The times. [volume] (Richmond, Va.) 1890-1903, 1893-03-26

6uI ETdlIl0k lndl
and citizen child, thus reversing the order
OF nature. and that. therefore Govern
ment must protect him against his igno-
lance. why select money? There are
many things more essential to ones well
fare than money. While one-fourth OF
the human race never see money, and
another fourth have little II any practical
acquaintance with II. there are many
other things that are used hourly from
cradle to grave. Take for example the
uncbtrusive article, threat. Without
thrsad in some form none but naked
or fg-leaf life is possible. BY aid OF
dianer-pins and a bolt of cloth the babe
NAV be clothed after a fashion. but what
fond parent would ever have a babe so
swathed c~hristened? The maiden also by
the aid Of a paper OF pins. and provided
she adopted the classic style Of dress,
might. without thread. dress we'll enough
for home, but without thread how could
she go shopping, or attend fashionable
weddings, or. better still. be a fashionable
bride herself? True. she could do like
actresses. and go in stockinet, but that
would be embarrassing off the stage. Blu:
IL requires no argument 10 prove the over
Swallowing importance of thread; there
fore. II the Government should protect
the citizen against ignorance Of the minor,
coins. much more against his ignorance
of the major, thread, and as the Govern
ment must manufacture or coin money,
so should il manufacture thread.
But does the Government manufacture
thread? No. Then the people should suf-
fer immensely because Of their ignorance
of good thread. But do they suffer? No.
Why? Because, left 10 protect them
selves. private enterprise In the firms OF
Coats, Clark, Barbour, Corticelli, &c,
steps forward and supplies public needs
TO the benefit OF the customer and profit
OF the producer, and, IL uninterfered with
by Government, the people Will supply
their monetary needs equally as well.
Government has no equitable right 10
prescribe legal tender or 20 determine
standard" or ratio" between citizens
but only between citizen and self. When,
for example, II announces periodically
that il will receive and disburse for, say,
six months. standard coins at par or at
81 much relative premium or discount, as
bullion varies, Ii has exhausted its equity,
for to invade the citizens right TO value
at will gold and silver coins or tools Is
as great a violation CT equity and sound
principle as to invade his right In other
directions, and the invasion is sure ulti-
mately 70 produce similar evils. Govern
ment. being by far the largest creditor
and debtor, it's action Will keep both
coins in constant circulation, and VIII
thus establish a practical and natural.
not arbitrary, STANDARD Of value. That
this is perfectly feasible the readiness
with which business conforms to the
constant fluctuations of foreign exchange
uroycs. Fluctuations and their cOnSe-
auent i'll effects, especially to the rash and
IncaLtious, are omnipresent and inevita-
bic, and all that should or could be done
is not to a%ggravate these i'll effects by
our own folly, obstinacy or well-meant
Interference.
When government ceases meddllng peo-
pie will make. as they should, their con
tracts, especially Of long date, specin-
catly stipulating so many standard cons
OF either metal, valued as at time OF con-
tract or maturity of contract. But i'm de-
fault Of stipulation the debtcr should
have right tC pay in either cola.
A universal currency is "A great de-
sideratunl, but such currency can never
be until monetary matters are entirely
ASSOCIATED from government, and are
left to the free play OF supply and de-
mand. When thus di5sOciated and left
TO intelligent self-interest, not a genera
ton will probably pass before the great
financial interests OF the world viii nave
agreed upon a universal coinage, varying
only in appearance and nomenclature CO.
extensive with A unlVetsal
CT rrency resting upon voluntary agree
ment and not arbitrary statute IS only
an extension Of the clearinghouse Sys-
TENS OF London, New York and other
great financial centres. and as these have
naturally arisen and do their work per-
fectly without governmental interference
so a universal coinage would as natur-
ally arise and do its work as pertectly
II government would restrain its regula-
tive hand. Similar clearinghouse for
railroads have also naturally without
governmental interference arisen. AS gov
ernmental interference with fnahclal.
railroad and other clearinghouse Noulu
not be tolerated, because felt 10 De harm-
fuI. so it's interference in monetary mat
ters should not be tolerated. or II re,
otIired I'm monetary matters. then In all
| other matters. They should be linked
together or together ASSOCIATED. what
| Cod has placed asunder let not man at
tempt 10 join together.
while Government control ever tends
to disastrous over or under producuoh'
no%n-contrOl ever tends to prevent ooth'
Thus If left to natural influences "neh
bullion is redundant. coins likewise De-
come redundant. Losing part. therefore
of their purchasing power coins VIII De
loss produced. and decreased production
will continue until a natural equilibrium
| hstween bullion and coins. and coins ana
commodities is reached. And vice versa
too few coins, their purchasing power
is enhanced, THIS tiludDttS value "a -
lion. and more bullion is produced III a
natural equilibrium again results. Ihis
rythm goes on perpetually but within mar
ROW automatic limits so that Widespread
damage cannot result.
The question of currency, real or repre-
| sentative, is not intrinsically difficult but
difficult only because custom and au-
thority have so blinded that we not only
| carnot see but are unwilling 10 see. 50
soon, however, as we consent 10 regard
the question on it's merits, scales VIII be-
gin TO fall from eyes supposed 10 DE
acute and far seeing. and 1t viii appear
so plain that he who runs may e ana
/ understand. The solution is not in Brus-
sells conferences, or In legislation, but
simply in laissez faire. Hands OFF, and
the monetary clouds now so portentous
| will soon pass away and leave a serene
sky behind. The task, however. Is diff
feult and the goal distant, but the former
is not impossible. nor the latter mac
cessible. LEWIS II. bLAlR
Richmond. Va, March %. 1893.