Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-04-17
METALLIC CURRENCY.
How It May he Adjusted to the Needs OF
the Country.

Metallic currency is greater than
national question: ii 10 as broad as CIVIL
zstion itself: therefore the few observa-
tious here adventured must be construct;
partially at least. in their internationai
aspect.
befogged on this question ana diviaeu
into two hostile camps, each predictlne
national bankruptcy II IT faiis-nrst, nes-
opd. belief. in the power OF legisiat.oI
permanently TO alter values: compllcaieu
howeyer. and rendered almost insoluoie
because viewed through the distorlne
medium of interest, section, o. paity'
each one being for or against gold or sii-
yer. according as the exigencies or purity
| or selfish interest temporarily incline. =
Popular clamor compeis statesmen anu
politicians alike TO declare 'unequivocamy
| for or against. There shall be no middle
cronnd' Hence those who, free from party,
or personal bias. regard the question OF
metallic currency calmly and logically are
unbeard. much less needed. and hence 1ur-
| ther the fears, perplexities, and even rancor
! that distract the public mind.
The principle underlying permanent
vaIue is that universal and unchangeaDie
sentiment that makes one esteem tne rare
and despise the common-calied the law
&c SUNNY and de land--which applies as
y;ooroasly 70 silver and gold, whether CON-
modify or currency, as to all other products
az mans industry: TOR make gold or sil-
var ne apundant relatively as tin. and ~
will then sell by the pound or ton instead
of "a now by the ounce, not because either
has lost any of its intrinsic valuable quail
ties. but simply because familiarity OF
abundance breeds contempt. All OF ma
ture years have seen how the apphdauce
hna a
a premium on relatively scarce silver. and
every day the world at large witnesses
virtual premium on gold because OF rela-
tiyely abundant silver. These fluctuations
in yalue are perpetual they will be inevi-
table as long as cost of production varies,
because cheapness of production means
increase of supply, and increase of supply
without ofsetiing compensatlons means
loss of pubic estimation or decrease III
value.
THE "pIyISE RIGHT" OF PRECIOUS METALS.
No party. section, or even individual de-
mics In words the univorsality OF TINS law
of supply and demand, yet IN deeds each,
more or less. appears to think that the
precious metals are exempt from TINS mex
orable law, but that. invested with GER
tain divine right. are law unto them
selves, or at least subject TO majority
vote of we'll but ignorant Con-
gress. swayed by the clamors OF an equally
well-meaning but much more ignorant
constituency. The divine right of kings
has long since expired. The divine right
of the precious metals, however. still lin
gers and tyranniZes over mankind, and IL IS
because of this tyranny as formulated IN
legislative halls that confusion worse
confounded" reigns and disrupts political
parties.
Everything of permanent value that le-
gislation can accomplish Is by making
known and formulating natural laws. and
every departure therefrom causes damage
or even disaster where tho departure is
great 50 no more can II permanently afhx
the ratio between gold and silver, that
being alone the province OF the universal
law not found in books, but inscribed upon
the heart of humanity. Thus today one
pound of copper is worth about twelve or
| fifteen pounds of iron How futile, and
silly, too, is it for legislation to attempt to
| coerce opinion TO accept this ratio forever
or even for q year. And Is 1t any less
| absurd to enact that because one ounce
| of gold was once worth sixteen ounces OF
silver that. therefore, public opinion must
| always estimate them at the same ratio
| Why should legislation NEEDLE with the
| subject at all 10 NEEDLE is to middle;
| the whole question of value. ratio, OF
| parity is regulated by the great court OF
| universal public opinion, infinitely more
| ipfallible and salutary than the combined
| legislation of all the parliaments OF earth
I, That legislation may and does produce
| local and temporary effects. damaging OF
| beneficial. according as in line or not with
| economic truth, Is not denied. but 1t is de
| MED that legislation can permanent,
modify one single principle. economic Of
| otherwise.
| From the earliest times to the present
day legislation has proceeded on the radi
| cally erroneous assumption that 1t cal
twist and turn fundamental principles Il
| suit the temporary fancies, interests, an(
| yagaries of the reigning party, and so act
ing il has at last introduced such inextri
cable confusion the world is divided into
two camps, each predicting ruin If thu
other wins, and surely that Legislation
must be radically defective that bring
either way-heads or tails-widesprea(
disaster.
Radical error such as this must be me
by radical remedy and radical wrong b,
radical reform, and until this Is done radi
cal agreement or cessation OF harmfu
agitation or legislation Is impossible.
THE REMEDY.
| A remedy for every wrong, Is Iega
maxim. This is doubtless true. but tn
practical diffiulty Is often first to find tn
remedy and neyt 10 apply 1t. The remed
for wrong metallic-currency legislation !
not so difficult to find as to apply whel
found.
What, then, is the remedy First. con
seriousness of error in leglslating on metal
lie currency; and second, forsaking tn
error. The following sins of Legislation
must be acknowledged and forsaken:
/. That so many grams of pure gold o
pure silver ore dollar, shilling. franc, o
what not they are simply so much matte
to which opinion attaches varying value
2. Compulsory ratio or eguiyalency Q
any kind between gold and silver.
5. Making anything. even gold and sil
yer. or either, compulsory legal tender.
In decreeing any of these things legisls
ton sows the wind 10 reap in time tn
whjrlwind, because thereby II attempts I
wrest fundamental principles to the seem
ing advantage of selfish interests, which
can no more do without permanent injur
than It can grant a dispensation to violat
with impunity the law OF grayitation.
What! What Upset. radically wron
tbough n be. the present order Of affairs
consecrated by untold centuries'of expert
epce? What is. what can be offered i
exchange? Listen!
Legislation should
i. Simply stamp ali coins of wbateve
name as containing so many grains OF pur
gold or silver. adding such devices as ma
CRAFTY taste and preserve integrity of tn
coin.
3. Open all minis at all times for tn
free coinage Of these gold and silver pieces
charging cost OF coinage to owner c
metal.
s. Abolish compulsory legal tender an
let every man stipulate his own legal tel
der. In absence Of stipulation So many c
either OF these coined pieces to be legi
tender.
4. Coinage no longer TO be monopoly {
government but free TO all, attaching I
fraud in coinage the came penalty as t
other kirds OF fraud.
4 THE SUMMARIZING STORM.
This is of course a radical departuy
from long custom, but as lons
established custom is radical departuI
from tie fundamental principles regr
lating value aud exchange, nothing shoI
| of radical departure Is equal to the eme'
eencies of the case. The fierce and angr
storm that now enshrouds the question {
metallic currency is ample evidence thu
| something ia radically wrong. This storl
may luli and slumber. but it IL ever lab
TO awake and rage with increased yirl
lence and destructiveness. not to be stille
| till legislative DEGREES are Ia accordant