The times. [volume] (Richmond, Va.) 1890-1903, 1895-09-12

In the general upward aid hopeful move
OF everything one dark spot lovers over
the horizon, and will continue to hover
over IL until large body of American
citizens clear their minds of the error
that BUSINESS is done with money. In
stead of By transfers of credits based
upon commodities. the real purpose OF
business being the exchange of commo-
ditics between localities. When these
misguided people learn this foundation
ara elementary feet. we may be able TO
rid ourselves Of the danger that is ever
present. while our financial system re-
mains what IL is. That system has IN
,circulation s34C.eoo.ee OF old wartime
grecnhacks. and some $50 0OO..0o Of notes
issued under the Sherman law for the
purchase of silver bullion. If We are 10
remain on a gold basis-if every dollar of
our money is 10 be kept as good as
every other dollar Of It. the government
must always hold itself ready to redeem
any and every part of these SoO.0ooOW OF
notes with gold whenever it is demand
ed II person should take lot OF them
10 he treasury. and demand gold 70;
then. and gold saculd be refused. they
would at once lose the position they hold
as the equivalents of gold, gold would
20 TO premium. and disappear as mon
cy. and we should at once tumble down
to the basis Of silver dollars worth only
hc,y cents each it Is. therefore, vital
matter that the government shall always
give al corners gold for these notes.
whenever gold is asked FOR. But the gov
eminent has a stock of only SlODOo)o0o
with which TO redeem these notes. and
the present laws require IT to pay the
notes out again whenever IL redeems
them. so that IL never can get any relief
While the laws remain as they are from
this avalanche always hanging over it,
When the Sherman law was in force.
threatening. as II did. that We might Toe
forced 20 the basis Of the cheap silver
dollar. we saw frightened Europeans
continually sending their American Sc
curitles here and selling them in ou
markets. Thoy were paid COZ them N
these notes. and they at once took the
notes 10 our treasury. and demanded
gold for them. which they carried out
o. the country. When We repealed ne
Sherman law. Europeans at once stop
ped this. But when we passed the law for
coming the seigniorage. as II Is called,
which was free silver" in its most
unaGulterated form, Europeans learned
that We had not mended our ways at
ALL ard they started the business OF
sellirf our securities and carrying of our
sold anew. Mr.. Cleveland stopped tais
Tsnic by the contract he made with the
Morgan Rosthchild syndicate Ohe terri
bile Congress being dead and we have
had returning confidence and an upward
trend Of everything ever since.
But the country has beel loosing q
good deal Of rold this summer in spite
OF all. More than twenty millions OF dol
lars Of IL have been sent OUT Of the
country since the middle of July. This
has been perfectly natural and healthy
expectation OF gold made TO pay expenses
Of Americans travelling in Europe during
the summer. interest on debts we owe
there, and 10 pay for goods We have
bought there. ard II would not occasion a
moments measures If IL were not taken
from our Treasury stock. But confidence
and successful business depend with us
,,oon the gold reserye being kept up 10
the 500 eoo. 900 mark, the government has
no supply OF gold when It's stock Is de-
rlstsd. and gold can be cot from our