Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-03-15
"The Worlds Money"

1.-THE Worlds Money"
We heard O highly-intelligent member
of the bar, once q State senator. say the
other day IN speaking OF speeches and
newspaper articles on the silver problem
that Judge HuaHEs's contributions to the
literature Of the subject were the ablest
which he had read. Judge HuGHEs beats
them ALL" said he. Certainly Judge
HuoHEs has succeeded IN commanding the
respect of his monometallist opponents.
This il is not easy TO do. for the mono
metallists are. as was once said of GER
tain EnglIshmsn, so cocksure they are
right" that they act as il wisdom would
die with them. What they don't know Is
not worth knowing, and such arguments
"a they have not read are not worthy
of n moments notice. 1t may be TO
marked in this connection that the BIZ
metallists are more modest They read
all they can find that will help them to
clear understanding of the conditions IN
xolyed in the silver problem. They recog-
pize the possibility that they may be
wrong and endeavor to ascertain wherein
they have wandered from the path OF
financial truth and pecuniary or moneyed
eoundness. They are better posted, there
fore, than the monometallists and can al
WAYS give an intelligent reason for the
faith that is in them. 1t Is true they
do not resort to Wall street to study the
silver problem; but then there is good
xeason for their failure to do so-nameiy,
the utter ignorance of the frequenters OF
that famous street as to the principles IN
DERIVING the respective contentious OF the
nonometallists and the bimetallists.
We do not include the New York Joarnd!
of Commerce amongst the despisers OF the
financial theories held by the bimetallists
for that paper IS one of the strongest OF
The defences of the monometallists. This
Il could mot be if il did not read and
ponder the arguments Of its opponents.
Amongst the arguments which 1t has read
As Judge HUGHEs's latest one in favor OF
bimetallism. Under the heading, The
Worlds Money" that paper after saying
that O correspondent at Richmond, Va,
has sent it copy OF the DISPATCH con-
tanning IAN elaborate article" on this
subject by Judge ROBERT W. HUGHEs, pro-
ceeds to pay its respects 10 that dlstin-
guished Virginian. We must say that our
New York contemporary is unfair, or. at
least hypercritical, when it quotes Judge
HuGHEs's remark that gold and silver were
selected as the worlds money because OF
their exceptional inyariableness IN quality
and extraordinary and Interchangeable in
trinsio worth" and then proceeds to argue
4. 4 hot n gQlpnfAn
because of their absolute invariableness.
We need not reply to that sort OF argu-
ment. Nor shall we dispute the PROPOSE
ton that if the quantity of the precious
metals produced annually is inyariable and
the real value Interchangeable no man nor
set of men-no laws even--can make gold
dearer than silver.
The Journal of Commerce recItes the facts
as 10 the origin and operation of the exist
ing laws on the subject of the coinage Of
silver. But its argument does not touch
any of our contentious. We are as ready
as that paper TO acknowledge that either
the coinage Of silver must be made free or
else that metal will continue to stand dis
credited. There is no middle ground. 1t
would not raise silver to the same high plane
with gold if Congress were TO authorize
the coinage Of any quantity of silver less
than the average annual production OF the
world. Either the theory of the bimetal-
lists is right or wrong. If it is right, the
coinage of silver ought to be as free as is
the coinage of gold. If it is wrong, il
ought 10 be abandoned. 1t is unwise, illogi
cal, and indefensible to pass law limiting
the coinage of silver, thus putting thai
metal under the ban, and then expect sllvel
70 become as valuable Q6 to y as gold
which our minis invite to this country
from the whole world.
We think, to quote the Journals OWL
words in speaking of one of Judge
HuoHEs's points, that its article lis no
quite consistent with itself nor with in.
controvertible facts" We anude TO it;
proposition that mo treaty nor the com
bined legislation of AL the peoples OIL
earth" could make gold and silver OF equa
value, (16 to l,) and its further proposition
that "the failure TO put Government
stamp upon piece of silver and make 1t
legal tender does not depreciate 1t
worth" Now even Mr.. CLEVELAND, tn
champion monometallist of this country
denied the truth of these proposition
when he objected. not to the free coinag
of silver, but to its . Independent" fire.
ooinage--that is, TO its free coinage in thi
country so long as England, France, Ger
many, DC, should refuse to make ii
coinage free. SO also we under
stand ell tho, monometallists (wit
an exceptional crank here and there
20 concede, or perhaps We might ga
maintain. that If the commercial nation
of Europe would make the coinage {
silver free IL would DO wise for the Unite
States TO do likewise. For this reason on
Government sent commission to Europ
n few years ago. The law authorizing tina
commission to be appointed was based upo
the assumption that to put Governmer
stamp upon silver and make it legi
tender would increase its value-that 9TH
combined legislation" Of half-doze
Governments could make gold and silyt
of equal value" That assumption, G
rather the universal belief that the con
mercial nations OF Europe could by la
make gold as valuable as silver. cause
u6lyer TO rise TO within seven points Of col
during the last session OF Congress whe
IL seemed probable that the United STATE
Government was about TO begin the goo
work of monetizing silver by proyidin
for its free coinage. In the face OF ia
lsst-stated fact, ali contrary theories ougi
70 be abandoned. For If that fact dot
not prove beyond doubt that Englsn'
France. Germany. &C.. could, by coop
rating with the United States, make gol
- valuable as silver the world over, the
the human intellect is not equal to II
task Of drawing correct conclusions frol
tndisprsAble facts
oysterrnen's: Convention.