The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-01
rs THE DISPATCH GETTING RIGHT

70 THE DISPATCH GETTING RIGHT
We don't know whether 1t IL The Times
that has done Il or the logic OF events.
But something has certainly changed the
amanda, opinions OF the Dispatch. II is
NOT right vet. but IL has made an immense
commencement on what II was. II said
Yesterday I'VE never preached the doc
trine that any country could, by It's nat,
keen gold and silver at parity II the
Dispatch never preached this doctrine we
have wholly misunderstood its teachings.
! We have always understood that II In
dorsed Judge Robert w. Hughes opinions
on money, and that gentleman declared
! himself openly and flagrantly fiat money
| man in his communication TO Sundays
Times. We have also always understood
,,s own teachings 20 be that the Govern
| rnent should make the coinage OF silver
free with only n2 1-2 grains OF silver In
| the dollar. We understood this to mean
that the Government could make that dol
lar fhe equal of the gold dollar. We say
we have always understood the Dispatchs
teachings to mean this. But we VIII not
quarrel with 81 over the past. II would De
sufficient II we could believe IT was ex-
actly right now But we fear we cannot
reach that conclusion.
In the same article It says:
.rhe proviso OF the Government TO re-
deem its notes is potent. Why say then
that the Government cannot Impair; an
artificial value to silver?
The mind that indited these words is
not sound on the goose" II sees
glin mer OF HSht and IS struggling TO
emerge from darkness. But 1t has not
emerged. The Government cannot I'M
part" any value Of any sort TO anything.
Value rests I'm opinion. one man thinks
an article worth $40, another thinks 1t
worth S. It Is really worth what one is
willing TO give for IL and the other is
willing TO take for 81. and no Govern
rnent in the world can add 10 or take
from that value one iota. Governments,
by arbitrary power. may so situate men
that they cannot exercise free will and
are therefore compelled to use one thing
or another or starve. But in forcing men
to use the article they have impaired"
no sort Of value to the article. They have
put a restriction upon the free Will OF
men.
When the Government then says that
4l2 IL grains OF silver shall be a dollar
1t has done nothing whatever
towards making 1t dollar.
But when. by the exercise
that creditor shall take It for a dollar,
or shall have nothing. It has simply, by |
physical power, coerced that creditor into
taking IT, This branch Of its supposed |
value will go along with it until all ex-
listing debts have been paid, when there |
will be no more debts for it to operate
on and that element Of It's impaired" |
value will have oozed out of it as Bob |
Acres courage oozed out OF the ends Of
his fingers.
When the Government says 1t Will re-
ceive ii in payment of the taxes il collects.
those taxes being laid in gold dollars,
men say they will take it as dollar be-
cause they can pay IT to the Government
as one. SO long then as there are no more
Of these dollars than the Government can
absorb with its revenues they
will exchange for real dollars. But as
soon as the quantity Of them becomes so
great that men doubt whether the Gov
eminent can continue to absorb them all,
then they will become wary about ex-
them, and that wonderful 'im-
parted" value will begin to ooze out
again. This will certainly happen II the
Government lays no revenues or If the
quantity OF the pretended dollars becomes
so great that men believe the Govern
ment unable to absorb them all So that
the Dispatch must perceive that its debt
paying power comes from no sort OF value
impaired" 10 II by the Government, but
from an act of unjustiHable brute force.
And it's circulation upon an equal footing
with real dollars comes from no sort Of
value Impaired" to II by Government
but from the fact that the Government
is willing to take It as the gold dollar
which il has assessed upon the citizen
When the Dispatch ribs itself Of the
idea that Government can 'impart" a
value TO a thing, it will be getting upon
solid ground. But so long as one trace
OF that idea remains in its mind, it will
be cropping and floundering in the dark.
MIR. DOOLEY'S LETTER TO bR.