The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-09-20

Senator Mills of Texas has heretofore
been classed rs supporter Of free coin
age al ! toll. If he ever believed III this
doctrine, no has been convinced by study
and thought Of its folly ard dangers
That there may be no misunderstanding
he has Just written letter to the chair
mar of the Democratic state committee
of Texas, in which he states his position
clearly and foIcibly. Here are some cx-
cerpts from his letter Of Sept. TO-
9 object to the silver standard being
adopted i'll lieu Of the existing standard
because it will icfraud all creditors ont
OF nc-half the value of their debts. Ev-
cry debt contracted since Jan. /, 1871,
was contracted on the gold standard
The debtor honestly owes the value Of
$500 grains of gold for every dollar
promised, and the creditor is honestly
entitled to receive it. When ii WAS pro-
posed years ago tuAdpmoncti2o all the
coinod'silvcr Of tho world and suppress
tie further coinage of that metal,
joined with other friends of silver in
denouncing tho mcnstruus proposition,
because 1t was an attempt to double the
debts OF the world. and to bring all
debts i'll this country contracted ON "A pa
per standard much Of it at less than 80
cents on the dollar, to par with gold. Is
not tho proposition now TO substitute the
silver dollar on the silver standard for
that gold dollar tho Same that we all
condemned, except 1t is the creditor now
who is TO be tho victim instead of tho
debtor then?
*'No persons would receive the least
benefit from the change of standard to
silver except tho man who owes 100
GEMS and wishes TO pay it with 90. lie
would under the silver standard he able
10 discharge his debt by paying one half
al what lie promised. This would hc IA
scheme to enrich ouc-half of q commu-
nlty by dcapoilmg the other half Wher-
ever thero is debtor there is IA credit
OR, and he is entitled TO the same pro-
lection rs tho debtor. Congress has tho
power TO discharge insolvcnt debtors by
bankrupt law, but the adoption Of tho
silver standard now would discharge all
solvent debtors from one half the obli-
CATION OF their contracts, even though
rs class they might be tho weather.
part Of the community.
II object to the silver standard again
because it is not the standard of the
country with which wo conduct our
largest commerce Air. Jefferson Saws.
10 trade on equal terms the common
measure Of value should be rs nearly us
possible on a par with that of its CORE
spending nation. whose medium is in Il
sound state The reason for it is. rs he
says, being Of universal value. il will
Keep itself on general level, flowing
out from whore 1t Is too high into parts
where 1t is lower, Gold is the common
measure of value Of the people with
whom We carry on nino-tonths of our
foreign trade, and, according 10 the
pElhclnles enunclated by him. gold
should be our standard as i, has been
since the days OF jackson. Van Buren,
Folk, Pierce and Buchanan. excent dur
ing the Wal period from 1861 10 1879
when paper WAS the standard Ii we
snpplant gold with silver. then we have
TWO standards of value for all the nrti-
c!es that We expert. Cotton ana wheat
Wl!lHe bought iii this country bv the
silver standard aud sold III Euroue nv
the gold standard. There must be be-
tween these standards constant Guctua.
hors. Iwo-thirds of all cur cotton must
be exported and sold By gold value The
Price OF the whole crop mt home and
abroad Will be fixed by the gold stand
ara, but every pound of it Will be sold
by American farmers by the silver
standard. When the American farmer
sees cotton quoted at so many cents or
pence per pound i'll Liverpool. he knows
that 1t is.so much i'll gold, but he does
not know how much the silver will
De worth with which he will be paid
Tor his cotton. Instead of legitimate
business exchange, where every one
knows with what value he parts and
what he, receives. our products will be
sold by system of commercial gam
bLing with luctnating sa.udard by
winch the producer must in every in
stance he defrauded.
believing that the silver standard
"6uld prove in5nrious>to the people of
the United States, and especially ia
that part Of them engaged in growing
cotton, l am unwilling to take any
steps IN legislation calculated to imperil
that great industry, upon which the vel
care OF my constituency so greatly de-
ponds. :"
Lucky They Waited.
Ihey shoot seals down i'll Casco bay