The times. [volume] (Richmond, Va.) 1890-1903, 1893-11-04
SENATOR GEORGES DELUsIoNs.

SENATOR GEORGES DELUsIONS.
To a reflective mind there is nothing
more surprising than the way in which
the heresies Of free silver upset the judg-
ment and common sense Of intelligent
people when they once effect a Judgment
in their minds. These heresies do not
stop with turning their victims minds
all upside down on everything properly
connected with finance. They make them
take a perverted view OF everything that
can have any possible relation 20 e. Now
here comes Senator George Of Mississippi
who has all his life acted in n most sensi-
Bile way in the ordinary affairs Of life UNI
iii Stree silver captured him. putting
out the most extraordinary statements
regarding the future prices Of cotton
which are plainly nothing but free silver
and not prompted by any Of the facts
relating to cotton at ali. He is Chairman
OF the Senate Committee on Agriculture
and he has been investigating the cause
Of the low price Of cotton. There was
nothing whatever reconcile about This.
All Senator George had to do was an
nounce that cotton was more abundant
than buyers Of cotton and his investiga-
ton and report would have been complete.
But free silver" could never have tole-
rated any course in one Of its victims as
sensible as that. A cause must be found
that was intimately related to free sill
YER" and Senator George proceeded to
And IL and impose the responsibility for
cheap cotton upon IL at the cannon's
mouth. We Will let Mr.. George state
his theory in his own language. He says;
Another serious factor, tending TO lower
prices. Is the anticipated contraction of
the currency since the repeal OF the pur-
chasing clause Of the Sherman law. This
repeal puts the United States on a gold
basis, so as 20 make the price OF cotton de-
pend on the supply OF scarcity OF gold. the
demand for gold will be great. The
United States must enter into what MI.
Sherman calls the scramble for gold, now
gCing on in Europe. This demand VIII
probably cause shipments Of gold 10 the
United States. and to that extent lessen
the supply I'm Europe, where the regular
p-lce Tor cotton Is fixed for the whole
Vcrid. This io7scning Of the supply OF
gold I'm Europe viii decrease all prices
there. including cotton.
Now. Il we leave out OF view the neces-
slty free silver" is under of saddline
every conceivable calamity upon the sup
posed scarcity Of gold. why shoul'
we suppose that there is going
10 be any scramble for gold
now? The United States were or
a gold basis from 1904 until to-day, witt
the exception Of war period. England
has been on an exclusively gold basis
since 1916, and all Of Europe has been
on a gold basis for twenty years. W
have seen no scramble for gold" il
any part of that time. There has always
been all the gold nat each country need
ed for it's affairs, going In large quaint
ties 10 one as It's people had things e
sell which the others wanted and leaving
that one for the others as the others ha'
things which the one preferred having
70 keeping the gold. rs this has beer
the course Of affairs always heretofor
we see no reason 60 suppose that an!
different state Of affairs is going 4
step out on the boards now.
The trouble with Mr.. George. and Wit
all the other victims Of free silver's'
eelusions IS that they think every trans
action Of trade and is effecteI
by . transfer Of SO many goods on on
hand and 50 much cash on the other
They will forever blunder In the dar.
white suffering from this delusion. None
plays the most ineonsiderable possibl
part ia the transactions OF the worl
now. Steam and the telegraph in oblit
Grating time and space. have sent none
into limbo. The transactions OF n
world are now effected through tran,
fers Of credit. The percentage OF thei
effected through transfers OF cash al
too small 80 be worth any attentiol
There IL the greatest abundance Of gol