The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-04
NIX. IN. 4. 81. JOHN
Vn<haSey> II, His aaSoSsSy @ kree Silver
Coinage-But at What Ratio?

Regarding the wisdom OF assembling
Congress in midsummer, l assume that
President Cleveland Is at least as well
advised as any self-appolnted OF his
councillors. AS TO what can be accom-
plshed or what ought to be adopted as
our legislation, L thtok 1t would he gre
sumptuous TO venture an opinion until
we know exactly what HAS been adopted
for British India | deem II quite GER
tain that India has not adopted gold as
hey SSgaS tender coNtiNNiNS her mlnts
open TO II: nor will she do so, for the
effect would be 10 denude the CONNER
cial world Of gold. Were her trade set
Elements made in gold, instead OF silver,
1nhla would annually absorb a sum OF
gold far greater than the amount avail
able in any year from the entire world 8
mines for use as money. / therefore
assume that midas minis are closed 10
SILVER coinage on private account merely,
but will continue upen TO coming for
Government account. This will make the
India Council. sitting In London, the sole
drawer OF exchange on Calcutta ana
Bombay. These Council bills on India
being thus issued vastly In excess Of the
taxes and interest dues in London every
year. the Council will need 10 cover
it's overdratts by shipuNeotS of button for
coinage into rupees on Government ac-
count. The proposed fixed rate Of ex-
change viii tend to increase the rapidity
Of the trade movement inward and out
wAy1, 1NepssitattITfs Ta0rS fYN0uent settle
ments. and thus enlarging the Import or
silver TO cover the exchange. II this
proves to be the whole adoption pre-
scribed for India. the result, instead or
straininr. viii actually strengthen the
ability Of the United States TO main
tain bimetalIism. If we reopen our mints
10 equally unlimited coinage for gold ana
silver.
Sir David Barbour. himself, British
secretary 10 India. and the late states
rnan-fnancer,. Laveleye, Of Belgium,
have both sanctioned the conviction that
the United States Is practically alone In
its position OF independence OF all other
nations as to what shall constitute It's
lawful money.
our populatlon. growing at the rate
q YeaY1y tTH, TrIiIiiiIiI9Ss a ye&S, rs scat
tered over n territory seventeen times the
area Of France. we. therefore, need
n growing volume Of money. The sum
~ gold available. or, at least until we
become invariably a creohtOr w foFe>Et'
trade. is absurdly meagre for our neeoA.
Fxperience is In proof that the supply o.
cold available 20 the United states VII
not increase. but. on the contrary, VIII
diminish n we discard SILVER. Dr. Grifhn'
himself a monometailist Of high repute
az an authority. edmits that only abou
tyventy-hve per cent OF the gold annualls
mined becomes available 10 the world
for use as money. Gold moDometallisiH
&c. therefore, the chief peril I'm legislation
from which the United States must, q
all hazards, be defended.
lust a word on the so-called sherman
hill: That law IS CREATING United states
legal tender notes 10 the sum OF the
market price Of four and one-half million
oiinces of silver bullion monthly. The
OSosovt s3ypIpIstrqtLoo, tollowtog the Rs
publican administration. which first in
terpreted the law, assumed that these
notes are payable IN gold. The abilitt
OF the United States 10 obtain gold WIFI
| ~v5,loh Ks, Ny rs notes 81 8eYA90d cAnno7
! successfully be questioned. And yet 2
scare has been worked up and spread
| atkoad throughout the country. botI
painful and costly; and the remedy pro-
\ ooSeA Is an issue Of NaN6 notes. Stale 81
! national or both. Ny impression is thai
! n the United States, as a body polite
Of 6 90 Of people, thought TO be the
yealthiest Of modern nations cannot
! obtain gold With winch 10 maintain III
lawful money notes. no banks state Oh
national. nor any combination or banks
I'm the United States. can better assure
us that desirable achievement.-In
! In Journal OF Commerce.