The times. [volume] (Richmond, Va.) 1890-1903, 1895-08-25

former. aud yet they must admit that
the latter group cannot compare VIII .'c
former I'm craftsmanship, financial ap'h'y'
| advancement, and progress. 81.
What reasons can be assigned iof Una
, extraordinary position!
RESULTS or PRIZE COINAGE.
Would free coinage OF silver give tne
peonle a silver dollar as valuable In It's
purchasing power as any otner ooiIa'
IL would not Silver cannot be apprco
ciated in price in the markets OF uo o
world by an act OF the Congress y. tne
United States merely any more thah
can bushel OF wheat Congress may
solve from year TO year that 81 Ia kIan,o
| OF silver shall he worth 100 cents w.
its market value is only 10 Genus, anu ~
will not make other countries Iccos1iI'
and receive It. except at its value fnea-
sured by their standard. any more tiiai'
n declaration of Congress That nan
bushel measure shall constitute pus"s,
would make half-bushel pass ioi
bushel In the London wheat market.
What. then would be the result or al
independent frec-coinage act! a uepIe
ciated silver dollar What next! hlsn,
or prices. he farmer would get MOI
silver dollars for his products pu, ne
would pay more silver dollars as tahes
and fOr his agricultural lInPI'nNn,'t'
merchandise, and labor. a SllNs' oV5 ,s
present purchasing-power. OF the puI-
chasing power OF a gold dollar frces
would nuctuate according 10 tne ,uc -
afions of silver and there would De no
STABILITY In the market-price Of any pro-
duct. commodity, or thing. wheat corn
oats. and cotton, horses, cattle, sheep'
and hogs would not only depend IN pliSe
upon the supply and demand, Dut upon
the pricc OF silver, in this SILVER mohoHlt-
tallIc country. The value Of real estate
would change almost with the moon, anu
as frequently as the changes IN the mar
ket-value Of silver. Uncertainty ana IN
stability would attach to everything, an"
all values would be speculative. Under
such conditions there could be no SUD
stantial progress. The silver mine-OWners
and stockholders could initiate or depIess
the prices Of the farmers products, anu
speculate TO their hearts content upon
his labor.
Would wages Increase correspondingiy
with the cost OF living? Those of us VINO
passed through the war Will remember
that while the price Of every commodity
Increased as Confederate money depre-
ciated, there was no corresponding IN
crease of the laborlng mans wages anu
that he was put OF from time 10 UNI
with tho assurance that conditions woulu
improve; but these promises were never
fulfilled, though he continued TO nope,
even when It cost him a days labor to
buy a pound OF coffee. With a depreciat-
ed and uncertain dollar the laborihg-inan
could enter into no engagement FOR the
future for he would not be able TO TX
any price for his labor
Double prices In fifty-cent dollars WOMB
certainly give the farmer no more thah
present prices IN one-hundred-cent DOL
lars Double prices of the necessail,s VI
living for himself and family would mean
injury 10 the labOrlng-man, whose WAGES
would not he doubled.
II there Is anything in connection with
government next to liberty Itself, IN
which the farmer and wage-earner are
most interested, II is In an unfuctnatihs
market. steady wages. and sound money
for when markets are unsteady, wages
unsettled and money unsound they be-
come the prey Of Spectators ana sharp
traders, who watch the trend OF AFFAIRS
and study the chances while the FARMER
Is following his plow or the wass-earher
doing his task.
Has the depression in agriculture for
several years past been caused, as repre-
sented by free coinage advocates, by the
depreciation Of the value of silver TINS,
to my mind. is one of the most unhnaDle
positions taken by the advocates As
unreasonable IS it would be, they could
with more propriety contend that the low
price OF iron has depressed farm pro-
ducts. But proof Of the utter iallacy OF
their contention is found in the fact that
while silver Is now lower In price than IL
has ever been before wheat, cattle, sheep,
hogs, and even horses are rising in the
scale of prices. Here is self-evident,
visible answer to this argument in favor
of free cOinage-a plain, indisputabe fact,
worth more than all the assertions that
can be made or theory that can be adj
Vanced. If the low price of silver has
in the past reduced the price OF farm pro-
ducts. why Is IL that the low price Of sill
yer does not still hold farm products
down? Silver dollars have had the same
purchasing power as gold under existing
laws. and therefore the value of silver
bullion has had no effect upon the prices
of commodities; but enact an Independent
free-coinage law and instantly the pur-
chasing power of every silver dollar will
depend upon the value Of silver bullion.
The silver dollar Will then pass from
token 10 basic money, and be worth only
the value of its bullion.
Would free coinage Of silver make
money more plentiful with us2 ! think
not. Free coinage I'm the United States.
except through international agreement,
would result inevitably IN driving out of
circulation SC&,.O00O0 gold now in u'-,
or more than one third Of our present
volume of money. Gold would be put at
"A premium, and would be withdrawn for
investment elsewhere. Would silver take
its place? Not for some years at least
Why? Because six hundred and twenty
five million silver dollars CCuld not be
coined sooner. The present capacity
of our mints is only 100000 annually,
so Ii would require more than fifteen
years TO supply the gold vacuum with sill
yer, If the capacity Of the minis were
doubled il would require nearly eight
years. What would be the result Of the
sudden withdrawal OF more than one
third OF our circulation? Financial
stringency, currency famine. commercial
panic business stagnation. wreck, and
ruin
But we would lose more than the $685.
100000 in gold. The $65O. 10000 OF silver in
use now would drop one-half In it's pur-
chasing pOWer-anothcr loss OF 1926 900 600
aking a total of 100000 (SG25 90 900
gold plus $325,VG,oc depreciation in stan
hard Silver dollars equals $4,000 0nO.
leaving money with full purchasing power
OF only about 500 900 900. as against 81 TO
WrVW now, or $40 per capita, as against
w at present. Il needs no prophetic
eye TO see what would be the condition
or the country under such circumstances
III VIII lot do 10 say that the minis would
be put 10 work at once TO supply the loss
III would take nearly S2Oo0UDcO in silver
TO bring our circulation back to its pre-
sent purchasing power, and 70 coin this
immense sum II would require fifty wears
at the present capacity of the mints. or
ten years II the capacity was increased
nNe times, ana when this was accom-
plished we would have about 2G50DooOeO
silver dollars. or twO-thirds as much sill
yer money as there is in the whole world
at this time-the worlds stock of silver
money amounting in 1894 to 1891 10000.
THf DEBTOR CLASS WOULD SUPER
Would free coinage relieve ,he debtor
class Of their burdens as claimed by it's
advocates
have never been able to draw q linc
and place the debtors On one side and
the creditors on the other. There are, of