Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-05-28

4 yer. II being the policy or England 70
| chsapen American silver In order that
her profit on It when sent to the East
may be greater.
The Director OF the Mint avows that
these quotations are OF sales in London
Does he not know that there silver IL
demonetized. and that II sells there or
necessity below It's money yalue7 Why
did he not give the quotations of Ameri-
can saies? How pitiably true Is II that
our Treasury Department IL little else
| than a provincial bureau OF the Bank or
England, more absolutely dominated by
II than the British Exchequer Itself.
Our Treasury officers do their work and
make up their reports under the infatuet-
Ing spell OF the Baslisk Of the Thames.
whose gaze transfixes them and para
Lies every sentiment of manly Ameri-
canism in their natures.
IL the same page of the mint report
from which the foregoing ratios have
been copied be consulted Il Will be seen
that for III years before the beginning
Of the present century silver was more
valuable than gold, even measured by
the European ratio OF Is IL to /. except in
four years-that Is to say. was more valu-
able In 40 years out OF ia, even In sales
in London.
These tables teach, however, that
throughout the period OF nearly two CEN
/
/ relative value between the two metals
were so inconsiderable and trivial as TO
have been OF no material Importance
They were practically the same. and they
| illustrate the truth Of Sir Roderick Muir
chison's remark, that nature furnishes the
two metals In such relative quantities as
IA establish and maintain the ratio OF
| Is or l6 TO ] en- permaneBce.
This steadiness of relative value, as
shown by the figures that have been given.
are marvellous. No intelligent mind. no
can fail TO feel that any arbi-
trary and artificial disturbance OF
this ratio would be revolutionary, alb.
| normal. and In its consequences pefni-
cious, II not in it's spirit impions. Have
we not already experienced very bale
ful results from the blunder AMI crime
OF bib. when Germany end the United
States surrendered their financial nde-
| pendence TO England? Why should Eng
land be permitted 10 enter into confer
ence held In the interest OF silver which
she refuses to respect as money and which
| she has plotted against for eighty years?
NATURE SCORNS TO HELY THOSE
WHO REJECT HER GIFTS.
For nothing can be more destructive 10
| the congratulated ratio between the
values OF the two metals that has been
| described than the characterization Of one
| OF them. In order that either shall retain
its value relatively to the other II must
be in full and untrammelied use as
| money. In order 10 he money IL must
possess two requistes--it must be legal
tender by fiat OF the municipal law. and Il
must enjoy the privilege In the public
| minis of being converted into coins in the
manner prescribed by law II denied
| either OF these privileges. either OF the
precious metals, except so much OF II as
| consists Of coins already minted and al
| ready enjoying the function OF legal ten
der ceases 10 hold its money value, ard
becomes a mere commodity Of the mar
ket.
Nature establishes the ratio q parity
between gold and silver only as money.
II ceases 20 perform this Office when,
| with sacrilegious hand. the mnions Of
| Mammon degrade either OF the metals
| into merchandise. AS long as either Is
| upheld as money by municipal law, nature
| establishes their relative values automati-
| cally. II is true that the ratio OF nature
varies slightly with varying times. cir
cumstances, and conditions, and that this
| tendency 10 inconsiderablc variations
needs to be steadied by artificial laws OF
| legal tender and coinage. But these laws
act simply as the balance wheel acts In
| regulating the movement Of machinery
they fix and hold steady the ratio which
nature, by her own great laws. has al
ready established. There can be no inter-
| national conference competent to fix a
ratio for the two money metals which
shall not have nature and natures God
as constituent members Of II, and | am
inclined TO believe that these two hnan-
ciers can establish a firm and sound ratio
better without the aid OF Gentle and
Jew conferrees than with It.
SILVER A soUNDER AND STEADIER
MONEY.
If experience and history establish any
truth in finance it is that silver. so long
as It Is used and maintained as money.
is Of more steady and certain value than
gold. Systems of finance based on gold
are VIGOROUSLY panicky. Those based on
silver are subject TO comparatively few
and slight perturbatlons. Those based
on both moneys are as steady as the
| North Star.
They have gold monome tallism In the
| country which Is now the financial sover-
eign Of the United States. For full two
generations England has been conspicu-
Gus for the frequency and violence of its
commercial. banking. and monetary
pancs. The rate OF interest of the
Bank OF England is a financial barometer,
whose changes indicate with infallibe
the money market OF London. This rate
was changed no less than 223 times In
the twenty-seven years beginning with
1871, and the range OF rates was from
2 IL to 10 per cent. The monometallic
gold standard was adopted In 1916. and In
the l22 years preceding that event there
were only sixtee2 changes and the rate
of interest nevea fell below nor rose
above per cent. The late Mr.. Jevons
lit.
highest authority. in his volume on money
predicted in 1915 that the sensitiveness of
the money market would increase under
the present system of England, and de-
clared IL probable that commercial crises
| would from time 10 time recur, even
exceeding in their violence and disastrous
consequences those whose history we
know too well. The prediction has been
abundantly fulfilled. Mr.. Giften. the
militant monometallist," says in an arti-
Gle in the Contemporary Review: 1.-THE
course of the money market since 1871
| when the German Government began 10
draw gold from London. has been full
of stringencles The crises of 1873 and
1875 were. no doubt. prec.pitated by them
and since 1876, in almost every year ex-
cept 1879 and 1880. there has been a strin-
| gency OF greater or less verify. directly
traceable to or aggravated by the extra.
ordinary demands for gold and the diff
Guilty Of supplying them"
Compare the Bank Of England with the
Bank Of France. The latter often has tc
help the latter out OF trouble. the case Il
never vice versa. The one redeems IN
gold only; the other in gold or silver
at its own pleasure. No run Is ever made
on the Bank Of France. The Bank OF
England changes its rate Of interest e
prevent runs. hguratively speaking. with
J every moon.
The reason OF the stability OF silver is
that il is the money of the people OF th'
world, current everywhere, within tn
reach of poor and rich, in the pockets o
the high and the low. never boarded
never vaulted. never hid out of sight. y
the fifteen hundred and fifty millions o
people in the world, twelve hundred mil
lions, or four fifths. use silver alone
and only two hundred and eighty million
use both gold and silver. the rest havin
no money at all How is II possible for
substance which is the only money o
twelve hundred millions of people, VIII
never have enough OF II, ever 10 be yarl
ant and tickle in value? A few nation
in Europe and great English dependen
cy in America may demonetize siive
wholly or partially. and thereby destro
or diminish its value In their specia
localities hut in the rest OF the WOrl