The times. [volume] (Richmond, Va.) 1890-1903, 1893-04-22
THE TRUTH ABOUT FKnE COINAGE.


The notion has long been prevalent
among the farmers of the West and South
that II they can only have free coinage OF
sivor-L e, FREQ coinage Of the present
| Bland dollar, worth 60 cents in gold-it
will be panacea for all their woes; mat
farm products would rise in value. and
they would have plenty of money The
Times has, over and over again, sought
TO convince them of rhe fallacy of this
idea.
1t is law, as irrevocable and as I'M
changeable as those Of the Modes md Per
slams, that whenever two metals Of diff r.
ent values are attempted to be circulat ID
side by side, the cheaper always drives
the dearer to the wall, and for,es it out
Of circulation. If, therefore, the coinage
Of the 65-cent silver dollar should be made
flee, and that dollar should be forced in
circulation with the standard dollar Of
commerce, the latter would entirely dis
appear from circulation as sure as the
sun rises and sets.
what would be the result OF such
catastrophe? We would then have only
a single silver standard of currency. and
debased currency at that. Farm prices
might artifcially advance to the differ
ence between the intrinsic worth Of our
cheap silver dollar and that Of gold.
but the prices Of everything. except ner-
maps labor, would advance with tbon
Our farmers then would have TO nav
higher for everything they purchased
and they would, in reality. have no more
money than now to purchase with since
the gold now in circulation would bavo
disappeared. The only possible ADVANTAGE
there could be in the cheap silver dollar
would be that it could pay old debts con-
tracted in gold, which would be dishonest
ana any country which INDUCES I'm ma
uonal dishonesty cannot prosper.
The New York Commercial Bulletin IN
It's issue Of Friday explains away this
popular fallacy in a clear and business
Ike manner. 1t asserts that the notion
about free coinage bringing untold bles-
sings in its train is due TO a misapnre-
hension Of the nature of foreign OK
changes. On this point it saws that with
Tree silver coinage of the present dol
lars):
w hen a man has 10 pay $3.50 for the
ceHFery or a pound sterling 10 his credi-
tor III London he really pays a premium
Of about Is cents on the pound for gold.
with every further advance of EXCHANGE
this premium paid for gold virtually rises
The consequence in this country is thar
the gold which foreigners are ready tn
pay for products has an increased pur
chasing power and If prices In markets
OF this country should once more como
to be made in a deprecated currency
1t would soon be found, as II was I'm the
weary years prior TO the RESUMPTION of
specie payments. that foreigners alwavs
had the best Of every bargain, because
they were able to control the price ~
the only money available in international
settlements. Thus. If wheat were worth
a dollar per bushel in a currency worth
only % cents in gold. and the FOREIGNER
had the power 30 fix the rate OF exchange
at pleasure, as he will whenever this
country ceases redemption Of its legal
tender notes in gold. the price paid for
the wheat would be not only lower than
1t has been during the past year. but
would be quite at the mercy OF the for
eign operators"
d This is plain and important fact that
1t would pay our farmers well to care
fully read and consider. The truth OF
the whole matter is that the only safe
free coinage OF silver we can ever have
Is after the silver dollar has been made
equal TO that OF gold. The
people who want free silver. in the idea
that 1t VIII give them more money. do
not care . straw about the number OF |