Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-02-28


incomprehcnsiblc that there should be
found men OF prominence who will advo.
cate Its retention In times OF peace.
substantially the same people who sd-
vocate fiat money are In favor Of free
coinage Of silver. The great objection to
the free coinage Of silver at l6 TO Is that
IT would prolong and increase our present
business troubles. II IL an absolute law.
| which every school-boy In the land ought
to know. that the poorer money drives
cut the better. and silver dollar OF 81
grains is worth to-day in the markets OF
the world but fifty cents. and II our gov
eminent stamps X and makes Il the cur
rency OF the land. our 500. 000o go Of gold
that In now in circulation viii disappear.
IL may he that II will wait In the vaults
OF the banks the same as now. but II so
IL viii stay there as merchandise TO be
| exported. and IL will not be banking capi-
tai. and this will compel a tremendous
reduction OF credits which will produce
widespread disaster.
GOLD MUST BE THE STANDARD.
We have been on gold basis since 1854.
either by force OF circumstances or by
! law. and why should we change? The
advance of civilization and the laws OF
commerce have settled that gold Is the
better coin for conducting the business
OF the world. and II we wanted 10 change
! II we could not alone. We can make our
| own citizens take the silver dollar In
| payment OF debts and In their internal
| transactions. but all OF our commerce
| with the outer world will have TO be done
| with gold. because the great commercial
| nations have so decided. and the talk that
we hear that this country can change
| the standard Of value alone is puerile.
| and shows how little Its authors know
about the laws Of trade. They may de-
grade our standard: they may put us upon
| the basis OF Mexico. or the South Ameri-
! can republics. but they cannot turn back
the unwrltten law OF civilization.
There are many honest citizens who pro-
baby have not thoroughly considered the
question. who believe in the free coinage
Of silver. but the great mass OF its adj
vocates belong 10 one Of three classes.
First. the people interested In silver
mines and In the industry and prosperity
Of those sections where that mining is
carried on. While their motives may be
selfish. they have at least the merit OF
beirg honest and open. and. while we
may all regret that Colorado and Utah
and Nevada cannot prosper as they would
II they were producing silver at 10 cents
on the dollar and selling IL at 100 cents.
II does not seem 10 be fair that the bal
ance OF the country should be assessed
TO continue their prosperity.
Second. those in favor Of free coinage
OF silver. who are theorists. men who
spend their years reading hooks. but who
have no practical knowledge of business,
and yet they desire TO settle this ques-
ton upon their theories. There is about
as much reason in their settling this
business question as there Is In the So
ciety OF Old Maids down in New Eng
land discussing the question. Are Boys
Worth Raising?" They also overwhelm
you with figures and statistics. They pre-
dicted the ruin of the world forty years
ago because there was too much gold;
and four or five years since they were
full OF their statistics that we would be
ruined because there was not enough gold.
You can pretty nearly prove anything
by statistics IL you do not apply any
practical business experiences or the his
tory OF current events TO them.
They are so welded TO their pet theo-
ries that they seem unable TO compre-
bend the great change that has been going
on in the last twenty years in the
relative production OF the two metals. In
1874 the production of silver in the world
was about G4,ooo,oOo ounces, and that of
gold 500 600 ounces. the production OF
gold in ounces being about one twelfth
OF that OF silver. In 1894 the production
or silver had increased to 100000 and
gold to $4,000 while silver had increased
l33 per cent. gold gained only 81 per
cent.
The result, of course. has been that si.-
yer has fallen largely In its relative
value. In the last year the production OF
silver has decreased. while that Of gold
has largely increased. If this should con-
tinue few years. as is likely, the value
of the metals will again so nearly APP
proximate that the present trouble will
disappear. but practically there never has
been and never can be such a thing as
two standards of value. There is no
question but that the unit of value Of
commerce will be gold. At the same
time. silver has been largely used al cur.
rency, and will be in the future. but IL
must be upon its gold value. The advo-
Gates OF silver also tell us that we have
not currency enough for business, forget
ting that to-day in all the markets of the
world there Is a glut of money. rates of
interest never having been so low before,
and that credits furnish IS per cent. of
the currency OF the country, and that
this proportion Is increasing each year.
'rhe changes that have occurred in the
last quarter of a century have been vast
ly more important than those OF any
other Ike period. Business has increased
to gigantic proportions. but step by step
with this increase has been a development
of the mechanism of exchange and credit
Never in the worlds history was so little
actual money needed for the transaction
OF business as to-day.
Do not be deceived as TO the real issue.
The single standard. the gold standard.
was not created by legislation, not by
German policy, not by the cessation or
coinage by the Latin Union. but by the
silent, mighty irresistible laws OF trade
and commerce. Your time-servl.ig and
cowardly politicians will talk TO you about
bimetalIism and the double standard be
cause they are afraid TO meet the dues-
ton openly and fairly: but tell you that.
as there Is but one yardstick. one busnel,
so there can be but one dollar. one unit
OF value. 1t Is monometallsm, either gold
or silver. Let us retire to private life
some of the representatives in Washing
ton who have played with the nations
honor by advocating silver. ana advance
the credit of our country to that of the
most favored nation. There Is nothing
too good for America.
PEOPLE WHO WANT A CHANGE.
The third class Is the political and
financial Adventures Of the country who
have not been on the successful side or
life. either in business or politics. and
are willing to adopt any new ism that
may possibly bring them relief. The lana
boomer the demagogue who tolls not Eek
every kind who has been unsuccessful.
sees In the proposed change and In the
debasing Of the currency some hope OF
getting back his lost chance. and he
cares not how much 1t may cost his
fellow-citizens.
But the great mass OF people in this
country are certainly against this change
IL they understand 1t, for 1t is against
their interests. To-day our exchanges aie
on a gold basis; the wheat that is export
ed is paid for in gold: 1t is bought from
the farmer In gold. The advocates OF free
silver tell us IL we establish free coinage
prices will rise. That is probably true
in reference TO articles that are produced
and sold exclusively in our own country.
but the wheat viii still have 20 be sold
20 the exporter al the gold price. and ne
will receive his pay in gold Whether he
win convert that gold into silver and
take the profit himself, or allow the farm
e. some portion Of II. is a question. Even
II the farmer should get some portion OF
the profit on silver, 1t Will probably all
be exhausted In the additional sum which
he viii have TO pay for his supplies. Ills
n A. IL.