Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-03-16
FRIDAY MARCH 16. 1884,
NJ. pao;c1,e Letter-Silver.

Mr.. Daniels Letter-SliNer
Tho letter of Senator Daniel when we
published yesterday contains In Hse'i
convincing evidence that he Is sincere In
bis hol,ef that silver ought to be coined
FREQ Of charge. He modestly says that
no one can afford to be dogmauc ABOUT
finance And everybody will concede
what ne claims-nameiy. that nothihs
moves him to differ with the President
except a conviction OF public duty. we
do not forget that Senator Daniel went
TOO far. az II seemed to US. in his adj
voracy II the Grecnback movement OIL
fifteen years ago. But even then ne h'u
on TO his place In the Democratic TANKS
and kept step to the music Of the Demo-
cratic State Convention.
Senator Daniel claims that he has act
cd "straightforwardly on the lines 81 the
Democratic platform We suppose he
refers 10 the Chicago platform or ISs-
His remark recalls not only the SILVER
plank OF the platform but the positive re-
fusal Of that convention TO declare for
the free coinage Of silver. Let us turn to
the history of the matter.
Here is the silver plank Of the Demo-
cratic national platform Of lN2, commonly
called the Chicago platform:
section T. We denounoe the Repub-
lcan les Station known as the sherman
act OF 1891 as cowardy make-shiit'
fraught with possibilities Of danger in
the future which should make all of its
supporters. as well as 1T author anxious
for its speedy repeal.
I'VE hold to the use Of both gold ana
silver Us the standard money OF 'ls
country. and to the coinage OF t"lh tO'u
and silver without discrimnltioa against
either metal, OF charge foc nntage' but
the dollar unit Of coinage OF both me'ts
must be- Of equal intrinsic ana eNoharse-
able value. or be adjusted through inter-
national agreement or by such safeguards
of legislation as shall insure tie ram
tenance OF the parity Of the two metals,
and the equal power Of every collar at
all times in the markets and IN r6yment
OF debts, and We dem md that ell paper
currency shall be kept al par with anc
redeemable I'm such coin.
1--WE insist upon this policy IS esreci-
ally necessary for the protection OF the
farmers and laboring classes. the ilrst
and most dcfcnceless victims W rnstapie
money ana nuctuating currency.
That plank cannot be regarded as
declaration in favor Of the free coinage
of silver Without reference TO the reia-
tive value Of gold and silver bullion; for
II expressly says that 1.-The dollar unit
of coinage of both metals must be or
eoual intrinsic and exchangeable value
That is to say. silver dollar must nave
a dollars worth of silver bullion In It,
IN
and gold dollar dollars worth or goid
bullion in It. This is the only way IN
which gold dollars and silver collars could
be made to have "eq1al power'-the only
way 10 maintain the parity of the two
metals.
But we need not resort to guesses nor
To argumoIt TO ascertain the meaning
OF the silver plank above quoted. History
bears convincing and conclusive testimony
on that point. When that plank was
under consideration In the Chicago con-
vention Mr.. Patterson. OF Colorado. pre-
scented n minority report which was iden-
teal with tho majority report except
that IT declared for .'the free" coinage of
both gold and silver instead or the
coinage of both gold and silver. This
minority report was Voteu GOWN anu mo
majority report adopted.
Nobody can afford to be dogmatic on
finance" says Senator Daniel. This Is
rebuke of those men in and out of Con-
eress-in Wall street and State street.
who affect TO regard such men as Sena-
tor Daniel as mere theorists whose opin-
ions are not worthy of a moments con-
sideration. We are by no means IN
cllned to concede that the men who
every day render Wall street hideous
understand financial matters better than
other men. They have no time TO study
financial or other questions.
We have had and now have but one
solution of the silver problem TO propose.
and this Is to refer II to another inter-
national bimetallic conference. We do
not believe that any man living knows
how much currency great nation such
as the United States can handle success
fully, nor how little currency can be made
TO perform in such a country all the
Offices OF currency. Not per cent. Of
the commercial transactions of New
York, or Boston. or any other city. are
In money, or even in what is called
currency, but are In checks. drafts. &C,
&C. II we have fifteen hundred millions
OF dollars OF currency, and turn 1t over
or use II but once a day, that sum may
DO styled the volume Of currency. But
n we turn 1t over or use II twice a day.
the volume of currency Is increased to
three thousand millions OF dollars
Again: Silver money Is Indispensable.
Gold coins Of a dollar or less are too
small for general use as currency. On
the other hand. gold money Is indispensa-
BILE because the bulk Of silver In too
great to allow Of its use in the payment
OF large sums
We trust that the Senates action on the
seigniorage bill win be followed up by a
bill providing for another International
bimetailio conference, which shall make
the peace once for all between silver and
1old