The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-30
now known would make its remarks al.

The balance stands for the year cndi
: June 90 1898. and the figures are given
the pare already referred to. The ba
ance against us OF produce and mercha
disc fs stated at sa3.e529s1. but the r
cords from countries with depreciatc
currency, having been kept in that d
preciated currency. instead OF in gol
we also know that this balance mus
be reduced by SO. 900. O0O leaving the tru
balance against us 5i3,e52 9sl. The ba
ance Of 7pecie against us was $40, SO
making a total balance against us 10
the year 1898 OF s1is.703,511. This, O
course. treats expectation OF specie as
dead loss. whi,a is far from being tn
case.
All this may be matter OF no conse
quence. II so. II should have beer
omitted from Judge Hughes article. /
II is TO be introduced at all, the facts
she uld appear just as they are.
| Judge Hughes makes the followinf
statement, which is, TO US, absolutely
incomprehensibie. Speaking of the order
Of the English Government closing the
Indian mints to the coinage of silver on
private account, he says:
Silver In London commands about
thirty-three pence. But the Secretary for
India accompanies the order which has
been referred to by the announcement
that the Government will determine
for Itself the price 1t will pay for silver.
and has now determined that this price
Ch y ha Cd lf-,c~
that is TO say. sixteen pence or thirty
two cents. Mr.. Gladstone says to the
American people: 4 will close Her Males
tvs minis in India absolutely to your
silver, and for such Of your metal az I
may require for my own purposes 1 will
give you half the London price,"
We repeat. this is totally incompre-
hensible to us. The order provides that
silver rupees will be given in India for
thirty-two cents worth Of gold. The
par value OF the rupee is forty-eight
cents, and an ounce Of silver makes two
rupees and n little over two-thrds Of an,
other. There is nothing in this order
about buying silver at thirty-two cents
an ounce. The order is that silver ru-
pee. worth nominally forty-eight cents.
will be given for thirty-two cents worth
OF gold. The Judge evidently has some
thing in his mind here which we fail to
catch.
We have now cleared the decks for
action, and shall take up the argument
Of Judge Hughes paper. The substance
Of his case is that silver which is neces-
sary as a money metal TO mankind. has
been demonetized all over the world
through malign and bllghting influence
originated by England for her own bene-
IT, and steadily pressed by her on the
est Of the world in cruel disregard OF |
he rights and interests Of the rest Of |
mankind. The result of this. says he. Is.
hat gold has enormously appreciated
value, men get far below its worth
or all they sell, and pay far above it's
worth for all they buy. and hence the
anic and distress which we see every
'here prevailing around us He says:
IF 1 We're required TO ans ser in a
hrase the continually pressed question.
mat is the matter with business every
here? l would say that property values
ave gone TO wreck and ruin, that the
ottom is knocked out Of prices. The
ifficuty of the times IS that debtors
nd men In active business, whose means
meeting obligations depend on sales OF
roperty, have to pay full dollars with
xty-six cents assets, a rate that is
Hing. 1t is conceded by all who have
lie knowledge OF study and instruction |
lat gold has risen about fifty per cent.
IL |
as in 1873. Therefore, II results
lat the debtor classes are paying dol
r debts with dollar-and-a-half money"
Now, we most emphatlcally deny that
is Conceded by all who have the
lowledge Of study and instruction that
I'D has risen about fifty per cent. n
llue. compared with the ganeral values
1873" On the contrary. we maintain
at the foremost economical writers and .
mixers Of the day insist upon just the :
posite. In proof of this. we refer the
ader to Mr. David a. Wells Recent
economic Changes" pages 20i-j. and the ,
injury Magazine for June. 1893, page
rhe writer's OF this school maintain. =.
d rightly, we think, that the decline In
Ices proceeds from improved methods
production and distribution. They say,
tn absolutely convincing force, that
,or, which is more bought and sold
IN any other commodity. has main \
ned its price in all departments, and !.
at 1t has enormously increased in -
Iue in all departments where skill ,
d handicraft are an element. And =,
ttee now investigating the subject, and
i made public, shows that such labor
} advanced since 1860 in the United -
ties sixty per cent II demonstration -
silver were the cause OF the decline ..
prices, then thinkers say, and con- -
sively we think. that II would have -
ised labor to decline I'm common with -
other commodities. while labor has -
lily advanced. Curiously enough, too. a..
lie we were penning these lines yes
davis Times, containing r. G. Dun -
Co.'S weekly review Of trade.
laid on our table II
ties that the failures in the ',''
ted States last week were CSC. against
In the corresponding week OF last pc
r, while the failures in Canada for -
same week were twenty-three. as
inst twenty-five in the same week OF
year Canada is a gold basis conn 81
Why should the gold basis increase ~"
FAILURES while Canada's remain sta -.