The times. [volume] (Richmond, Va.) 1890-1903, 1894-12-12
SOME ERROR, BANNED.

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SOME ERRORS Examined.
We believe that free silver has run
it's course and is on the decline. IL u.s.
nevertheless. the duty OF those who appre-
c,ate the fearful destructiveness that
must inevitably attend the basing OF our
laws upon the idea involved in the PROPOSE
ton 10 answer the arguments for 1t
wherever made, and to explain the true
theory Of the case.
Many free silver advocates are unaware
Of what the true import of their move
ment is, but, under the plea Of increas-
Ing the volume OF money, II is really an
attack upon the standard by which all
values are measured. But all society is
ordered and established with reference
TO that standard of value. The state OF
all commerce and business is adjusted
with a reference to IT, and If 1T is lowered
Il throws out of gear the entire and in
extrcably involved machinery OF life, and
produces utter disorder and confusion in
all quarters, when that machinery runs
with perfect smoothness so long as all
men know exactly what the standard for
gauging values is The standard Of value
occupies the same relation TO the vast
and complicated interconnection OF hui
man affairs that the inch in measure
ment does TO the pyramid Of Cheops or
the dome Of ST. Paul's. 1t is insignificant
In itself. but IL II is departed from TO
even the most inhnitessimal extent the
exact mathematical proportions OF these
superb edifices are lost, and we have
structures that become distorted and
misshapen and that may tumble over Of
their own weight.
We were discussing these principles
with very distinguished advocate of
free coinage day or so back. and we
pressed on him the point that his plea for
increasing the volume Of money was out
OF place under the conditions that mod
ern improvements in methods of transpor-
tation and transmitting intelligence have
brought about. We pressed on him the
point that IL was an entirely erroneous
idea that men have that business is done
by buying and selling. That business is
at bottom exchanges of commodities, and
that these exchanges. while, for con-
veDience Of exchange, going through pro-
&C: SEES OF formal sales. are. nevertheless,
at bottom, exchanges OF commodities only,
and that even the formal sales are in
effect no more than exchanges of the
CREDITS that are given upon the com
moiities as collateral securities for the
credits; that under modern conditions,
therefore. the quantity Of money that is
needed 10 transact the business OF the
world Is really comparatively very small,
and that there was no difficulty whatever
about gold alone furnishing all the money
that was needed. We pressed on him the
idea that the best possible proof OF this
was the decline in the value OF silver;
that as gold furnished the world all the
NOR ey II needed, IL neglected silver, and.
therefore. silver was without a customer
He admitted the truth Of most of what
We said. but his answer TO II was this:
DEBTS said he, have gone on piling them
selves up within the past thirty years,
until they constitute a huge pyramid
that overtops everything else, and re-
duccs the great body OF mankind TO a con-
dition OF slavery TO the creditor. In re-
dueing the volume Of money TO the guam
tity that gold furnishes, We enormously
contract the quantity of that in which
debt is solvable, and. therefore enor-
mously increase the value of what the
creditor Is TO receive at the unfair and
unjust cost Of the debtor.
We confess this opened 10 lis I'm a
measure, a new view OF the free coinage
advocates philosophy. but II is one that
we have no sort OF difficulty i'm answer
irg satisfactorily. at least. TO ourselves.
Debts. though due in money are not
really paid in money. There is not gold
and silver enough in the world to pay a
thousand,h part OF the debts due In
the world. Debts are paid by assignments
OF credits. This country owes In England,
We VII suppose. 100 millions Of dollars
OF interest each year. The railroad cor
porations who owe that interest pay II
and send that exchange to their English
creditors. What is back OF that ex-
change? American exporters OF wheat
and cotton have credits in Lonoon against
their exports. and the railroads buy their
bills drawn against these credits, which
the, send 10 their English creditors. How
10 they pay for them7 From money paid
thsm for fares and freights. Nominally
this, but not really co. They have col
eetsd drtblsts Of money day by day for