The times. [volume] (Richmond, Va.) 1890-1903, 1893-09-15


| with that measure; that he had opposed
| the Sherman law and predicted Its Ill
/ effect, but would give the devil his due.
az its patron had urged, and acknowl-
| edged that II had conferred upon the
| country some benefit.
In 1892 there were two opinions, In
| which there was general concurrence:
| First. that the Sherman law ought 10
| be repealed. and second. that gold and
| silver ought 10 be coined without dis
| elimination CT charge for mlntage. And
| he thought that these concurrent opin-
| ions should now be embodied in one act.
lie contended that unconditional repeal,
by the abrupt diScontinuance OF silver,
as I'm 1873. would contract the currency,
| n no substitute were passed, by some
fifty millions per annunl. He feared that
silver would still farther decline Ia
value as had been prophesied by the,
Royal British Commission; increased
taxation contraction Of the greenback
| currency. md Increase OF the public
debt would follow, and that the cause
Of monometallism would be strengthened
by European dread Of an avalanche OF
silver from America. He said II would
require an act of Congress. difficult 20
obtain. 10 restore any continued use Of
silver as standard money: that England
had Immediately issued seven millions
Of hank notes when the BaTtngs failed,
and I'm 1880 the Secretary Of tho Treas
ury put million OF dollars into the
market for seventy DAYS successiYeiy,
10 stay the panic. showing that increase
and not contracted money was the neces-
sary treatment Of a panic. That more
money was nead "a was shown by the
fact that United States bonds were
being issued 10 increase national bank
circulation: that the national banks were
asking the privilege 10 issue money 10 the
mar value OF their bonds; that the
paoplc boarded silver. as well as gold.
and that all sorts Of makeshifts contri-
vances and inventions. such as clearing
house certificates and certified checks,
were being used. He stated that he was
in favor OF sound aud stable cur
rency, every dollar Of which should be
maintained rat par with tvery other
dollar, and that II should consist of gold
and silver, and of paper money payable
I'm them.
He commended President Clevelands
letter Of acceptance. which be thought
Justly defined The true principles OF cur
rency II has been shown that single
standard was anything but stable, as
it's purchasing power constantly shifted
with increase or decrease Of the metal
used and gold went to premium when
ever hard times came.
Of fixing ratio. coming the two metals
impartially at that ratio, making them
legal tender for debts and taxes, Impair
TALLY collecting and dlsbursing them,
/ and finally in using the more plentiful
/ money when there was scarcity of one
| Of the metals Even II we tried 10 re-
| deem gold dollars with silver dollars,
/ and silver dollars with gold ones cir
| cumstances would arise at different
| places when even this would not keep
/ them invariably at par Parity could
only be approximated, as there was no
| exactness I'm any material thing, but only
/ In the distractions Of mathematics.
ANY action now was obliged 10 be tX-
perimental we are like a body Of troops
i'm the field under FIRE. iu "A position 90
be destroyed If we stood stlll, without
possibility OF retreat, and the only safety
was 10 advance He thought the dan
gers from the free coinage Of silver had
been greatly overestimated, as our tn
nual product Of gold accessible 10 con-
age now was only about sixty million Of
dollars; and as Secretary WI 1GOm had
shown, there was no ace imuiased stoeA
Of silver in the world. bts IL II Wae ne
cessary to reinforce our go' resources
when we coined silver, he wc'iid be WILL
ing TO see the tariff LEVIED i- old, and
keep gold with us He thought Investors
would find so tremendous hac been their
losses that they would lose more by
trying 10 squeeze the world into a gold
Jacket than by eniarging tte currency
and giving banks, merchants, manufac-
turers, farmers and all classea more
plentiful currency or silve'.
Refuse Bullion the cheapest.
Continuing. Mr. Daniel said: The
following proposition, which 1 now
make. viii seem at first blush paradox,
and yet no proposition is more capable
Of demonstration, either by logic or by
observations OF experience. The propo-
sition l make is this; that at the time 1t
is most certain that bullion, II coiaed,
would rise to par value, that portion OF
bullion which is refused the right of coin
age will be cheapest. and may indeed
be cheaper than staple commodities OF
ctrsumption. because It Is a luXdry, ana
not a necessary of life. At the time when
money Is most dear, men are ready 10
make the greatest sacrihceS to get IT,
They will sell property for song They
will make superhuman eXertions OF Ia
bcr. They will do anything I'm reason 10
got the one thing that will relieve them
from oppression of debt and taxes. AT
such a time all property values are lost,
and as the bullion that is denied the right
Of coinage IS mere useless property, un-
less used I'm the arts, II is quite certain
that il viii be lost at the time when
money is most dear Aye, Il VIII then.
in all likelihood, be cheaper in proportion
than wheat or corn, or meat, which men
must get in order 10 live, or than wool |
or cotton, which they must also get In |
order TO be clothed. 1t becomes mere |
luxury, useful only IN jewelry, and N |
the arts Of ornamentation Men fOrego |
such uses in hard times, and hence the |
refuse bullion viii fail below the plane /
Of value OF the things which they must |
have.
Ii should be borne in mind by those /
who seek understanding o. the money |
question that Il is only the refuse bullion /
that is low in value Let a man order a /
suit Of clothes, and have a scrap If cloth |
left over; let him buy bricks for a house.
and have pile left over let him ords a |
dinner and leave a dish but partially |
tested; let him build a bridge and have |
enough timber TO build span left over |
does not every one know that although |
the intrinsic elements OF cloth, Of brick, |
of food Of lumber, are all still there,
and have every element Of intrinsic val lie
that they possessed before, undiminished, |
that they have been, by the refusal OF use
in the manner for which they were pro-
cured, suddenly dropped In the scale Of
value, 10 be sold for song 10 the Junk |
dealer or the scrap hunter? Who cares |
for the value OF the silver scraps that are |
not made into money? Who would turn |
On his 0coi 10 nick nm tb, 1ieco ,-tad GA |