The times. [volume] (Richmond, Va.) 1890-1903, 1895-05-24

tory OF the Woflu. ne lYiH ~ "'N
money amounts 10 1895. 10000. the ful
Iceal-fend.r silver amounts 10 S.fS5.soo.
0po. and the limited legai-tendcr SILVER
aAoIuts TO tSle.e 800. 90. The policy or
maintaining. or rather attempting u
maintain. the so-called double standard
never succeeded in keeping 50 iaIse az
amount Of full legal-tender SILVER IN or
culation I'm the world as there is al thls
time. and one Of the principal reasons fol
This ia that the effect Of the policy was
"a drive first the coins Of one metal anr
then the coins Of the other into the cor
fers Of the hOarders or into the netting
pots. because they were UNDERMINED II
the coinage laws and would not remain
I'm use as money.
I attach very little importance 10 tf'
per capita argument. because the amount
Of currency required IN a country uep'His
mainly upon the volume Of business 10 p'
transacted and the customs Of the people
In conducting their exchanges. and NOT
AT all upon the number Of men. women
and children residing In II, but. az tner'
are a great many who believe that th'
circulation should be regulated by the
census returns. II may be worth WINE
10 state that the production Of gold alone
I'm lN0-and n IS much larger no" "ai
nearly two and a half times greater thai
the average annual production OF goiu
and silver DOIU uAIlIE il' wv thA' Rt't'
closed with the year 1900. In 1870 the pop
ulation OF all the. countries In Europe
and America was ~. 20 S5. and the pro
duction OF both gold and silver amounted
TO s2fi9 for every hundred inhabitants
while In 1880 the population Of the same
countries was iGs 1884, and the produc-
ticn of gold alone was SllS.AH.vN. whlch
amounted 10 $N.i6 for every hundred IN
habitants. or nlncty-hve cents more TOT
hon fsrHf. p 81 . III
by both metals during each year in the
former decade In 1894 the population OF
these countries was iH.lSo,sn, and the
PRODUCTION Of gold alone was sl7i2-oVf'
being So ~ for each hundred innanita,'s'
or 1872 more for each hundred people
than the total Of both metals during the
last decade Of tho last century. IT, tncie-
fore. the people OF Europe and America
had used as money all the gold ana an
the silver annually produced I'D the worm
one hundred years ago, they would hol
have received as large a per capita a1ni-
fion to their stock Of money as intl
would receive now by adding the gold
alone. In view Of these facts. J SUNNI
that the silver legislation OF ISL 80
and 1876 has not diminished the Woiid
supplv Of metallic money as conpaI' '
with former times and preventel lnt
single pold-standarl countries from max
ing as great an annual addition 10 their
stock of metallic currency.
TEE propLE IN DEBT.
one Of the most effective arguments
made by the advocates Of free coinage
I'm some parts of the country al least
is that the PEOPLE are in debt, and that
Z. is the duty Of the Government 10 re-
hevo them by such legislation as VIII e.
able them 10 procure cheap MONEY TOT
The purpose of discharging their ohilsa-
tions. and I'm support of this argument
the most exaggerated statements arr
rcqdc as TO the dcpro ssed and SUFFERING
condition of our farmers. ware-carners
and other producing classes This arsn-
mont comedies that under the proposed
system of free coinage az the ratio OF ito
10 ! all the various kinds Of currency in
use bv the people including the silver
dollar itself would be worth less than 10
IS now. for. of course. If this is not to Doe
the result money would be 40 cheap D
tlan II Is uCw. To assert that the TeO-
rle ore I'm debt IS simply 10 say that
they have traded with each other on
credit, that enc part OF our fellcw-ciu-
zcns relying uICn the integrity and
financial staining cf their nciehhors anu
aOQuaintaTccs have lent them money
On time and sold property 20 thcm with
ont demanding immediate payment in
cash. and that FOO This way they have enc
anled many people 90 carry on use
ful business and live 3D. comfortable
homes who otherwise could not have
done so. II 10 is a crime 20 lend money
20 a man who warts 10 borrow it. or t0
sell property on credit &C. a man who
wants 90 purchase it. and has no ready
money 20 pay for 10. let the Perpetrators
be- properly punished. but Jet us not in-
yoiNe tho who'll country IN confusion and
disaster and immediate the innocent and
guilty alike in order 10 punish the real
blenders If our people are in debt they
owe each other, and. consequently. aho 10
as many would bee actually injured as
would bo spI arcntly benefited ty seal
ing the obligations Gown 10 a silver
standard. The indebtedness OF the farm
Crs. mechanic. and other lalcrinp class
es OF our people. although large I'm the
nggi rate. is quite snail in comparison
with the whole indebtedness OF the great
railroad ana manufacturing CORPORA
tions. insurance companies. building ass
sociaions. and other ORGANIZATIONS en-
gagged 1n financial ana commercial enter
priscs. These various organizations are
indct ted 10 the people 90 the extent of
many billions OF dollars and while 20 IS
true that many of the people are also
indebted 10 them. their debtors and cred
itors are not the same persons and
therefore, the debts cannot boz set off
against each other and oxtinguishel I'm
that way. l deny that there Is airy such
thing as a distinct debtor class" in this
country. for. while nearly every one ow. IS
some debts large or small. nearly every
orc he's also some debts owing 20 him
i'm other words. he IS both debtor and
creditor. The laboring people. as "a gene
eral rule. owe very little 40 any one time.
while their employers are Away inc
debied TO them. because wages are rof
paid IN advance, and. besides many OF
them have SIN III deposits i'm savings ami
other banks. I'm trust companies. i'm build
ing associations. and large numbers OF
them have their lives insured for the
benefit of their wives and children. auo
consequently they are creditors IN the
banks and the insurance companies The
savings-bank deposit0rs I'm this country
last year numbered i7UcS7. and the
wives and children of thu dfpOsifors who
depended upon these accumulated earn-
ings Tor future support doubtless num-
hcrcd l0,0ooN more There were 1890
depositors tn the national banks last
year. and l12i00 Of them had deposits
of less than Sl.oD each. while State ana
private banks and loan aii trust COM
7anies held deposits for i9G.68S lcople
our hfe-insuranCe companies. u saw
nothing of companies iusuring property
against loss 10y fire and otherwise. had
I5o',N'o tolcics outstanding last year
upon wihh the premiums had been
paid. or were being paid. hv the people
ANA the mutual benefit and assessment