scredited in advance. Our creditors and
| the banks holding our obligations payable in
gold and themselves owning and controlling
the gold. would compel us to buy gold from
! themselves TO pay them our debts. Ii
could not be possible under such circum-
stances that thoy would fail TO put It 70 pre-
| MUM. | would not take the responsibility OF
saying, that free coinage act. which would
make silver q legal tender in payment Of all
contracts which were payable in gold coin
or gold bullion. and which would provide
against evasions of the law. would result in
putting gold to apremium. Whether II would
90 20 premium OF not would depend very
much on the action OF the banks and credi-
tors. Such an ect IS hayel indicated would
take away from them the motive for putting
it to premium. and might secure their CO.
operation in maintaining silver at par.
If the advocates OF free coinage believe that
Il will put silver to par with gold and keep It
there, why should they be afraid to make
silver legal tender
The rights of the creditors will not be i'm
paired. If they Will not do it, then tho debt
ors may make mp their minds that once more
they are to be plucked for tho profit OF their
| creditors. Very respectfully,
JAMES IL DooLEY.