The times. [volume] (Richmond, Va.) 1890-1903, 1895-01-08
Lesson From Rabel.

from vo1r "I.eSs1n from Babel, in
your issue of yesterday, that you are
suffering from confusion Oh iiluu cgua a.
10 the confusion OF tongues eAPei ~, ~, -,
by the builders Of the tower "heh they
aftempted TO build "a city or tower
whose top may reach unto heaven, elc.,
ETC." and we think your 4ndhcidl
scheme will topple and fan as uIu the
famous tower -.
III your scheme were put in operation
and there was the slightest Apprehension
that your paper currency was III udilscl
OF struggling away from our otdte, tnete
is one thlng lacking IN your SUES sc etoii
about wanting a currency retuIHeu hoIie
when il steps out OF the state Whefe IL
Is issued, so that II VIII COME DAN W
its place of issue 10 90 throubh Tue
fresning process of redemption ana 10
serve tne purposes OF the people or the
locality that issue it, and that Is, you
ought by all means have sIIlnS .eu ~
il 50 that you might ne CERTAIN tnal IL
will come back TO tine people Vi tne
locality that issued It, ana as theIe
seems to have sprung up sudueh "
mand for an elasuc currency tput tA8SN,y
what that means no one hHo"al, 49,
might make the strns or lhula IurDei,
so that your new Hanged currency WOulu
be truly elastic, but, all Jestihs aslue'
Mr.. Editor, your scneme, 10 lIic nlH,u vi
plain, practical business iIilhu, looA9
thoroughly impractIcdbies IN lne MS
mace. If such "A currently was issued
payable on demand IN gOld, Solu Noulu
be demanded as 1ast as III ISSUED, II
would be returned al once 10 Inc pditho
OF issue, strIng or no strlnS 10 IL. inc
vaults OF the banks of issue "oulu SOM
be depleted of ire gold ana tnell vaults
stuffed with your paper CURRENCY. iiit'
would necessarily be 50, Tor IL your pa
per money Is paid 10 the ldDoIer ne
would at once exchange II Tor the heSes-
sarles OF nte-sugar, HOur, meat, Coliee'
lard, etc, etc, WITH the retali grocer.
me retail grocer would Immediately PaS
81 Ia
this currency 10 me Whuesdle sioI ,''
ana the wholesale grocer WOULD az oIlCc
take IL TO the bank OF issue anu eAchdhSe
IL Tor gOld 10 pay Tor the ABOVE hdlhei
products, Tor your currency "ou'u nol
De current cut or the Stdtc, anu "O".''
not, therefore, nave 10 come pdch 10
me Stale Tor il would ABIDE there per
manenuy; in otner words, hdllOHdl CNl
renCy would nave to ne sent 10 tue
sources OF our supplies ..,,,,,,
Tne reason why tnefe - 81 HluOH
money locked up in New 1ofk Is ne
cause that IS the source from whence
we draw our suppnes-the clearing HouSS
OF the COuntry-dnd you nlShl nave an
the local currency YOU couId issue anu
the resur would be the same anu the
conditions remain uaaitered. w e sthu
our money TO New 1oTh because we owe
their people, because our supplies ColiI1
from them. II the source q our sup
plies were within ourselves, II we hdd "a
nome market from which we could ara"
our supplies, get what we want rom
each otner IN the way OF nectssaIles OI
lie, ana We were WniinS 10 take from
eacn other local currency ana not re-
quire It's immediate redemption IN sOld, IL
would be all right, but by the very ma
ture of things TINS is utterly linpracu-
cable AnOtner reason why so much
money at this particular time ~ locked
up IN New YORK IS because or The loss
OF confidence in the stability or the Gov
ernments nnaDccs ana the uncertainty
that exists and because or the various
hon n a
with money do not Ike TO venture thelf
means In localities where such visionary
schemes are Matched. These cause loss
of confidence, ana they prefer lOdnluB
money at even one and half per cent.
per annum. where they can get IL on call
IN preference 10 emOafklnS IN enterprises
amongst a people tainted with Populsuc
and other intangible financial VagdrleS,
such as fiat money, State currency, etc,
etc.
Whenever we have anything TO sell to
the people of New York ana they want
il. We can exchange our commodities for
their money, but when We are always
buyers and not sellers, consumers and
not producers, how can 1t be otherwise
than il is?
New York has the money because she
supplies us with what we want We have
gotten value for every dollar she has
gotten from us. TO a practical mind
this is a self-evident proposition, based
upon observation and experience. Sup
a local currency and we were TO buy
from New York 100 barrels of sugar
and 100 pounds of coffee. we would have
TO pay for these goods in gold or its
equivalent. Suppose we were TO sell
these goods for "A local currency, payable
I'm gold, would we not at once have TO
go TO the bank of issue. and require the
gold for ii TO send TO New York 10 pay
for the goods, and so on, ad inhnitum.
No better illustration can he cited
than the constant drain now being made
on the gold reserve in the United States
Treasury at Washington Now, If we
had 10 10 this, and there IL no question
Your 1't proposed local currency render?
Cui bono? You can set II down as an
axiom that as long as we are buyers and
not sellers. that the volume OF money
will go where it properly belongs-to the
seller We can't reasonably expect 10
have our neghbors' goods and al the
same time retain the money We owe
l. : MOORE.