The times. [volume] (Richmond, Va.) 1890-1903, 1893-10-22
PROSPEROUS FARMERS.
r.YIoR sAYS CHEAP MONEY!
,oN,rHELP COOP FARMERS.
-. from Trucking and Field crops.
Good sense and Attention to busi-
pessthe Farmers Reliance.
Nnrfolk. "a. oct. II. lsgs.

..-,erts Rave not permitted an earli- 4
INV 20 your letter OF the 18th septem- /
have talked with some OF the farm
osr section and find them cheerful 4
well satisfied with their condition
confirm my statement TO you con-
-r the handsome returns that the /
,..-s generally have realized from I
labor about here, and appear to nave
,,,crcst I'm the cry for cheap money |
nv ,eat they desire is that we shall nave ,
...rd currency Of which every dollar
..1 De worth dollar. They seem 10
Zoe very clear appreciation OF inc
.-.-..sl situation and are not deceived
clio talk OF more money" lndeeu'
,-o certain truths connected with |
general subject submitted by you SO
-. and self-evident as 20 excite sur
tfat thcv are not az once graspeu
syerv mind OF ordinary inteihsehee'
u w. ~ "roorc money" is naturally a
f1pular one; fits mere utterance sus
..s more Of the comforts ana less OF
-, rIres ~ life. and so has a fascination
,-.u. but when we analyZe II ana make
-..r-al applIeatl0n OF 81. what does II
.r ~ what interest IS 81 10 you aud
- 1r.a. is this money 90 be put into cir
$50 HOW are YOU and I 10 get our
..r..t.rc share Of it2 or is any OF II TO
,.-s t1 us2 More money can only be
,-r-tt within the control and ownership
10 he individual by his producing some
.tI-- From. the soil. by the manufacture
NJ s,mathinc % value or by the exercise
rfffs Wits TO take the case OF the farm
10 fe must either produce more from the
sH OBJ De must get more money Tor what
D.. docs produce. Now II we suppose the
...,r.v and demand as regards any pro
fr.t. 90 De the same year after year. win
t. same conditions for marketing ana
r.raslrg Of the crops and a stable cur
-.-.r. the returns from such crops must
continue the same or vary very niue
frt 10 the supply varies. or the demand,
o- the rate OF transportation, or other
.r--res Incidental 10 selling, then there
,rf.f be- a change in the yield TO the farm
e-. ana so. II the currency is unstable IL
coins or paper money are not worth their
f.ra either because OF intrinsic value or
fg power OF conversion or redemption; II,
ir other words. the currency rs depreclat-
ID ln its purchasing power, then more OF
r.rh currency viii be returned TO the
farmer for his produce. But will he IN
tffe latter case be benefted2 or what
avail win Il be 10 him 10 obtain more for
his crops n he has to pay proporuonateiy
more FOR all he has to buy? II viii profit a
man UOINlIA 10 hEA % a hN1AANA 80 80"
wheat n he has 90 pay Sl5 for pair oi
shoes. or three prices for a threshing ma
chine and so on. Cheap money means
fe7r commodities. Those who lived In
Che South during the existence OF the
Southern Corfederacy know fun wen what
a deprecated currency means and how
fallacious the hope OF getting solid com
fort from the possession or more money
.f the character Of Confederate notes
Following the line Of reasoning recently
advanced in the Senate OF the United
.glatcs lt would be proper In speaking of
those DAYS Of cheap money not 10 say
that Confederate notes had deprecated
eighty or ninety per cent but that gol'
had appreciated IN that degree; well, that
IS one way Of stating the case, but 81 il
"a novel way Wheat was once worth S12
per bushcl. 80 is now worth 60 cents; al
well say wheat has not fallen in value
but the bushel by which we measure Il
.as appreciated or increased in size!
There IS one class of persons that would
W temporarily benefited by cheap money
lat is the debtor class. - man ha'
mortgage Of 5000 on his farm, 1t wou'
luparently be a piece OF good fortune 10
aim 10 get 81 n bushel for 30 bushels o
wheat. and thus be enabled 10 pay Off hi
.9rteage I'm one year; if such condition
existed for but one year, undoubtedly thi
would be to his advantage; but every yea
thereafter. being no longer debtor but
producer and creditor. he would sunel
the usual effects Of an unstable and de
preciated currency.
Free silver.
Another matter closely connected wit
the cry for more money IS the free an
unlimited coinage OF silver Now Jet u
analyze this What does Il mean? Doe
10 mean that the government should pu
one dollars worth OF silver into a col
and call &c a dollar. as Il puts one dollar
worth OF gold into a coin and stamp
that n dollar? Is sc that two coins shall
made. one OF gold and one Of silver q
equal and interchangeable value? No, thi
would satisfy but a few Of the advocate
OF the free coinage Of silver. It has bee
"a long time since the rates between silve
and gold was established at about JIG to
since then the disparity between the tw
has greatly increased. No section, countr
tr nations can arbitrarily establish
ratio Of value between these metals. tn
value OF silver has steadily fallen since III
passage Of the Sherman law. and II is no.
or nation having trade relations with 9th
universally recognized and conceded tina
the ratio Of value IS largely over 16 TO
end yet the extreme silver men conten'
that the government minis should b.
opened 20 the free coinage OF silver upo
that ratio. For whose benefit would thi
De-? VIII the farmer who produces NJ
silver derive any advantage from a Law
that authorizes the government TO stamT
seventy cents worth OF silver zone dollar
and makes the same a legal tender? No
90 aiI. only the producers OF silver woul,
De benefited by this. But this is not all
90 would be bad enough n the produces
o. silver brought his bullion 10 the min
end received therefor LEGAL tender dollars
% the intrinsic value OF seventy cents
but this would Involve his taking aloni
with him his bulky coins. Too heavy for
convenience and undesirable in trade, he
would prefer TO leave his silver dollar
WITH ne government. and take In eX-
change It's obligations redeemable I'm gol'
coins that is what ne IS cOntending for
'lst az has been the case in his sale
~ bullion % the government the certih
Gates FOR which have been almost entirel
redeemed in gold Pning up silver bullior
ma paving out gold month after month
as only "a question OF time when we shall
lave aIl silver and no gold In the treas
Wy In this connection 10 Is well 10 direc
e'.antlOn 10 the fact that the so-calleC
tfuds Of silver contributed largel
hwfids imparing IT'S value as none
re'al when they reduced II TO com
modify 20 be bought and stored ava,
hfe 50 much pig-lron or pig-lead. 20 ris
of FAN in value according 20 the marke
quotations OF the principal commercial
centres Of the word I cannot see, then
tai the farmer is 10 derive any adyan
lafe from cho4u money or the free ant