The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-30
- 49,. ,, shin-plasters In tho

street are Issuing ph'" -. '.o
form Of clearing house ceruhcates' ineir
cent tar will no no bar TO shin-piasters.
The true and only remedy for the dis
orders of the times cannot be hastily OBJ
tanned.
Time. patience. long, hard and earnest
work will be necessary to secure ii. The
remedy for the financial evils OF the day
is the same for ali countries afflicted by
them. and not merely our own. 1t con-
sists In simple r,tJogrfrHop, In a return
TO the conditions OF 1873. The sine qua
non Of healthy finance Is the restoration
OF silver to its wonted place In the flnan-
cial economy of the world. Some degsee
OF cooperation among nations Is neces-
sary. The Silver Conference Convention
Of 1892, which was called by Mr.. Harrison
as an affectation. should be revived by
Congress as a reality. Let France, the
United States and the States pf the Latin
Union re-establish the bimetallic ratios OF
1873 and the work IS done. England cam
not demonetize silver In India. That
metal is the money OF three-fourths OF the
populations OF the earth. In Asia II is
money, whether coined or unconed. To
be money in Europe and America Il is
necessary that its coinage ratios OF weight
with gold be regulated by law. The ratios
OF 1873 are the best and most convenient
and conservative that can be adopted.
The Secretary Of state Tor India has
undertaken TO establish ratio for the
world in his order. which has been men,
toned. He will purchase silver at l6
pence or 80 cents per ounce; his ratio,
therefore, being twenty-five or thirty TO
one. His declaration is insulting enough,
al rha Iaef
money ever known TO man Is metallic
money. The two metals have little IN
trinsic value aside from that derived
from their use as money. Their most
considerable value comes from the stamp
OF the mint and the laws of the sovereign
power making them legal tender. They
are not money by virtue or being stand
ards OF value, but they measure values
because they az money.
Congress I'm our country, has absolute
power 10 declare what is money. II 1t bad
rc conscience 70 could make gold bonds
solvable in salmon bricks
There is no reason wky the silver dollar
should be as Zig as cart wheel. II Is a
hallucination 10 suppose that the ratio
OF Is or j. IL to 1. established BEFORE
1873 with reference exclusively TO con-
venierce Of use should not be reinstated.
The gold dollar of that period was n little
too small and the silver dollar 4 little to
large for convenience; but the ratio was
established, notwithstanding, as tie best
that was practicable. The fat made the
ratio right: the lat made the gold and
silver coins money. What is needed is
moLey, and not standards, nor any de-
gree of intrinslcalty All talk Of star dard
and Of intrinsic value is idle and deiusiye.
Money Is the thing needed and nothing
but the fiat Of Congress can create legal
tender money In the United States. To
contend that n silver dollar shall be en-
larged commensurately with Englands
depreciation Of silver metal in London
is rs silly as to contend that legal
tender Treasury note shall be amDlifed
until the Intrinsic value Of the paper Of
which IL IS made shall be equal 10 the
value Of the note. No, the ratio cannot
be changed without making the gold
dollar too small or the silver one too
large. and both principle and convenience
would be sacrificed by the change.
The United States must take the lead
IN the work Of restoration. Our country
win have allies enough If she will only
take the lead and hold II worthily. Eng
land will be hostile either openly or
clandestinely. The Gladstone Govern
ment Is without honor, principle or faith
In this matter Of the Indian rupee and
the American dollar II Will make Perfdi-
Gus Albion more perfdlous still In the
ratio Of 80 to l.
/ thank The Times most sincerely for
| publishing this paper. / thank IT the more
because, unless I should be fortunate
enough to modify its opinions, what l
have said is In violent antagonism 10 all
| its teachings. But its readers form an
! important part Of the people. and In this
country all craftsmanship resides In the
people. II Is rarely found I'm politicians,
whether I'm or out Of public position.
These are In general but the partisans OF
! preconceived ideas adopted at second
| hand, and their whole effort is to force
these ideas upon the public. right or
| wrong; so that II their preconcepions
| be erroneous, their whole influence and
work are pernicious So with editors, IN
! degree. Let the people hear both sides.
| Therein lies the safety Of the republic.
| II you and I differ on the questions dis
| cussed in this paper, let your readers
/ judge between Us. Yours most sincerely
and respectfully,
ROBERT w. HUGHES.
Abingdon, July q, 1898.