Pine Bluff daily graphic., 1895-12-08
SOUND MONEY.
Some Questions and Answers Coneerning
 the Curroncy.

money in the world.
 0. | have seen money defined as Nany ! thing that circulates freely and custom
 niily between man and man in exchange
 for services and merchandise. Wouldn't
 that make silver sound money?
 A. It would if silver would circulate
 freely. but that is the trouble. If you will consider moment you will see that confidence in being able continu- ously to pass silver as money would be a condition precedent to accepting sil- yer as money, and that confidence must be worldwide in order to make sound money. Right here let me say that sound currency. with a real and not . fictitious purchasing power, is more necessary for the happiness of the farmer and the wage-earner, since traders, capitalists and speculators get quicker information of fluctuations and can shape their business accordingly with greater facility.
 c. Wouldn't free coinage of silver help the mine-owner and the man in debt?
 A. Temporarily. After the panic al- ready alluded to and before silver was down to it's bullion value, it would help the mine-owner. But if afterwards 1t depreeiated the value of the dollar then it would not help the mine-owner, and the man in debt would have failed be- fore the panic resulting from sixteen to one victory was over. It is perfectly plain that if free coinage of silver raises the value of silver, it cannot at the same time raise the value of property; and if it depreciates the value of the dollar, that means a period of financial anarchy and long period of depression. Take either horn of the silver question and it only does our country harm.
 Q. Do you really mean, from the stat isties you give, that England has more cash and credit circulation per capita than any other nation on the globe?
 A 1t is the truth.
 0. We'll, suppose congress should meet and pass law absolutely giving free to every man, woman and child in the country $1ooin greenbacks, wouldn't that give us more than England?
 A. Oh, yes, that, added to what we have now, would give the country a cash and credit circulation of about $14,- 900 ,000 ,0o0, and suppose you think that would be good thing for the country :? o. It would look so, though only $100 for each one of us doesn't amount to so very much.
 4. That is just it; s1oo for each one of us isn't so very much property; but put that much money in circulation and your money will go down hill in value, | something like the confederate money 1 did toward the close of the war.
 0. How is that2
 A. Your questions only show that you, like most people, are not familiar with the science of money. Money in itself is intrinsically worth little or nothing, except the value of the gold and silver, which their use in the arts or as jewelry would give. The tota
 business of all the clearing house banks
 of the country is not over $50, 0,000, ,000,0o
 a year. With nearly $9,000,000,o00 oi
 actual cash currency circulation. a:
 you propose, currency would become sC
 redundant that the same condition O
 affairs would be brought about as hap
 pened in the Argentine Republic. Al
 we need is sufficient cash and credi
 money to enable us to get what we wan
 without actually bartering. For in
 stance, l have some merchandise farm
 CT wants, and he has cotton 0 eottol
 dealer wants, which cotton the manu facturer wants from whom 1 get m.
 merchandise. Money enables us each t make an exchange without making triangular barter, as would have beer the case in olden days, before currency
 checks, drafts and due bills were in vented If the country has more cur
 rency than is needed to enable us to et feet exchanges, our desire for currenc, f will diminish as it grows more plentiful and so more difficult to part with in ex 7 change for real values. That woul, 1 bring us to just such condition as ex , isted recently in the Argentine Repub , lie, period of imitation, of cheap none, and high property, of much money fo l which there was no corresponding need t and desire on the part of the holder
 of the surplus currency to put it in som } investments that would return divi dend, as no one can make anything ou of currency just by locking it up in safe and keeping it there. After awhil 5 everyone was trying to get rid of hi s currency for property, and stamped } set in which caused the collapse of tn , Argentine Republic and more miser, 7 all over the world than any similar pani in the worlds history. They are gradu
 ally getting back some of their credit 3 but one of our paper dollars to-day vii : buy as much in their own country a . four of theirs.
 t 0. You believe, then, our condition g would be better if our credit was un 3 questioned?
 2 A. Yes; kill the silver question ah solutely, and our country will rise ol the advancing wave of prosperity an, l become the richest and most powerful : nation in the world.-Sound Currency , One on a Silver senator. Senator Stewart was a day or two az the victim of an amusing praetica
 joke. The patriarchal champion of siI yer went into Page's cafe and ha : luncheon. When the waiter presente 3l,x a1,aalx r,,. en .a,,4, C,,. +<& e. o,,,.,, |,