Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-05-09
Judge Latham 20 MIR. "ii'i""''
Again.

RICHMOND, VA. May !, 1870.
To the Editor OF the Dispatch:
In nj. letter TO the Dispatch OF This
rorninr Mr.. Williams admits. OF course
that the United States had coined prior
TO 1873 about 100000 in silver ihs'ea"
of S.Oa5OOo. the amount stated In the
chart published by the bankihg-house
over which he presides. vi course' We
knew that he would 90 SO az SUM a. no
attention was called TO the error In
recent report of the Secretary or the
Treasury referred TO in the work on Inc
Monetary Systems OF the World from
which Mr. Williams quotes, the amount
is stated as something more than S4lv'-
900 go. instead OF 100000. l cannot De
exact. because | have not the BOOK De-
fore me. Thus. 1t Will be seen that, in
stead Of having coined since the demone-
tization OF silver seventy-two times as
much as we did before. statement maze
by the chart Of j. J.. Williams & CO..
we have coined, and hold In bullion only
a little more than four times as much.
The silver in the Treasury at Wash
ington. referred to by Mr.. Williams 10
nearly all held for the redemption OF sill
yer certificates issued and outstanding
against n. The amount. about SOMEHOW,
seems to Mr.. Williams unlimited
when we remember that the government
has undertaken to redeem II all in
gold but the amount is really insiSnih-
cant when compared with all OF the
other obligations which the government
has undertaken to pay in that metal.
The debt of the United States alone IS
more than $500 10000. and. In addition
to this. if we adhere to the gold stand
ard. all State debts all municipal and
private corporation debts, and all debts
of private persons must also be paid In
gold. upon demand. What does Mr..
Williams think OF such an undertaking
when we have only about seventy million
in gold with which to meet these
obligations, and that borrowed?
Mr.. Williams says the government has
been compelled to redeem its silver with
gold in order 10 maintain tine parity"
and don't blame him for putting the
words in quotation; but If those who
favor the gold standard are correct in
their valuations the result proves that
the effort To maintain parity has been
dismal failure. Instead Of giving US two
dollars OF the same value 1t has given
US one worth only IS cents and the
other worth 100 cents" l would like u
ask those gentlemen who favor the gold
standard II the time has not~arrived. in
their opinion. to abandon at least this
parity? If their estimates of value are
correct the silver and gold dollar are
getting farther and farther apart
Now word as to the Latin Union
from whose experience Mr.. Williams
draws so many lessons. If he will refer
to the work on the Monetary Systems
OF the World" from which he quotes in
his letter OF this morning. he will learn
as ! have stated In a former communi-
cation, that France has repeatedly been
urged to withdraw from the union aud
demand the redemption in gold OF the
silver coin Of other nations held by
France, but she has persistently declined
70 do So proving conclusively that Franc,
IL perfectly satisfied with the situation
II is true that France has refused TO
become the first to reopen her minis 70
the free coinage of silver, but she has
always been willing to do so II the
United states would take the lead The
United States demonetized silver in the
winter OF 1873. Germany followed in the
summer Of the same year. England had
taken the step as far back as 1916. Tn
der these circumstances the French dee
gates to the Brussels conference. in reply
TO proposal from the United States
that France should reopen her minis.
said: THE United States was the first to
close It's minis To the coinage of silver
You should be the first TO open them
You take the lead and We will follow"
But IL seems we can do nothing
without the consent Of England. ald the
proposition OF France was rejected
There is one very impressive lesson
drawn from our own experience to
which | would like to call the attention
Of Mr.. Williams and every reader Of the
Dispatch in Virginia. The Atlanta Con-
stitution has prepared a statement Of
property valuations In forty-three states
If the Union for the years 1893 and 1884,
In every case the figures are official and
thoroughly reliable. as we are informed
by the Constitution. or these fOrty-three
States only twelve show an increase of
values in 1894 over 1898. The remaining
thirty-one show an almost uniform de-
crease the aggregate OF which Is more
than S00OD0,o00. The total increase OF
values in the twelve States mentioned is
nearly $S3S000,0O0 OF this enormous
amount Of increase more than S235 00o.0Cc
occurs in the State of New York. Nearly
the whole of the remainder occurs In the
two Statee-Pennsylvania and Massachu,
setta. Thus II will be seen that in one
year, under the gold standard. the South
and West have lost In property values
nearly 900 10000. while the three States
New York. Pennsylvania and Massachu-
setts-have gained in property values
about $500 0O0.000. Why go TO the Latin
Union when such a lesson Is taught us
by our own experience?
Respectfully,
CHARLES r. LATHAM