The times. [volume] (Richmond, Va.) 1890-1903, 1894-04-29
THE CURRENCY QUESTION.
Mr. j. w. Porter of Charlottesville Replies
TO the Times.

iispassionate manner. While you do not
I'm your editorial reioinder say that gold
has not appreciated and Is not aDDre-
ciating I infer that such Is your belief.
grant freely that II gold is not ap-
prcciating. that II II exists or can be pro-
duccd In sufficient volume TO maintain
the stability so essential characteristic
Of good. sound. honest money. that the
claims OF bi-metallists can not be main
tanned.
What are the facts upon that one point?
Why was silver displaced as con-
current validating money metal after
years Of use with gold, universally ac-
cepted by all mankind?
why was silver demonetized? or TO
speak more correctly. why was its
coinage first limited. and then stopped?
For no man IN authority has thus far
dared to propose that the vast mass OF
coined silver which circulatcs as legal
tender money In Europe and the United
States shall be discarded
The word demonstration. as II is gen.
orally applied IS misleading The term
cannot apply to the &00,0o,OO0. more or
less. Of American silver coin, nor 10 the
$500 100000 which the people OF France
possess, for IL is in both countries pri-
mary money. with fun legal tender quail
ity The same IS true as TO Europe In
general. as is shown by the challenge
OF opinion at Brussels conference. by
Mr.. Van den Borg. president Of the Bank
of the Netherlands, and delegate Tor
Holland lie asked. us there a single
one who would dare to take upon himself
the responsibility for the results Of his
principle and 80 urge the decentralization
Of the enormous masses Of silver coin
which still circulate as legal tender as
lawful money IN France, Belgium, Italy,
Holland, Germany and elsewhere?' The
coined silver is still money under all the
DanoDIy OF law. so, decentralization only
applies to that silver which is not coined.
We have been approaching the gold
standard. and that approach has pro-
duced such widespread distress. such
disaster that the whole civilized world
is recoiling from 1t and agitation IS
prevailing everywhere for a return 10
the bi-metalic law. This is particularly
true in the very centers OF gold monomet-
allism. London and Berlin. as the current
debates in our Senate show.
But to the subject II gold is from its
insufiiciency in volume. approaching in
value. purchasing power. Il cannot be
just standard Of payment. and therefore
IL cannot be defended. II on the other
hand It IS existing and can be produced
in sufficient volume to meet the wants of
commerce and the arts then indeed are
the arguments Of bi-metallists futile.
. Let us arrive at the truth: why was
silver coinage suspended? The reason
distinctly avowed in Europe, was "tha
apprehension Of the creditor classes that
the combined production Of the two metals
would raise prices and cheaper money
unless one of them was shorn Of the
f.I
States Monetary Com, 1876 page H.
1t seems very strange that here in
America 1t should appear to be neces-
sary to prove that gold alone Of all
the commodities used by man should not
be subject to that law Of supply and
demand which IS said TO regulate prices.
and doubly So when ali Of the heretofore
relied upon authorities in support Of the
single gold STANDARD. are now on record
as TO this fact. that the supply Of gold
Is insufficient and that IL has greatly
appreciated
Those strong supporters Of the single
gold standard I'm former DAYS. Dr. Scot
beer in Germany. and Robert Giffen in
England. are specially referred t., for
they have so frequently been quoted on
the other side with all their great au-
thority as investigators.
DR.. Soctbeer, as quoted Con page 2ss
Report Brussels Conference in the orig
inal German, from his last great work
before his DEATH said: zone could not
demonstrate by figures the incorrectness
OF the hypothesis that i'm recent wears.
the industrial use Of gold together with
the needs Of Oriental countries and for
private boards, had materially arrested
the increase Of the monetary stock and
had very probably absorbed the annual
production of the metal gold; but proofs
are equally lacking to support the con
trary hypothesis"
Mr. Robert Gffen. in a paner read
before the Royal Statistical Society. Lon
don. 1883 proclaimed the proposition that
god mad notably gone up in purchasing
power; that the increase was continuinr.
and was likely to continue and that
this increase in the purchasing power OF
gold gives the true explanation or the
fan In the price of commodities generally.
These declarations by men who are
qualified to speak excathedra upon this
subject ought to be conclusive. but we
present the further fact deduced bv
Archbishop Walsh in his singularly lucid
and able work. "Bi-metallism and Mono
metailism." lie says: Nov how
ever, there are not many intelligent mono
metallists who would care to identify
themselves with the maintenance OF such
statements. mat Is tnal EOld was not
approaching. Indeed he shows that the
rise in the purchasing power Of gold Is
almost universally admitted.
Perhaps, Mr.. Editor reelection upon the
reasons given I'm opposition to the full
rehabilitation Of silver VIII be in them
selves the surest test that gold has risen,
is rising. and that IL is therefore an I'M
just. a dishonest staIdard-one tnat i'm
pairs the equity Of contracts.
They urge that ii will iDhate prices.
If the return to the established stand
ard which in all past ages has been ac-
cepted by mankind will initiate prices
lessen the value of money-does not that
fact prove that the attempt to secure
the single gold standard has lowered
prices?
There are. however, to-day, causes op-
Grating more powerfully then arguments.
20 convert man to the side Of bi-metall-
ism.
1t is being realized that the law of ma
ture has been violated. That law which
provided stores of the precious metals.
hidden, aud hard TO get, so that with
all Of mans power and ingenuity, there
has never been an excessive supply Of
either, nor of both metals. 1T is found
that the very object sought for, Increased
value to the holders of State and other
securities. is gradually undermining all
securities, for it is drying UP the very
fountains Of health by its paralyzlng ef-
fects upon industry.
Not only are States defaulting in the
payment Of interest. and great corpora
lions passing into the hands OF receivers,
but the value Of the great volume OF Sc