The times. [volume] (Richmond, Va.) 1890-1903, 1895-05-21

dollars al the expense % the people ana
with this cheap money pay the dei1allus
or their dcpositOrs and other creditors.
7'he -f.srez ~ fue re0uie cannot DO TINS,
for they have no gold nor have they any
a..stl .di..o4l 10 .. -oIned az the expense
or the Government.
FREI-ELyEn fALLAcY.
But Il Is said that although tho masses
OF the people have no bullion, many Ot
them are IN debt and that the free coih-
age Of silver would increase prices ana
give them more money, thus thauliN5
them 10 discharge their obligations more
be judged by each individual according
70 the view which he may take OF tlr
nature Of his obligations 90 the people
who have loaned money or sold properly
20 him. III man VINO has hofioWth
a thousand dollars Tn gold. or It's eqalFa-
lent. and has promised 10 pay IL, or H"s
purchased thousand dollars worth OF
another mans property ana pIoiulsti ~
pay for 10 in the standard money ttco1-
nized by law at the date OF his contract,
believes that IL would be just ana honest
10 discharge his obligation IN a new
standard worth only half as much a7 1Ae
purchased. DE would appreciate ahd IN
dorse this argument and b. would be use
less 10 discuss the question with MINI
But n, as 1 have already endeaNore4 lp
show. the immediate effect OF the auop-
ton Of q frec-coinage policy az the fatlo
OF sixteen 20 one would be 90 contract ine
currency 20 the extent OF about >h-'"N-
60. by the withdrawal OF that amount or
gold from circulation and from use as
the basis OF notes and other forms or
credit. prices would not even nominaiy
advance ON the contrary, for the time
being az least. this contraction would
greatly reduce prices because it would
alarm the country, destroy credit, anu
undoubtedly produce the most serious
financial disturbance this country mas
ever Witnessed Every depO-itOr I'm the
90 I..4 hlrIrc CARING fH4f Nf
would ultimately Dee paid In deprecated
silver would Immediately demand tnt Zee
turn Of his money and TINS Would coiH-
pei the banks 90 call az once TOT inc pap
mcut OF an the notes and other securities
they had discounted for their customers
and the contraction of the currency would
cause AN increased demand Tor currency
az the very time when u could not nc
obtained. and thus the difficulty or me
situation would be- increased 10y uOtn
causes. The banks would Doe compel'n
20 either suspend payments themselves oi
dri.o their customers who are generall}
business mcn-tho mon who give employ
Ueut 20 labor IN every community mo
hankrunfrv at once. Who would profit
bv this condition Of aifairs- NOBODY
rvcouf the holders OF gold and the owners
bullion anf tho brokers and spectators
IN the stocks OF silver mining companies.
Inr people Wuo uMt urnt- anu are az
able 10 nay them would hc me ones r"
suffer most. while the people VINO owe 40
debts and have money ON hdhi MoHld
bo tho ones 90 profit most Every man
bon debt would Doe called upon 20 pay Ut
~ o-,,f ~, ...,,.fone nf old debts. or any
new credits given. because no man toNil
fOrctcu what the money would he Wni ID
. ,,.,,ft DE-. thrown out OF fm-
$50 3D.. 10 failure or euerensiOn of
,iios ',,,,i,,.sr tha farnar would receive
Joss real money for bis products. pi'l tIil
M""iA N. ,. .E .o,trtr,. credit
proc, 'iili'- au "f , ,r i,,.lttsfrisl and
"oull .r ''l'' .'' . GUY ,.,,,lI ef,nI sfill
coinin,t,iai '".'l ,Le ny rxnrr,.
awaiting thc result on ..' f.,, 81
in'.t VIZ. ,o,,,'tr, ift. This rich
I'm natural resources. would ultimately
recover boz some measure from even SUCH
disaster. nut no" ioHS ,l't' i
De required I'D 40 so no l.,tH 49, a.
an me minis OF iae 'nt.,l - .iiver
dollars. could produce only aooul i".ts
million dollars per dluuNi, 9'i', ,.''i nv,
with iree colntte. j. "o",N iii.r doii,r.
tuau hitfrh t.ti' XIX go. h,,.o 'sltl
lu the place OF inc -viN " ''" .' .....,
give ndc Is To lNe Dl.litlr t. .,l l.,,r ir
OF m'ialNc money no" ....-' t.,.,,
me meantime, We MY.'" .,,t ,,.,.,i,,if,.
cla.ti 9iaHpaln oi f, ,..ti,,,... ...s
higher prices arc ~ ul2 i - .'
oNer-oh account or tD. . emo
ing power or the doliar. ann an t.. ~
tine we Wouil nave ivi i,'i- W E
or dollars 20 pay Mith. ohinoh plu
dcncc would dictate iNal, MNt" "'i, 'i
siderable change ls 20 Doe maze IT'D '.t
monetary system. some provision 1No"h
ho made DUB advance of The actual cnant.
for % Gradual transition from the ola
to the now order of things, "A transition
p.ri0d should he provided for $50 af 90
avoid. as far ass possible, "a sudden disturb
ancc Of business and CONTRACT non oi iH'
currency. hut the advocates Of free COM
ao. have no srIrh nuf-nOeo They propose