The times. [volume] (Richmond, Va.) 1890-1903, 1894-04-15

tinent
After showing the rapid development OF
public opinion In England In favor Of BIZ
metallsm, a change being produced by
the stern logic OF events daily transpir-
ing, and since that paper was published
greatly accelerated by the utter disloca-
tion OF exchanges between the silver STAN
dard countries and Europe. he proceeds
10 say:
To-day the bankers of Lombard street
would be we'll advised to agree. and to
agree quickly, TO a demand for reform.
before they have TO give place to clamor
for restitution"
Investors are learning that the bank
ruptcy OF debtors is not desirable, and
that II this approach TO the gold standard
-outlawing only the uncoined present
product OF the mines-is cause for the
present abnormal rise In purchasing power
OF goid that its full fruition means world
wide bankruptcy.
Already the decline in the value OF Sc
curIues alone has probably equalled the
gain unlawfully and inequitably wrung
from debtors.
MIR. Editor you quote the ten per cent.
profit of n rich mine.
Does that measure the cost of silver?
Did even the rich product Of the Com
stock lode In its palmy days? Assuredly
not more that did the cost OF the $4,000
nugget Of gold represent the cost OF that
metal.
Scientists agree that the silver OF the
world costs greatly more than its coined
value, leaving out regard to the cost Of
prospecting and Of more paying ventures
Mr.. Edward Atkinson quotes approx
ingly such authorities in their statement
that II probably costs s. for every coin
ed dollar.
But Mr.. Editor, money is worth what
It costs Of labor TO get it after it Is made,
rather than the cost Of its material. That
nugget, coined, is worth just as much
as the same quantity coined from mine
which has bankrupted every owner.
There is no cheap silver I'm mass. A pro-
duction OF 800, 100000 is only an addition
OF five per cent. to the estimated coined
silver money Of the world, lessened by the
losses by fire. food, and accident, and
the present large use OF silver in the arts.
IL by no means equals the accretions
OF wealth annually made. Now, the cniei
function OF money being to consummate
and facilitate the distribution and ex'
change Of all wealth in it's varied forms,
IL IS but reasonable 70 suppose that the
centres require that its volume should
Increase as the general volume OF wealth
increases.
When we consider the Importance OF
time contracts in the development OF the
great enterprises of the present day, the
absolute necessity Of preserving the sta
bility Of the money in towns OF when
they are to be executed IS apparent. III
is only through such time contracts that
capital is aggregated 10 conduct the srea'
manufacturing. commercial. transporta-
ton. and mining operations of the pres
ent age
The issue OF longtime bonds and their
acceptance Is based upon the equity OF a
stable standard Of money.
So far as human law and natural law
can assure that stability 1t is best done
by maintaining the quantity-the volume
of money I'm its relation 10 the total
volume OF wealth.
This In all past ages has been secured
By making available all Of the supplies
OF both gold and silver.
There has never been an excess OF
either metal To-day there is actually a
dearth Of 1t all over the world. so that
money has appreciated, and all other
forms of wealth indicate that apprecia-
ton by their depreciation.
The holders Of property suffer while
the holders Of State and other securities
(such as are not impaired by the changes
i'm yalue) and all pensioners and those
with fixed incomes are the beneficiaries
This dearth of money, even in cities, Is
shown by the thirty columns OF delin-
quent taxpayers listed in the pubic
journals Of our capital city of Washing
ton at this time for sale for unpaid
taxes
IL Is no reply to say that we want TO
pay in cheap money. Money cannot DE
made very cheap based upon gold ana
silver. The chief, the greatest benefit
that would inure from the restoration
of silver appears TO be utterly ignored
I'm the arguments which are advanced by
the opponents Of bimetallism.
Under bimetallic law there would be
no cheaper" no "dearer' money metal.
for by law either would be convertible
at the will Of the holder into dollars at
the legal ratio.
Not one ounce Of silver could be had
for less than coin par.
Professor Foxwel Of London. In the
Contemporary Review, forcibly presents
this point: 1.-THE idea that the system
would affect the payment OF ordinary
debts Is a miscOncepton. That such debts
could not be paid In a cheaper metal
as is so often asserted. must be obvious,
for so long as bimetallism was maintain
ed neither metal could be Cheaper than
its mint value any more than twenty
shillings can be cheaper than pound.
Under the bimetallic law, which is sim
Div the unlimited use OF both metals
confidence in the value Of other property
would be restored. Money would seek and
find investment-that use which Is It's
true function; boards, now idle and use.
less. would be moved into active use 10
bless all mankind. This high end, the
restoration OF confidence In the value Of
other forms of wealth than money, Is
then the greatest that may be expected
10 follow the defeat Of all further eI
forts 10 perpetuate the single gold stand
ard. an innovation upon the system which
has had the sanction Of ages. and one
which has already wrought untold In
iurv. J. W. PORTER.
Charlottesville Va. April II, 1894.
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