The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-16

| a depIet.on OF money until there Is not
money enough. These people see their
neishborhoods denuded Of money and they
| think the reason Is because the supply is
short. But that Is not the cause. There
ia plenty OF moaey for every neighbour
| hood 10 have all that 1t wants II the
country localities could successfully COM
| nete with the great financial centres for
| the national currency. But the trouble
about Il is that the paper currency which
! we have is equally available In every
part Of the country. The consequence Is
that New York and other money centres
bid for all Of this currency and take it
away for their own uses-trade, manu-
facturv. speculation-and so deprive the
less important points OF their monetary
facilities. An issue Of perfectly sound and
redoennable local currency would avoid
this eentralizing tendency Of national
currency. II is not an abundance OF ma
tional currency. then. which VIII give our
people relief. 1t is currency that Will
stay with them that they need. They
are hurt, not by the want Of silver coin
age. but by the law OF the United States
which for0ids them to issue their local
Currency on their local resources that will
stay with them after they issue IT,
We believe that the logic Of the case
will by degrees force itself into the public
mind and that the present demand for
free silver will convert itself then into
demand that each State shall have the
right 10 authorize It's banks to issue their
notes under such restrictions as may be
deemed safe and prudent. But, meantime,
the thing that puzzles the thinking man
I'm the present state of affairs is the cues
ton. Why is the demand for free coinage
q demand for It at the ratio Of is to /?
At the present market value OF silver
when silver and gold are coined upon the
principle of sixteen ounces of silver being
the equivalent of one ounce OF gold, the
silver In a silver dollar is worth about
forty cents less than the gold in a gold
dollar Why do these people insist upon
free coinage upon principle that must
necessarily introduce this element of
disorder into our coinage and currency?
II they would demand free coinage at a
rate that puts silver enough into a dollar
TO make it as valuable as gold dollar
their demand would be conceded. Why.
then, should they stand out so obstinately
for ratio, when coinage is what they
want, and ratio is a matter Of no con-
sequence whatever to them?
or course we do not overlook the fact
that there are foolish men who believe
that the Government by stamping a piece
of silver worth sixty cents as being really
worth one hundred cents thereby makes
II worth one hundred cents. but for the
credit of common sense we cannot believe
that these men constitute the bone and
muscle of the free silver party. But If
they do, why even then should they
sickle for the ratio of 16 to 1? If the
Government can work that magical change
in a coin worth really but sixty cents,
why can It not work the same change in
one worth only twenty cents? Why, then.
do they not contend for a ratio Of 10 to ]
or TO l. or no ratio at all, simply that
the Government shall stamp paper as
being really silver and send 1t out as
such? This is the puzzling question to us,
and with this we confess ourselves ut
terly unable TO grapple.