The times. [volume] (Richmond, Va.) 1890-1903, 1893-04-26
MIR. TopD's GRAIN EXCHANGE RES
OIUTIONs.

no nassed by without distinct nou'e'
rbev road much more like the resolutions
OF a Populist meeting than those Oh
commercial body. and unless all 'ha'
lates to them is made entirely clear 'hey
are liable TO produce totally erroneous
irnressIon outside OF Richmond. In max
ing people believe that our merchants "ie
Populist politicians rather than oouy
OF intelligent and thrifty traders
II must be distinctly known at the outset
that only eighteen members OF the En-
o,orco voted on the resolutions. or these
thirteen voted for them and hVe Vo'eu
against them. They were prepared intro
drced and earnestly pressed by MT
Charles l.. Todd. and It is emphaticaly
claimed nv those who opposed them that
they could not have been passed. eve"
with Mr.. Todds influence at their pack'
- the whole Exchange had been IN at
tendance and had understood their luii
purport and effect.
Mr. Todd Is and has always been. an
advocate OF the free coinage OF silver
These resolutions are Just such resolutions
as one would naturally expect from an
individual holding free Coinage VIEWS
but we believe we are safe in saying that
they do not represent the opinions OF
one OF Richmond's merchants in ten
In saving this much we have perhaps
said enough Of the resolutions. for they
are nothing but the ordinary and we'll
worn free coinage arguments that we can
read every day in the speeches Of the
United States Senators from the silver
States in the columns Of the Virginia
Sun and other Populist journals, or In
the blanks Of the Ocala platform But
some statements in them are so very
unique as to Justify brief notice OF them.
Mr. Todd makes the Exchange declare.
first that, in its opinion:
ut is an anomaly to contend that
nation, any more than an individual, can
improve its credit by adding TO its obii-
cations. The claim is founded neither On
common sense principles nor the teach
ings Of enlightened finance"
We have here a solemn declaration
from this Commercial Exchange that 1t
is an anomaly" to contend that either
a nation or an individual can improve his
or its credit by borrowing money, and
those who believe the contrary are court
eously informed that their opinions are
opposed TO common sense and to the
principles and teachings Of enlightened
finance
In view OF the most ordinary lessons OF
history and Of the everyday experience
Of mankind, this is. in our opinion. one
Of the most astonishing statements that
we have ever known to be made.
Great Britain borrowed some four or
five thousand millions Of dollars to over
throw and suppress Bonaparte. but it is
an unquestionable fact that at the end
Of her wars her power and prestige had
been so enormously increased that. in
spite of her huge debt, her credit was
far better than 1t had ever been before,
and it has always since remained at the
very top.
The United States Government borrowed
some three thousand millions Of dollars
to maintain the war to overthrow the
Confederacy. but. the war being brought
to a successful termination, her credit at
once rose to the very top, where It re-
manned fixed and established until Mr..
Todd's free silver friends began to tamper
with 1t In their endeavor TO force credi-
tors to take sixty-fve cents for every
dollar due to them. There is not mer-
chant who does not maintain and i'm
prove his credit every day by borrowing
money. AS a successful merchant and
manufacturer we feel that we would risk
nothing in saying that Mr.. Todd is him
self compelled to be a constant borrower
Of money. and, II he were denied such
accommodations instead Of improving his
credit always, as borrowing enables him
to do. he would be absolutely unable TO
maintain II where 1t is.
1t is simply preposterous, therefore, TO
say that the credit Of either a nation or
money. Borrowing. or not borrowing IS
no factor in the problem. The decisive
test is payment. The nation or the indi-
Vidual may owe any sums whatever and
yet maintain the highest possible credit
His or its credit depends upon whether
he or 1t keeps the contract as made. If
he or it does this scrupulousy and with
out evasion, credit remains unimpaired.
II the integrity of the contract. as made
is threatened or assailed, credit goes to
the dogs in spite OF any amount of as
sets.
There is good deal more in these reso-
buttons utterly destructive OF commercial
centre. But we have no space to comment
upon them further at this time. Rich
mond however, owes it TO herself 10 take
some formal notice OF them. If these
resolutions express the opinions of Rich
monds merchants. they will certainly
bring TO her unfortunate results. II thew
DO not express their views, she cannot
100 speedily repudiate them in toto
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