The times. [volume] (Richmond, Va.) 1890-1903, 1893-10-14

| advocated 10 give us the necessary III
| crease In currency, which NOTES az
be redeemable in gold and silver, anu 49,
| there Is not enough gold 10 reuce ,r,.s,a.
present reper currency, ana lne saiiars
makes no provision for silver ooi4a.'
yrberevitb 10 redeem its shin-piastefs'
Then when business Is colapsips III
every direction and prices are lower lhan
| r,or,n for generations, the Times con-
| aotea ne with the ralpable failacy tna'
| Tn nricas are a sign Of prosperity. Inc
sun wigtee 10 disc uss fairly. Dut an pro-
| atah3e discussion requires some star uns
| ,,oint OF mutual agreement, anu TINS tnc
sun has been unable to discover IN me
/ promiscuous ana hapaa%@"i"
| Of the Times.
The Sun will now endeavor TO state
nronosition which the Times win accept,
and having thus agreed upon foundation
we may then proceed 10 build upon H.
! THE Sun advances this proposluoh'
! Money. as measure of value. should
be stable-that is dollar should not
/ buy more or less Of a commodity at one
! time than at another provided the COM
| modify is In the same supply and de-
| rnand. viii the Times agree TO that pro-
position? If not, will the Times lay down
| a fundamental proposition 1t VIII agree
| 10 stand upon? All the Sun asks is
starting point. and II does not much care
| what 1t is so the Times will stand on H.
Meanwhile. we reply to the Times
| criticism on the money plank OF the
/ Populist platform. The Times charges
! that the Populists desire TO Hood the
! country with irredeemable paper money
The Populists desire nothing Of the sort.
| They demand a national currency, sale'
sound and flexible. and that the people
shall be able to get hold OF II on ample
security without the Intervention or the
present national banks, who make enor-
nous profits out Of function OF govern
ment which has been unconstitutionauy
delegated to them.
The precise method Of getting this ma
tional currency direct to the people is LEFT
to the wisdom Of Congress. and there Is
no doubt a plan could be devised which
would be free from all the objections the
Times is so fertile In conjurlng up.
The Times is greatly exercised over the
thought that no provision is made for re-
deeming the national currency demanded
bv the Populists. Let us look into TINS
matter Of redeeming money little II
| is assumed that paper money TO De eoou
must be redeemable in coin, and then TWO
or three times as much paper Is placeu
in circulation as there is coin 70 redeem
II follows that whenever there Is gen
coin, specie payments are suspended, ana
as a matter Of fact redemption OF paper
money in coin IS a Pigment OF the imagina-
ton and Of no practical utility. The true
theory Of the redemption Of money is that
money redeems itself whenever II changes
hands I'm the settlement Of indebiness. III
a gold dollar redeems a paper dollar, wnat
redeems the gold dollar, for its redemp-
tiCn is Just as necessary TO the happiness
Of &c 70 IL nj Of a
dollar II is only Of value to him when
he passes II on for value received. aud
full legal tender paper dollar will com
mand just as much OF everything for sale
as n gold dollar Take away the
money use OF gold and what would
it be worth? Nobody would want It,
and it is not wanted now except in
50 far as it can be exchanged for
something that is wanted. How rich
or how poor would a man be who had
tens q gold II nobody would exchange
win him the necessaries Of life? His gold
only becomes valuable as he parts with
It. and st follows that gold has Ia be re-
deemed Just as much as the raggedest OF
rag money.
There is one phenomenon IN the fnan-
cial history Of this Country tc which the
Sun has heretofore called the attention OF
the Times, but which the Times does not
degn to notice The first issue OF green
backs was I'm 1862. when $50, 600 were
put out, a full legal tender, without the
exception clause, and these notes main
tanned their par with gold throughout the
war Why was il? is 1t not conclusive
evidence that full legal tenders will al
ways be at par with gold; that paper
or silver only depreCiate when their le-
gal tender quality is impaired by dis
eliminating legislation? Let gold, silver
and paper, all be placed on equal foot
ing, and there would be no trouble about
parity-one would be as good as another.
and all would be useful only in so far
as they were redeemed by commodities
There is another redemption of paper
money worthy the consideration OF the
Times. 1t is the reception of treasury notes
in the payment Of Federal taxation. II
now takes $500, 600 900 a year TO run the
general government. All this vast amount
IS collected through taxation. WIZ the
Times deny that $500, 900 Of grecnbacks
could be foated and kept at par with gold
on the simple promise Of the government
TO receive them in payment of taxes, and
without any redemption in coin about
them2
The whole theory OF gold redemption
Of paper money is a silly superstition got
ten up by the gold trust to make their
gold more valuable, and will be rejected
by all sensible men as a bugaboo to
scare the ignorant.
The Times calls the Populists "cranks"
and other unwhOlesOme names but which
is the crakiest?-the Populist, whose
theory of finance is founded on the writ
ings OF all the great economists, or
The Times, which is endeayoring
TO hand over the destines of
the greatest nation on earth 10
the tender mercies Of a handful of
Jew money-brokers. II the Populists are
cranks. they are in good company. as
witness the following:
List of Money Cranks.
A cause Of over-depression Is money
famine and nothing else-John A. Logan.
Whoever controls the volume OF money
in any country is absolute master Of all
Industry and commerce.-James a. Gar
field.
Liberty cannot long endure in any coun-
try where the tendency Of legislation IS
10 concentrate wealth in the hands OF a
few.-Danel Webster.
That prices will fall or rise as the vol
ume OF money be increased or diminished
is law that is as unalterable as any law
Of nature.-Professor Walker.
If the whole volume Of money in cir
culation was doubled prices would double.
If IL was increased one-fourth prices
would rise one-fourth.-John Stuart Mill.
If Congress has the right under the
constitution 10 issue paper money. il was
given them 20 be used by themselves. not
10 be delegated 10 individuals or corpora
uons.-Andrew Jackson.