The times. [volume] (Richmond, Va.) 1890-1903, 1894-01-20
SENATOR DANIEL on TUE BOND
lhSUE

The most noticeable thing connected with
the proposed issue Of bonds by Mr.. Car
Isle is the fact that all sane men en-
dorse and approve of it and all the
free-silver men condemn 1t. The gold
reserve has been reduced to a point
that made 1t absolutely necessary from
all the prudential standponts that ex-
perience furnishes, TO replenish 1t, or to
put this country in great jeopardy of
just such another financial panic and
crash as It is now emerging from. 1T
would have been little short of madness
for this state OF affairs to be allowed
TO stand. Remedial measures and prompt
remedial measures. were absolutely neces-
sary.
We are very sorry to find that the coun-
try's recent experience is lost upon our
distinguished senator. Major Daniel. He
is as clamorous as ever for all the evils
that free silver is ready 10 subject the
country to- Along with other members OF
Congress from Virginia he insists that
the tension resting upon the Treasury
shall be relieved by coming the seignior-
age" that is by adding over s5o,ooo.o0)
OF silver dollars. worth but little more
than fifty cents each. to our currency.
We already have some SieoO0o.oo0 of these
which no one will have if he can get
anything else. and which are kept per-
forming the functions OF dollars only by
reason OF the fact that the government
will receive them as gold dollars in pay
ment OF its revenues: and this great
quantity alarmed the world into an APP
prehension that the government. strong
as 1t is. would no longer he able to
keep them, increasing as they were, at
a par with gold dollars Hence the
world threatened to boycott us financially
and commercially. This produced uni
versal want Of confidence. and that broke
down all our commercial and Industrial
enterprises ana covered the land with
bankrupts and choked up our streets
and highways with unemployed work
men. Yet Major Daniel is unable TO see
that this overwhelming calamity has
proceeded from its true cause and he
still insists that il is the result of
money famine" which must be ended by
the creation of another enormous issue
OF dollars that are only half dollars.
When Major Daniel was telling the
world that this country is now suffering
from a money famine" did 1t not
occur 70 him that the national banks
all over the country are heaped up and
overstocked with idle money? Did It
occur TO him that there is nearly $780,
100000 Of idle money lying in the vaults
or the national banks OF New York
cisy. and that the national banks OF
New York. Boston. Philadelphia. and
Chicago have more gold in their vaults
than they were ever known TO have?
Instead Of a money famine" this coun-
try has now more idle money than 1t
has ever had In its previous history. 1t
is not money that is wanted. it is con-
fdence. Neither Major Daniel nor any
other free-silverite will ever come TO I'M
derstand the laws OF this case until
they wholly eradicate from their minds
the error new possessing them. that bust
ness IL done chiefly with money. Busi-
ness Is not done with money only TO a
limited extent. business In highly civil
ized States Is done mainly by exchanging
credits. and money IS only used as
counters and symbols TO effect exchanges
Perhaps as many as ninety-five per cent.
OF the transactions OF the world, al
though they take the form OF sales. ARE
at bottorn exchanges Of commodities. A
wheat merchant In Dakota sells his
wheat In Ney York for money, IN name.
II 10 true. But the citizens OF Dakota
must have the garments that are made
out q cotton. 40 the merchant at once
buys cotton or cotton goods and takes
them back to Dakota Now, although
there was nominal sale In each transac-