Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-08-08
Financial Heresies.

We cannot "abear" the fat-Greenback-
ers. We do not like TO pen sentence
which seems to countenance the heresy
that irredeemable greenbacks or Treasury
notes can by law be made TO serve the
same purposes as the precious metals
gold and silver. In fact. we have no
patience with the extremists on either
side of the money problem. On one SIDE
IL is contended that the United States
Treasury notes need only the Govern
ment's declaration that they are money TO
make them money. On the other SIDE IL
ia contended that silver IL mere com
modify, and cannot by friendly legislation
be kept mt par with gold. We are told
that there cannot be two standards OF
value: that either silver or gold may per-
form that Office. but both cannot, though
from the foundation Of the National Gov
eminent up to ls73-not TO cay up TO 1871
silver has served as the single standard OF
value more years than gold.
We desire to say n word as 20 this ques-
ton OF friendly legislation. We have seen
the United States Government alone run
the price of silver up to 100 or 122 by
friendly legislatio almost to the point
where it would have been equal in value
to gold (16 TO ~. We kn0,r therefore. that
the Governments Of France. Germany,
and England could by friendly legislation
similar to that of the United States keep
silver Mt par with gold inst rs well as we
know that if all those countries should
demonetize gold and make silver the sole
measure Of values the price Of gold rela-
lively to silver would respond 10 such un-
friendly legislation. The financial system
of the country can walk on one wooden
leg and one natural leg, but it could walk
much better upon two natural ones. Why
by unfriendy laws compel 1t to go upon
one?
England is the country which stands in
the way of bimetallistic success. Yet
when the wind is nor northwest England
knows a hawk from hernshaw. Her
theory is that neither her own nor any
other government can by law force the
price of silver to parity with that Of
gold. Her statesmen scout the theory that
silver and gold are anything more. than
commodities WLen any country uHuci-
takes TO regulate their value by law. Yet
the cable told us the other day that in the
House of Commons on Tuesday last Sir j..
T.. GoRsr. Parliamentary Secretary for the
Indian Office, presented the annual Indian
budget statement and called attention to
the continued extraordinary growth OF the
SURPLUS, which for 1891 was estimated rs
nearly double of that of 1890. This growth
was mainly due he said, to the alteration
in exchange consequent on the sudden in
fation of the rupee by American legislation.
The purchase of silver bullion and the
coming of it into dollars is what Sir j. E..
GoRsT styles the sudden imitation of the
rupee by American legislation" IL thus
appears that in the opinion of this dis
tinguished statesman unfriendly legisa-
ton can seriously depreciate the value of sill
yer whether friendly legislation can appre-
ciate il rnot. But if the one proposition Is
true are not both necessarily true? Or, to
place it differently, il one half of this
proposition be true. is not the other half
necessarily true?