Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-03-11
A Plea for Silver.

To the Editor Of the Dispatch:
not,ce an article copied from the
r,,r,nci.I News of London, In which IL
says: .u,.o,
1"Guatemala to-day and other silVei
ctatea- to-morrow. Default with most or
them Is q question Of time. me woriu
cornrnarce is re.aling 10 crisis, yet the
mischief from the appreciation OF gold mas
only begun Bimetallism In England u
gaining converts. 1t is UNDERSTOOD that
MIR. Litterdale, ex-governor OF the DAM
Of England Is a strong advocate ior an
international agreement for JOINT stahu-
ard. The international conference mus
be reopened. France, Germany, anu inc
United States are anxious that TINS shouiu
be done Surely our interests are as greaI
as theirs. If in our pride as the Soiu
market OF the world, we stand aside, the
nurishment will fall on our own heads" ."
The above, / take II, IL candid con-
fesslon that the worlds supply OF gold
% not sufficient for the safe basis or
sufficient amount OF currency for It's COM
merce. The opponents Of silver say that
ia intrinsic value is only about 80 cents
ON the dollar as compared with gold.
How is il with god? The currency or
the United States based on the gold III
tho Treasury IS over Si00000.OOO, the IN
trinsic value OF the currency Is only tne
coin In hand TO redeem 1t. Hence III the
eold-reserve Is only one hundred miiiiohs'
independent Of the credit Of the govern
rnent the gold certificate Is intrinsically
worth only Is cents on the dollar Accord
ing 10 the statistics OF 1890 only two coun-
tries in the world australia and Norway
had a suhiciency of coin to redeem their
circulation.
stat In npfta
to have a safe basis for currency some
other metal Of value must be brought
into service.
The product Of gold in the United States
has decreased from s55.000.0O0 in 1858 TO
sSs, 900 I'm 1892; while the product OF
silver has increased from $5O,cOO,OOO in 1913
TO nearly s75, ,O00V00 in 1892. .
Now, If we are to have a currency based
on gold. Il is evident that II we have n
safe currency 1t must contract or "X-
pand with the production OF gold. Since
1873 the average annual product in round
numbers has been $33,0O0.0Oo. Judging the
future by the past We cannot expect n
larger output, hence an expansion OF the
curreny on a gold basis Is impossible, IN
deed From the recent experience OF the
Secretary OF the Treasury there were
grave fears as to It's redemption and con-
senuent need Of contraction.
Recent legislation. / confess, has given
"a black eye" to silver. but with proper
LEGISLATION even now, without the aid OF
international assistance, It may be put In
position to take its legitimate place as
currency.
When our State banks were In vogue
they were prohibited from issuing notes
Of n less denomination than s., hence quite
a large amount Of silver was required as
subsidiary coin for making change. The
Bank of England does not issue notes un-
der e., hence a large amount of subsidiary
coin is necessary to carry on the business
Of that country.
If Congress would pass n law prohibit
ing the national banks from issuing or
paying out any currency below the de-
nomination OF $40, and allowing them to
exchange their notes below that denomina-
ton as they were redeemed at their coun-
ters. and prohibiting the Secretary of the
Treasury from paying out any currency
or gold coin below the denomination of $10
and requiring him TO redeem all silver cer-
tihcates in silver. the Treasury would soon
be relieved of its burden OF silver coin
and the trade of the country would be
revived.
Then hurry up the International Confer
ence and settle the standard of value on
silver so that there may be some solid
basis for our currency.
Silver has been used as money since the
days Of the patriarchs; why discard it
now? a FRIEND OF SILVER.