Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-07-30
The Times and the Dispatch.


e. tell its readers what the DIsPATCB be-
heyes as to some Of the currency que-
irons now disturbing the public mind. We
know Of course that the Times does not in-
tend 70 misrepresont US, and so we con-
tent ourselves with trying TO set that pa
per right. We quote the Times
"Thc DESPATCH believes that both gold and
silver should be coined by the government for
,nouey. And whou II Is pointed out that on
account o. variation in the supply Of tho TWO
metals the gold dollar and The silver dollar part
company IN tho market value. ~ belioros the
tilyor dollar can be kept up 10 the value OF the
sold dollar by the governments fpss di1t that VI
email be 80. Further, Il believes that what we
CALI paper currency" instead Of being simply
ana ouly promises to deliver money, has in Itself
the qualities OF money, and is. therefore,
money
England. France, Germany, and ether
commercial countries use both gold and
SILVER. So does this country. Silver Is too
bulky and too heavy 10 serve as cur
rency. Gold is too valuable to be used as
currency so far rs sums under one
dollar are concerned. II lacks bulk
and wcight-of which silver has too
much. But wo never preached the
doctrine that any one country could
by its fat keep gold and silver at parity.
We have no doubt in the world, however.
that # al the commercial nations of Eu-
rope would Join with the United States IN
Che effort 70 make gold and silver of equal
Valuo ,l6 10 II that result would follow.
'lven the nat Of one country imparts an
artificial value to silver. India closed
her minis 10 the free coinage of
,tilver on private account CLOSED not
lopeneU and forthwith the price OF
ktilyer fell so low az TO produce
q panic oil over the world. Thus
do the laws Of finance indicate themselves.
fThus are mere theorists contoundod.
What We mean by the Fat of the govern
sanent in this connection is the law pro-
'Viding that SILVER dollars and green6ack ks
l,ehall DO a legal tender for debts and tor
kdues 70 the government. though green
kbacks have no intrinsic value whatever
.and silver il worth not much more than
half its face value as compared with gold.
Dor, TO use other words, IL Is because the
Lcovernment rcdeems its paper issues IN
leold that these issues retain thor artificial
value. The pToviso of the government TO
redeem its notes ia potent. Why say. then,
.,that the government cannot impart an
artificial value to silver? But as to how
l-snuch or what percentage OF the value
+ can be artificial we say nothing. We only
kcontend that ii the word valuable" has
tany meaning, notes made receivable for
Iull debts are more valuable than notes
which are not 50 receivable.
We have over and over again stated that
kieal money stands the test of transporta-
Tion, the test of water, the test OF IRE, and
Sthe test Of weight. OF course, then, we do
not hold the absurd doctrine attributed
20 us by the Times that paper currency in
stead of being only promise to pay
money is itself money. We stated III o
pleasant controversy which we recently
had with highly intelligent Richmond
qnan that there was measure OF values
an this country. and that gold was that
.1neasure or standard os values, and was
,shus employed because 1t was the best
standard or measure or values posi-
Bile at this time. But because We hold
these opinions. il does not follow that We
must swallow all tho nonsense sent out TO
Che country by the Wall-street bogus
fnanciers. Or suppose that gold has be-
come so scarce that it cannot measure
values, what then2 Suppose that though
the national debt has been reduced SINCE
1865 by much more than thousand mil
lionsof dollars. yet 1T would require more
pounds Of cotton or tobacco, and more
bushels of wheat, and more barrels of
-four TO pay the rest OF the national debt
than would have suficed to. paw the
whole debt in 1858, are We to
shut our eyes to such facts, and
cry out, Great is DIANA of the
Epheaans We cannot repeat the whole
OF our financial or political credo every
time we touch upon or allude to 6nan-
cial question. The financial condition OF
the country is not to be relieved by the
repetition OF wise saws and modern ill.,
stances" nor by advancing propositions
and doctrines which have been accepted
time out of mind as self-evident, and try.
ing TO make the public believe that these
propositions are new or novel. But We
will ask the Times 10 be careful how it puts
its own words into our mouth.
The Times further says
cit fthe DIsPATcHl further believes that a:
the function Of coming metal into money be.
longs only TO the government which charges
the goycrnmen, with tho duty OF looking after
its coined money and preventing Its beini
either clipped or counterfelte1, 80 tho govern
meni should also loos after paper money that
impossible thing aud see that it does not d.
minish in value In the hands OF those who hold
H."
The government having the power &
make paper money legal tender ought u
control tho currency in the interest or the
people. Congress passes laws to tax oui
lands. houses. tobacco, incomes, oleomar.
earine, apples, peaches. Cor their pro.
duets. aud in all sorts of ways practices
unchsllenged the worst and most objec.
tionable kinds OF paternalism, but when
1t comes to practising paternalism that
would benefit the country we are gravely
told that that body has no right and nc
power 10 do this. We mus; have forty
four kinds of State-bank notes because the
government ought not to be apaternal one.
And IL is seriously charged that the advo.
cscy OF the policy Of government contro
over the currency il socialism or commu
nism. Yes. that is the objection which 10
enemies make TO the public-school sys
tem-"is 10 communism" 30 are water.
works, 30 ere gas works. so are street pave
msnts, so are electric railroads owned by
ctr. We should say rather that thu
Communists. Socialists. and Jack Cade,
ere to be found amongst the men who
would stand by In idle indifference o,
cheer on the mob that clsmors for red-dog
wildcat currency. good only at homo. and
which fees from the commercial centres
a. darkness fees before the rising sun
We viii not charge the Times with advo'
eating doctrinas which that paper denies
that II holdA