The times. [volume] (Richmond, Va.) 1890-1903, 1893-10-14

/ TACT. Inc IUntS Sdiu tDdt bio'N' .~''
| OF prices under normal conditions. due
| 10 the operation OF the law Of supply ana
demand, was blessing to mankind.
| The Times never argued that fall OF
| prices. produced by business collapsing
/ IN every direction" was for the good OF
any che. Does The Sun see the distinc-
ton? We are sure that all women and
children can.
But The Sun says II will lay down
fundamental proposition that shall be
| neither extraordinary nor contradictory
on which all future financial discussion
Is 10 be built and this is IT:
Money as a measure OF value, should
be gtable--that is, a dollar should not
huv more or less Of a commodity at one
time than at another. provided the com
modify is in the same supply and de-
mand."
A commodity being in the same sup
ply and demand" is a curious sort OF
thing but we understand The Sun 10
mean a case in which the quantity OF
wheat. for instance, is the same in 1898
as # was in 1892. with the same number
OF wheat-eaters in 1898 as In 1917. 30
understanding this language, we ask the
The Sun this question. Suppost the vol
ume Of money was doubly as great IN
1899 as in 1892. with wheat and its con-
sumption the same, would 1t expect
dollar to buy as much wheat in 1898 as
81 bought in 1892? II it would 1t had bet
ter change political parties because the
fundamental proposition Of the Popuilsts
is that money should be greatly increas-
ed. so that under the increase hun
dred bushels of wheat will bring the
farmer more dollars than they brought
him before the increase. This would be
a case. it is true, of the dollar not buy
ing more when a commodity vas In
the same supply and demand" but less
which is Of course the same thing in
princlple-at least, wise men would say
20. and It IS so plain that even women
and children would admit 1t.
And this being so, The Times cannot
at all agree to The Suns proposition but
as IT wishes The Times to state one 1t
will agree to stand on, The Times will
accommodate it by stating several. Here
then. Is our creed.
First Free coinage of gold, the dollar
to consist Of 25 $40 grains Of gold, nine
tenths fine.
Second. Free coinage Of silver when ana
as soon as an international agreement
can be arrived at and entered into Tor
the same.
Third. No promises 10 pay money 10
be issued by the United States Govern
ment. unless in emergencies when 1t is
unable to collect its revenue promptly,
and then only in anticipation of its reve-
nues TO be collected and TO be re-
deemed and retired as soon as the reve-
nues come in
Fourth. National banks to be allowed TO
continue as long as any one wants them,
and to be allowed to issue notes TO the
face value of their bonds.
Fifth. The tax on the issues Of State
banks to be repealed; and State banks
to issue their notes redeemable in gold
and silver coin and legal tender notes
on demand under such provisions and
restrictions as the Legislature of each
State may determine on.
A word now on The Suns notion re-
specting what happens when people want
redemption of paper money in coin, the
notes being two or three times the amount
Of the coin. The Sun says:
at follows that whenever there is a
general desire to have the paper redeemed
in coin, specie payments are suspended
But The sun wholly ignores here the
idea upon which all banking is based. No
bank could stand the run If all its cred
itors demanded payment at the same
moment. But all banking is conducted
upon the supposition that while some men
are taking out what is due to them,
others will be paying money into the
bank as a place of safe deposit, so that
it does not follow that specie payments
will be suspended whenever there is a
general desire" TO have notes redeemed.
Many cases Of this sort happen without
a suspension OF specie payments, and
suspension OF specie payments may well
happen in times of panic without serious
loss to the public. and with even advan-
tage to it. The Richmond banks have re-
fused to cash checks for two months
without serious injury to the public.
The sun suggests that The Times opin-
ions are vagaries, due to the want of
early training in political economy. The
Times IS forced to the conclusion that
The Sun has gone wrong from too much
early training. Only half understanding
certain book opinions. it seeks to adjust
them TO situations that .he authors never
had before their minds. This must be
The Times excuse for not following The
Sun through that labyrinth of metaphy
sizes by which it runs the gold dollar into
a hole and sends the hole in after 1t.
As for that strange phenomenon which
the SEQ, 900 Of greenbacks Of 1862 pro-
duced, all we have to say is that we
never heard of ii before, and doubt the
accuracy Of the statement. We believe
The Sun has been again imposed on.
But IL it will produce any evidence of the
fact. we will investigate the matter,
and find the explanation of 1t.
And as for The Suns quotations from
different authors. all The Times has to
say is that it has not thought the mat