The times. [volume] (Richmond, Va.) 1890-1903, 1893-10-14
WHAT THE TIMES AND THE sun
THINK DE II.

We publish this morning another con
tribution from The Virginia Sun to the
Times-sun discussion. The Sun says The
Times makes such extraordinary and con-
Trajectory statements 1t is compelled TO
believe The Times never studied poliu-
cal economy, and that ii is almost as
difficult to discuss economic questions
with II as II is TO argue with a woman
or a child" The extraordinary statements
OF The Times which The Sun cites in
proof are: First, that the balance Of
trade has been against us since January
last, and that gold has also been leaving
the country because alarmed Europeans
were selling us our securities;
Second, that free coinage of silver Will
drive all the gold out OF the country and
thereby make money scarcer than ever,
while contendng also that under it sill
yer dollars will become so plentiful as
TO become worthless;
Third that we have advocated permits
sion to State banks to issue all the notes
they wish to issue. redeemable in gold,
Sun says TO redeem our present paper
currency;
And fourth, that, when business is
collapsing in every direction and prices
are lower than known for generations,
The Times consoles us with the paipable
failacy that low prices are sign Of
prosperity"
We will now see If all these
cannot be shown Ito women and children,
at any rate, however 1t may be with The
SUM TO be statements in no respect ex-
traordinary or contradictory.
First. The balance of merchandise trade
against this country for the year ending
June 80. 1893, was slS,dOO,OOO. But we ex-
Iorted in that time S17.5l4,O67 more of sill
yer bullion than we imported, so that the
balance against us was really less than
half a million dollars. Now we exported
In the same time sS7, sos, 463 more Of gold
than we imported. How can The Sun ac-
count for this great export 4 gold unless
il was TO pay for securities sent here for
sale? The balance of trade was in our
favor from July 1. 1892, to January, 1888,
but II turned against us after that so as
to make the trading in the months be-
tween January, 1898, and july, 1898, show
s7s0oo.0oo against us for these months.
1t took all of the good balance from
July, 1892. TO January, 1898, TO overcome
the bad balance between January, 1898,
and July, 1898, and meanwhile the sale Of
securities was steadily drawing away our
gold. Is there anything extraordinary or
inconsistent In this? We believe woman
or a child can understand il. Can The
Sun?
Second. The free coinage OF fifty cent
silver dollars must drive all the gold dol
lars away as fast as people come to be-
lieve that the quantity coined viii disable
the government 10 redeem them all in
gold. for good dollars will not circulate
alongside Of bad dollars This viii make
all OF the currency silver only, and de-
preciated silver at that Our mints can
only coin about S50O00.OO0 year. During
the long time that II viii take them to turn
cut thousand millions Of silver dollars.
money. even though IL is bad money,
must be scarce. But after awhile the
mints viii set out seat quantities Of
these dollars, which viii not be worth
less" but as they will no longer be re-
deemed in gold. will be worth no more
than the bullion in them Is worth. Is
there anything extraordinary or contra
dicieV about this? We are sure wo-
man or child would say there IS not.
Does The Sun think there is?
Third. How did The sun learn that
there was not gold enough to redeem our
present paper currency? We deny the
Allegation and call for proof.
Fourth. The Times remarks on prices
were In answer 10 Senator Daniels ar
gument that prices had been coming
down steadily for twenty years. and that