The times. [volume] (Richmond, Va.) 1890-1903, 1894-12-29
TIKI TIMES-RICHMOND VA. SATURDAY DECEMBER 20 1894

| production which determines value. bu1
| II Is. always and everywhere. the reia'loh
| OF supply and demand that ueteI mn 's'
value" Aside from these authorities anu
| many more / could give, permit "e "
| ask how * IL possible that a day LABOR
| OF one year ago or one thousand years
ago could have any influence on the Ndlue
| Of any article OF to-day? AS fIoieS9ol
| Jevons says: Labor. once spent mas nv
influence on the future value OF any
| article"
| In proof OF my contention that prices
are regulated by the quantity OF dollars
! in circulation" which you thlnk quito
| erroneous out OF one dozen au,ncri- leg
| examined. every one OF them concuIS
with john Stuart Mills wren ne says
The value OF money, other things being
| equal, varies nversely as us guam
| uty. every increase Of qua 1uty lower
| ing the value. and every dlmi lu'ioh raIs,
! ing II In ratio exactly equivalent Anu
! Ricardo says: THE value OF money III
| airy country is determined by the smouht
| existing. That commodities would rise or
| fall in price i'm proportion 10 the increase
| or dminut0n OF money l assume as
fact that is incOntrovertabie.
so, ii this is my greatest error, l am
IN the company OF some OF the standard
authorities Of the world on the question
at issue, men who wrote scientifically ior
future ages and whose reputation Ior
men OF sound views were at stake on
what they affirmed.
If it is your intention to affirm that
the S700.G0oV0 circulating medium in Eng
land is about the proper number or
| standard dollars or its equivalent IN
pounds sterling per capita for the United
States as compared with England, now
did you arrive al the standard chardc-
ter of tho English pound sterling by
days labor. when the price per day there
and here varies almost AS much as the
gold price OF an ounce OF silver ana ~
equivalent In quantity coined mere
their standard was determined by day S
labor. how are we 20 regulate our sidhd-
ard with theirs so as that one VIII De
equivalent 10 the other. when we diner
from them in the number Of hours tndt
make d days labor the price per day
and the amount Of work performed IL,
on the other hand, this quantity Is Dased
upon the number of inhabitants, Nhdl
allowance would you make FOR the great
difference I'm the area, number OF lnhabi-
tauts, spaIsely settled character OF ms
as compared with that country one
dollar there or IS equivalent in shililnSs
or pounds. would do ten times, more or
less. business than here, because OF the
differences Aforesaid. Give MS basis
upon which YOU would determine the
quantity of money necessary TO do the
exchanging of commodities here.
Because thousands Of people believe
as / do that the number of dollars. or
units Of measure, in circulation, deter
mines the price Of commodities, and mat
the quantity OF gold in the world is totally
inadequate for a basis OF measurements
Of future delivery. especially when YOU
sf...fs tf fFfIrs
tants is much greater than the output
Of gold. il follows as an immediate corol-
larry that the number of units must keep
pace with the number OF inhabitants. ana
If YOU can dcmOlish this fundamental
principle by logic philosophy or by the
standard authorities ol the world, J. for
one, am willing 20 accept the teachings OF
the monomctdilists ON this question;
otherwise this question cannot and will
not be settled until 10 is settled on the
principles aforesaid Hence You can see
why the millions Of men in this country
are determined to correct the wrong COM
mitted by the passage of The law of 1873,
and correct this "crime" by the free coin
age Of silver az a ratio of 10 90 !. or In
some other way equally as sound, increase
the number Of dollars, and keep that
increased I'm proportion TO the number
of inhabitants.
Personally. / have no theory TO defend.
no axe to grind. no party to which ] ain
compelled TO yield obedience, no politician
10 bolster, and but very few politicians
10 respect, because Of their contemplate
demagoguery and general rascality at tine
ballot-boN. 1 want the truth. and where
ever it leads / VIII follow. and / think.
from the spirit manifested by you SO
far i'm this inquiry, that if / am wrong
i'm conviction your methods will command
my respect. whether your logic convinces
my mind or not
Very truly yours
p NH T.ER