The times. [volume] (Richmond, Va.) 1890-1903, 1895-09-29
SUNDAY. SEPTEMBER 20. 1895.
WE DISCUSS DIFFERENT THINGS.

,,oees IN lac the interests OF the working
poople. IS also-most strangely 10 us-the
advocate of the free coinage OF silver
on Friday evening II quoted our article
In which we begged our free-silver Trends
10 pav no attention TO occasional testiness
from lis. and il expressed strong depreca-
ton of satire. invective. ana ridicule in
the discussion of serious subjects. The
Star is. Of course. entitled to its opinion
in this as in all other matters, but It's
opinion upon this point is not one with
that of the foremost writer's that the
world has hal. Almost, If not quite. with
out exception. they have resorted TO ridi-
cule and sarcasm when their adversares
opposed automatic propositions. and It's.
indeed. almost the only effective argument
that can be used in such cases. man
only makes himself ridiculous who enters
into serious argument 10 prove that twice
two are four. and all he can do with an
adversary who denies it, IS to tell him
that he is blindly ignorant of elementary
principles and that he is a man either or
weak or of unbalanced mind.
Now. the man who denies that twice two
make four does not contend for a more
tends that the Government can convert
fifty cents worth of silver into one hun
dred cents worth OF II by stamping IT
as one hundred cents and calling 1t
dollar Every man OF ordinary common
sense knows that the Almighty alone can
do that, and that even lie must first
change the laws OF the universe before
He can do IT, When people of common
sense are called on, then, to argue that
Government cannot do this. their sincere
and honest adversaries ought not % be
surprised or irritated If they occasionally
loss their patience and tell those adver-
sarics that they either have weak or I'M
balanced minds. They must have one or
the other 10 contend for anything so pal
pably absurd.
The Star has frequently poked at us the
nonsense that W. II. Harvey and Stew
art OF Nevada, and other foolish men of
that sort, put out to the world in con-
necuon with this subject, and we have
paid no attention TO what IT said. because
sensible people understand perfectly the
sophistry anO the nonsense Of what they
say. and il has all been so often exposed
that continued exposures only weary. But
it pokes some of it at us again. and, out Of
respect for the Star, we will give due
and respectful notice to it,
The Star says our tourists carry annual
ly slcocoo.ooo of gold out of the country
and we keep 100000 more behind in the
Treasury. thus leaving only 100000
of gold for general uses. and asks us if
We really think 100000 primary
Dot
taking up the main proposition of the
Star We wish TO say that our tourists
do not take 100000 OF gold out of the
country. or. indeed. s.. 10000 perhaps. not
100000. AS matter of fact the tourists
carry letters of credit, and American gold
would be of no use to them abroad They
leave all American money carefully at
home. and If they have any pocket money
II Is generally in Bank of England notes
or English specie. or the money of conti-
mental Europe. Ninety-nine-hun
OF the travel Is done on letters of credit.
which are settled for by shipments of
merchandise In regular trade. using gold
only 10 settle the balance Of trade. as the
case may be-
With this fallacy removed from its
mind. we must tell the Star. with all
respect and with entire sincerity, that so
long as It holds on to Harvey's nonsense
about primary" money, discussion with
II is as hopeless as with the man who
contends for the principle Of perpetual
motion. So long as II has that absurd
idea In its mind. II is absolutely ignorant
OF the first principles OF finance. and we
cannot discuss secondary principles with
an adversary who has not learned those
which constitute the premises
There is no primary" money as dis
tinguished from secondary" or 'ter-
tiary" money. Money is MONEY. and that
Is all there is 10 be said about IT, Money
IS the embodiment of a certain amount OF
labor performed. and its function is to
tell pile Of wheat containing one hun
died bushels that II contains one hundred
times az much laoor performed as the
price OF money. and 10 tell pile of-say,
for example-two hundred bushels Of corn
that II contains the same amount OF labor
performed. and that one Of them. there
fore. Is "A fair swap for the other. This
Is the function Of money. ana almost the
entire function that II PERFORMS in bust
ness. Business is exchange OF conmosi
Tvs, anu NVl Scito iui money. TltSe tN-
changes OF commodities are made chiefly
by exchanging credits givon at bank on
the commodities as collateral security
and the credits are stated in the money
values OF the commodities. Business. then
Is done by exchanging credits, and not
With money. Moneys whole part in tho
transactions OF the world is to furnish
a stendard OF value by which one com
modify sizes itself up against another
commodity. and determines the basis upon
which the two shall DO exchanged, and
they are then exchanged through swaps
Ut the banks OF the credits granted there
upon the commodities as collateral Sc
curity.
The real business Of the country, for the
purposes OF business. 10 the mercantile
credits OF the country. and not the coined
money. That Is only for a standard OF
value for the mercantile credits to guide |
ohnnanlyAA by. The credits are statad