The times. [volume] (Richmond, Va.) 1890-1903, 1895-03-14
NOT POSSIBLE TO CORNER The GOLD
MARKET.

The Times is in receipt of the follow
ing letter:
Editor of The Times: You have made
a quotation from the speech of Mr.. Cock
ran delivered in the Hou 40 Of RepreSen-
tatives en- the money question, which YOU
say contains as much Of the science of
rlOn6t as .yfYam Smith knew / ren"2t
the Illustration made by Mr.. Cochran:
Let us assume that man leaving mis-
house in the morning takes from MS
pocket dollar and with that dollar
purchases beefsteak. The butcher
with that same dollar purchases knife
at the cutlery store. The cutler goes
10 the dry goods store and purchases a
dollars worth of dry goods; the dry
goods merchant goes to the stationery
store and purchases a dollars worth Of
stationery; the stltiOner goes TO lunch
and pays dollar for meal; the motel
or restaurant keeper goes to book
store and bus a book for a dollar; the
bookseller goes to a haberdasher ana
buys a dollars worth of neckties; the
haberdasher goes TO a baker ana buys
dollars worth of bread; the baker goes
TO he grocer and buys dollars worth
OF tea; and the grocer goes to the VINE
merchant and buys a dollars worth OF
wine each of these persons in turn max
ing use of the same dollar. Here we
have ten separate operations performed
by that one dollar and II must he per-
fectly plain TO everybody that at the con-
clusion of the day ten persons nave eN-
changed commodities equal 10 the value
of ten dollars through the medium OF a
single dollar.
Now there is "a danger that seems to
have escaped the attention of both The
Times and Mr.. Cochran. When the dollar
reaches the dry goods merchant. suppose
he discovers that he can do without the
goods of the stationer. lie puts the dol
lar in his pocket and knowing that the
other nine must at some time IN the
future have it. he holds it and demands
more than a dollar for it. what are the
nine TO do? They are completely at his
mercy, for this is the only money among
them, in the community, as ii were, and
they must etarve or buy. This is not an
imaginary danger. 1t is danger by
which we are confronted to-day. The
gold Of the country is locked up. The
Secretary of the Treasury thought IL
necessary to request committee of the
Senate 10 keep proposed bond issue
secret. because If II were known "specu-
lators would lock up the gold i'm order
to make profit out of those who were
expected to buy the bonds" Gold has
been locked up before too. In the last
twenty years the spectators of Wall
street have shown the ability and dis
position to control the gold circulation
OF the country. on the 24th of September,
1869. they ran IL up from about Las TO l.G5
In two or three hours. The most intense
excitement prevailed, and "A great panic
was prevented by General Grant. then
president who directed the Assistant
Treasurer at New York TO sell Govern
ment gold in the open market This was
done. and before the day closed gold drop
ped TO ! IS. Those who are opposed TO
gold STANDARD believe that there is so
little gold I'm the world that few bank
ers I'm New York and London can con-
troll the supply whenever gold is needed.
Now is IL the part of wisdom TO adopt
as a standards single standard-a cur
rency that can be so controlledF we
are under no obligation 10 do so, either
legal or moral. for the paper money OF
the Government was based not upon
gold but upon gold and silver. |he bonds
OF the United States were bought with
greenbacxs. as rule. when greenbacks
were at a heavy discount too and Sena-
tor Sherman said twenty years ago that
the proposal TO pay the face OF them IN
gold and silver was crime. To-day he
demands their payment in gold alone. II
the holder demands IT, With silver ana
gold as the money of the coud:ry it
would be out OF the power OF spectators
10 control IL.
The industries OF the country are to-
day at stand-still because people are
afraid to incur obligation 10 pay money
In the future. They are afraid If the
gold standard, or In other cords efr1id
they will be required 10 pay two dollars
for one. even II the gold can he gotten
at all when the deb; eCcomrs dr.
u. y. l..
The point OF the foregoing letter is that
there IL. not enough gold in the world to
prevent It's being 'cornercd. This is an
apprehension for which there is no sort
OF ground The worlds gold is scattered
all over the face Of the civilized countries,
and no man can lay his hand on sum.