Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-05-01
Peculiar Views of Mr.. Blair"

alt seems to US that Mr.. Blair proposes that
the governments Of the civilized world should re-
turn to the old plan Of bartering one commodity
for ARCHAEOLOGICAL Editorial, April eth.
Peculiar-very peculiar If so;
Int | cannot see how my letter on metallic
currency, published in the DISPATCH OF
the nth instant, Is open TO that inference.
NV views as intended to be conveyed are
that governments possess no natural or
equitable right to legislate on metallic
currency beyond stamping, weight, and
fineness on pieces of metal so shaped as to
crafty taste and preserve integrity, and
that that right is not solely inherent
in governments, but inheres III every
individual; all coins or pieces to
have free course, and TO compete freely for
public favor, unbiased preference being
the sole arbiter. though, as matter OF
fact, preference Will generally if not uni
yersaily be given to public coinage, IN
which case there will practically be no prl-
waite coinage. The liberty of private COIN
age will, however. act as check on the
degradation so often witnessed OF public
coinage Speaking off-hand. the Bank OF
Amsterdam owed its origin to debased
pttblic coinage, which it replaced by what
might be called its own good prirdte coin
age.
trarv hands off of metallic currency and
should leave its regulation TO the unob-
structed play of competing interests. Gov
ernmental interference converts metallic
currency, as il were, into glass vascular
TO the eve, but ever liable TO be injured or
even shattered by many unforeseen CIR
cumstances. Free competition moulds
metallic currency into an elastic vessel,
less beautiful perhaps than the crystal
vase. but unbreakable and freely accom-
modating itself TO the shocks that time
and experience are sure TO subject 1t TO.
These metal pieces, stamped with
weight and fneness, would circulate more
freely the world over than eagles or soyer-
eigns; would Danish barter to hooks and
corners uDvisited by civilized man. and
would perform most perfectly the mission
Of money to " enable person, so TO speak,
to carry in his pockets large number OF
barrels of flour or pounds OF sugar"
No intelligent person admits the natural
or equitable right of governments to fix a
ratio, even the most transient, between
wheat and corn, iron and copper, sugar
and salt, &C., and few intelligent persons
admit the natural and equitable right to
fix an arbitrary rate of interest, so no in
tellgent person should admit the right of
governments to fix an arbitrary ratio be-
tween gold and silver: and as all admit
that arbitrary ratio between commodities
and arbitrary interest are, when not futile,
injurious, so all should admit that arbi-
trary ratio between gold and silver must
be, If not null and void, injurious.
And the asfxing Of a permanent ratio
between gold and silver is. In my opinion,
the principal cause of the earnest, selfish,
and bitter contest called the the silver
question, and until the world practically
recognizes the impotency of governments,
single or united. to fix a permanent ratio
between any objects of desire, gold and sill
yer. or what not, the conflict will con-
tlnue, each side eagerly urgin. gold or
silver AS its temporary selfish interests
may appear.
Gold and silver--as well as all other
metals. if the world desires them--should
be equally honored at the minis. but the
world, and not legislatures. must affix
ratios, varying, as they do. not only from
age to age, but from year to year.
The peculiar views" OF my letter OF
the 18th are so easily demonstrable before
any competent and unbiased tribunal /
would not myself, unskilled though / be
in argument. shrink from the demonstra-
ton. The smoke of battle enveloping
combatsnts conceals from them many
things that are potent to the non-com-
batants. LEWIS H. BLAIR.