The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1895-09-05


Captain CAmm Patterson, of Buoking.
ham, in 8 long letter published in
the Richmond Star, makes the follow
ing reference to Governor O'Ferrall's
recent letter defining his position on
the currency question:
my attention has at this moment
been called to the letter Of Gov Charles
T. O'Ferrall slighting himself squarely
with the gold monometallisss. II is q
singular production, which shall take
occasion shortly to review with critical
cafe. 1t marks q new era in the history
of fnance. Neither Mills, nor Locke,
nor Adam Smith. nor Chevalier, nor
Henri Cenuschi, nor any member of any
monetary conference has ever announced
such startling propositions. The free
coinage OF silver will stop the exporta-
tion of wheat, corn and tobacco to
Europe 80 says the governor.
This Is, perhaps, the most audacious
and the most amazing statements ever
made by any man who attem pied to
write on finance. On tho contrary, one
OF the very strongest arguments ever
made by the advocates OF the free coin
age OF silver Is the fact that 1t would
greatly stimulate and enlarge the ex-
portations of this country. It seems to
me that this ia plain to the commoness
understanding. Regardless OF our COIN
age system Europe Is obliged to have
our products. Legislation alone caused
q fall In the price OF silver, aud legisla-
tion alone will restore 1t. British India,
in 1873, the date Of the decentralization
of silver, exported only $50, 600 bushels
of wheat. Within the past two years
it's expectation Of wheat has reached
$4,000, 600 OF bushels In o single year,
and all of 1t has been sent to gold mono
metallic countrieo. How on earth can
Governor G. II. O'Ferrall answer this?
Does he suppose that the Europeans
will not eat our wheat il we remonetize
silver?
"1n order to learn Governor O'Ferrall
lesson / will here repeat what have
often stated before, If Governor O'Fer-
rail- ships one hundred bushels OF wheat
to Liverpool and British Indian ships
the SRmo amount to tho came market
on the same day at the same price the
British Indian is paid by draft on Cal
cuttR payable in silver. British India
is silver monometallist country and
prices there in silver are practic slly
what they were twenty years ago and
more. Is not this plain, Governor?
Now, If silver can be raised to sixty
pence an ounce, whore 1t remained :or
fifty years or more comparatively sta.
tionary, the advantage OF the British
Indian would be at once lost, because
the parity OF the gold and silver dollar
would be maintained, and If silver was
equal to gold the American could get
the same price for his wheat as The
British Indian. The decentralization of
silver cuts the American wheat pro-
Queer out of a market for $4,000 600
OF bushels OF wheat each year.
Tine Edinburg Review, which 1 think
the governor will admit, is high au-
thoritY, gloats over this fact. and states
that tho supremacy OF tho United States
OF America as a wheat producing coun-
try is gone to return no more forever.
What right have you to say, governor,
that the RECOMMENDATION Of silver will
not restore the price of sixty pence an
ounce? If understand you, you
would be willing to IL if you should be
satisfied that such would be the case
Your reading on the subject, governor.
seems not to have been extensive, and
IL you will pardon me, think you have
taken keyhole view of the question.
You differ with all the celebrated
English commissioners, who gave this
subject years Of study; you differ with
all OF the German bimetallic commits
sion, and with every writer of finance
on this arth except Jacob Yost and the
distinguished editor of the Richmond
Times. These two gentlemen, thins,
agree with you, for they advocate putt
ting silver enough in dollar to make
1t equal to gold dollar. Both OF these
gentlemen forget that the price of silver
Is fixed every day in London. and the
dollar they want would have to be
changed every day, and sometimes
twice day or more. What fearful
dollar it would be! The utter absurdity,
the enormity Of ouch q proposition
ought to have prevented even its hypo-
thesis.
Governor, you make one gross mis-
statement In your letter which deserves
special mention. You state that the
indebtedness of the United States is
large, the annual interest upun her
bonds heavy. She is pledged to pay in
sound money-by sound money you
mean gold. Now, you know, or ought
to know, governor, that our bonds are
not payable in gold. If you do not know
IT you ought not to have ventured into
print until you had informed Yourself
and II you did know that these bonds
were not payable in gold you have made
statement not creditable 20 you, and
which, II you value your reputation,
you should take the first opportunity to
retract.
, The Rothsohilds, the Worm bers, the