The times. [volume] (Richmond, Va.) 1890-1903, 1894-10-11
A FAIR SAMPLE OF PREVAILING
ERROR

We hope the following letter will be
read by every one whose eye falls on IL.
we know its writer TO be a perfectly
honest and sincere man, who believes
every word he writes. But he is absolute
~, fatally. in error, and his case will serve
as an Illustration OF the way in which
the PEOPLE have been misled regarding
financial questions OF the last import
ance to their prosperity.
Editor Richmond Times WIN you allow
me just few words In regard to the dis
eussi0n OF the money question in the
weekly Times, and especially with refer
ence TO your replies TO MIR. Eustis and
Major Gaines In your issue of the 10Th
OF August. ! am not Populist, but a
Democrat OF the strictest sort; but, be-
yond all things else. | am a farmer, in
deepest sympathy with that great class
OF agriculturalists, which, during the
past twenty years has witnessed and
been the principal sufferer from an eco
fecting only this class, while all other
Industrial pursuits have been more than
prosperous. has brought IL to its present
lamentable state. For such an anomalous
condition there must be some reason,
some cause. not simply local, but com
mensurate In magnitude with and as
universal as the condition which ii pro-
duces. What Is that cause? In this con-
Hcttoht spui W htSSiSs anu
Gaines does not seem 10 me TO be con
elusive, or even satisfactory. Let me say
right here. II ! may be permitted to do
so without discourtesy. that your re-
mark I'm reply to the former, that 1.-The
condition OF things in the Confederate
States during the war would suit him
exactly" Is the veriest clap-trap, and
just on a par with the logic which de-
nounces as a CHEAP dollar the silver
coin OF that name. because, forsooth the
bullion II contains has had It's value as
bullion reduced by antagonistic iegtsa-
tion, when nothing can be more certain
than that similar legislation with regard
20 gold would produce identical results as
TO the bullion value of that metal. do
not understand MIR. Eustis. or any other
sane man. as advocating the issue -
crate States. with nothing in the heavens
above or the earth beneath, or in the
waters under the earth to give IL any
value or establish for II any credit. Your
statement that money has nothing 10 do
with the values of commodities" is so
radical and so entirely contrary 10 rea-
son, experience. and common sense that
] can hardly think you meant Ii serious
ly. Certainly. II history teaches any les
son at ALL IL is that all periods that
have witnessed any decrease In the guam
titles OF money gold and silver in use
have been characterized by stagnation.
depression and distress, while increase In
those quantities has INVARIABLY re-
suited In great and general prosperity.
In speaking Of values In this connection.
] use the word as TO certain extent
synonymous with price. A farmers wheat
or corn or pork is worth 10 him. not what
q chemical analysis may establish as
their VALUE for food. or what amount
Of labor may have entered into their pro-
duction, but simply the price he may be
able to sell them for.
Again. the idea that the value of Is $40
grains OF gold is In some way connected
with or dependent upon the amount OF
labor II takes 10 produce II, is. l am
sure, equally as erroneous. or, IL possible.
more So On the contrary. the cost OF
the labor In the production OF gold has
absolutely not the slightest influence upon
Its value. The value OF the gold contained
In an English shilling or pound sterling
MAS fixed by an act OF Parliament, pass
ed. Il think, in 1876. by which the Bank
OF England was required. under penalty
OF the forfeiture OF its charter. TO pay a
certain nxed price for r all ahe gold in the
This and parallel legislation in this and
other countries, establishes the value Of
gold, and does. and always Will, so long
as y temsins upon me statute books.
AZ e.. neither more nor less So that Major
Gaines is right In saying that 1.-THE market
value OF the coin that enters into a dol
lar" ard he might have added the cost
Of its production, has absolutely nothing
10 40 With the money functions OF that
Let me call your attention now. as
pertinent to the Questions at issue, 10 a
report made few Years ago by tribu-
nal Of as high authority upon such ques-
tons as perhaps, can be named-The
Royal Commission OF Great Britain on
rold and s!lver-who, In an exhaustive
report upon the causes OF the industrial
depression. arrives at the following con
frat. That gold has greatly sppre-
ciated In value.
second. That II has become scarce.
Third That this II leading cause of
the general depression In trade and In
Fourth. That the riss in the vsaus OF
1et1 and ~ scarcity has been caused by