The times. [volume] (Richmond, Va.) 1890-1903, 1892-05-29

rHorGHrs oN SfLyER.
Natural law Determining tho Use OF Silver
aud Gold.

y
aud Gold.
The causes determining the use OF silver
and gold are as definite though not as defined
as those governing the use Of all other things.
ono people make gold. another silver and q
third cold and silver the standard, Ont 10
rnostpersons II seems mere matter of chance
but If the true cause. though simple enough,
is not public property 10 u because esuUlect
is given little thought.
Whenever or wherever Transactions are few
or small silver mus, he used because rs bulk
permits it, coinage into pieces Of small Value.
vet OF convenient size Thus barbarans ana
semi-ciyi.7ed people use silver uniFer'alIy,
not because Of preference for white over vel
low. the contrary being the case. but because
their few aud small transactions ie4AEe
money Of mall value IN convenient $40.
Suppose. now. people whose transactions
are 80 enormous or whose merchandise IS SO
precious that even gold Is too bulky and con-
centratel value ike the rarest metals. ls re-
CURED 20 lquiGHte accounts, piece The size
of AN eagle representing thousand dollars.
how would people with % gold standard. win
theirpresent kesa and experiences. esteem such
money, Pretty much as people Win u SILVER
standard regard gold. The poore. the people
the cheaper and buihier their money shells for
savages. irOn for Spartans. copper lup 10 Z63
g. G. 10Y Romans aud silver to-day iOr poor
countries and retail trade. One can test this
practically any day IN his market-hOuse. Let
one ofer nothing loss than hYe-doins pieces
and he will find marketing very difficult.
partly because market people. unaccusfomed
10 gold. are suspicious ~ 10. but mainly be-
cause gOld is disprop ortiOned % the value Of
the transactions.
Thus China is o poor country. some Of
whose provinces are ever on the verge of
starvation, and their transactions arc so eX-
ceedmgly small that many. perhaps most VI
them. are Inundated with little pieces OF iron,
strung on a string. called cash. aud the largest
coin known is "a silver dollar OF SUCH cO.n-
try silver is necessarily the standard. Iancy
the nnrd time gold would have whom few
cents represent the food. clothing and shelter
of a mun for whole day. TO market ia
pekin with n half eagle one must needs eia-
pioy more men o. bring home the change
than the purchases.
India is a poor country like China, s'arva-
ton ever lurking upon the borders 81 the
Jungle and where lew cents IA day supply
everything needful except a breath OF cool
air. Silver is It's standard and must be- and
gold ia unknown and must DO.
Throughout the Fast its the same. IN
eagle would buy. barring silver ornaments q
whole family's possessions house and all
Silver is and must be the standard Of such
countries.
Silver is Mexicos standard not because
Mexico is great producer of silver but te-
cause her people are poor, their transactions
few and small and they have no Use Tor gold.
When England Was poor. and cattle. sheep.
wheat. etc. were sold Tor ttAe OF present
prices. and when, consequently. transactions
were few and small. silver was the stan
dard. the pound sterling lelug originally. if
/ mistake not. pound troy OF silver Not
TIN 200 was gold FIRST coined iu England and
for centuries afterwards. while England re-
NAMED pool It's coinage was insignificant
The first coinage Of gold was in the ratio of
ten 20 one For several centuries England
remained poor. After the revolution of loss
she began 10 grow rich. and in lslC. when she
had become the great commercial. manutac-
turing and financial giant OF the world gold
became her standard and has 50 remaiRed
Tie canny Scot ana 'slller' are proven.
bially associated together. Why, Because
the Scot was poor his transactions few aud
small and few bits of silver were his stand
ard Of earthly bliss. Time and tide though
SAID To wait Tor no man. have. however. been
very kind 20 him no longer poor. transac-
tons no longer few nor small. out wealthy
and influential. gold. not silver, IS his stand
ard.
Until very recently Germany was poor and
her standard silver, but since through IN.
dustry and manufactures size has become
rich and her transactions large. gold is hel
standard.
The foregoing. and indeed all experience
rightly interpreted teach this: Silver is nee.
essarily the standard Of poor peoples. barba-
rians semi-civilized or civilized. and is the
money OF the latter tor the retail transactions
of daily life. This - its natural sphere and
all legislative efforts permanently 10 ENLARGE
this sphere must be as vain as the attempt 10
transmuie base into noble metal
Gold, on the contrary. Is the standard. and
necessarily So. OF opulent nations. whose
transactions are large and extended. who mo-
meDtarly require large sums. where Immense
value is concentrated IN small space. and
where not only wealth but luxury is gener-
ally disseminated. To liqudate these euor-
nous transactions with bulky silver would be
somewhat like liauidating our retail trausac-
tons with Chinese cash worth a
few dollars the wagon load. As we'll
make gold u standard Tor Eastern people
whose entire possessions can, Us stated, la