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

which the argument is based Is dlametri-
cally opposed 20 the historical and Official
fact. The only metallic or redemption
money IN use here NJ that time was gOil,
which amounted 10 only slNM.Wo IN
GLIDING what the Government was USING.
whereas we now have about So-o.unvp pa
gold. and Sg7 G52.S73 In FUN lesal-tender
silver. besides about SU.vNNW IN sub
siliary silver coin III therefore, prices
have fallen since 1873, the decline has
taken place an spite OF the fact that our
full legal-tendcr metallic money has peen
increased until % now amounts 10 more
than seven times as mucn as IL dld a.
that date. and consequently me alleged
decline in prices must be attripuitu 10
some other GAUGE than the demonet-Ia-
ton OF silver. These facts prove NOT oNly
that the dcmOnctizatiOu Of silver did not
reduce the amount Of redemption money
in this country. but they prove also tnst
the fundamental proposition or the ad-
vOcates rf free coinage - erroneous, anu
that prices are not fixed or regulated uy
the amount of redemption money alone;
for II 50, prices should nave lhcrease0
silcc 1873.
FALSE ASSUMPTION OF FACTS.
Substantially. the whole argument for
free coinage so FAR as 10 is addressed 10
the honest people OF tho country Us naSt4
upon this fmsy foundation upon an
erroneous principle and false assump-
ton of facts. That the amount or money
I'm circulation. or available Tor circuiail'n,
has more or less influence upon the prices
body but 70 rs not the amount OF mettiuc
or redemption money alcue that eNeris
this Influence. II all other conditions re-
main the same. II the relations between
supply and demand arc unchanged. II the
cost 0f production. transportation. ana
financial exchanges are stable. an ~
crease OK decrease or the currency. III
circulation. or available for circuldNeH'
will - a certain extent. increase or gee
crease prices. as the case may he, nui
hv the terms money and currency
fn this connection. I mean every element
that enters into and is utilized IN tNt
complicated processes of buying and SELF
INK In the markets for products ana IN
the mercantile exchanges, whether IT uc
gold. silver bank notes. United states
notes. checks. bills or otner Forms OF
credit written or unwrltten. Credit OF
confidence ia am element OF far greater
Importance in fixing or uphoulhs prices
than the mere amount of actual money ln
use or available for use, and. in fact.
about 70 per cent Of the entire business
of the country rs transacted without tne
actual use of metallic money, OF lla paper
representatives.. and as tO metallic money
itself whether in gold or silver. u ls
not used 90 the extent OF more tnan per
cent. in our business transactions. ~
view Of these facts. which are ~ well
established as any other facts relating
10 our commercial and financial opera
ti0ns how absurd 10 is io contend that
prices are fixed Boy the amount of that
particular kind of currency which does
not constitute more than 0no-Nunireitn
part of the whole. Tn the broadcast ana
most comprehensive sense tur business
capacity and personal integrity Of earn
individual constitute q part OF tir ct
footiNe currency OF tho community DID
which he lives. because these chara'-
terist'cs enable him 90 become PUT
chaser Of the commodities IL has 90 sell.
although. at the time. he may nave
neither money nor property. 're'lt Us n
purchasing power. ana inc man WHO
possesses it completes in the markets With
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