The times. [volume] (Richmond, Va.) 1890-1903, 1895-06-14
A SAMPLE FKEE->ILyIK SPEECH.

A more complete farrago Of nonsense
than Senator Turpie's speech on taking
the chair al the Memphis silver convention
never was spouted to 4 helpless audience.
He talked Of the legal value" of coined
money as a thing that was separate and
apart from its bullion value. a little
reflection VIII show the fallacy in this
position. For a metal 10 perform the
true part OF money, it must be some
thing which the creditor is as willing to
receive as the debtor is to part with it.
The legal-tendcr quality is given money
i that creditors may be forced TO re-
ceiye II. But where that quality Is re-
sorted TO as means for settling a trans
TO receive what he does not want says
to the debtor he viii never have an
other transaction with him. Business
between them ends, and conse1nently the
! iogal-tender money that has to depend
ucon its legal-tender quality to perform
the part OF money is discredited as soon
as It starts out Money must be a legal
tender. but that is to enable parties who
cannot agree about their rights and la
bilities 10 force settlement. The debt
or tenders what he thinks is due. II
! that is really all he owes, his obligation
is performed That is the use and the
only use Of legal tender IN money.
MIR. Turpie said that Greshams law
dld not apply to coin. What nonsense
but is 1t nonsense only? Is 1t not some
thing worse? II Mr.. Turpie has any
knowledge on the subject at all. he knows
il a0plies TO whatever is made legal ten
der by law. Greshams law (and 1t IS
universal and invariable one Is that when
two currencies both Of which are legal
tender. are put into full circulation side
by side. the cheaper will drive out the
dearer. This applies to paper curren-
cies or to metallic currencies, Indifferent
". and If Mr.. Turpie does not know 1t, he
is not fit to preside over convention OF
silver cranks. even.
Mr.. Turpie said we had no gold be-
tween 1873 and 1873, while we coined no
silver. but that as soon as We began TO
coin silver under the Bland act, IN 1885,
our stock OF gold began 20 increase
How contempti5ly disngenuous this Is!
We had neither gold nor silver between
1873 and 1873. because specie payments
were suspended. and we were on a paper
basis. But in 1873 we passed the law for
resuming specie payments, and gold be-
gan. of course, to increase. because we
made it the basis Of our money system.
OF course, we understand that the free
silverite will say-as We have heard John
W. Daniel say, in showing a silver dollar
to his audience-"This silver dollar viii
buy as much as a gold dollar and the
only objection TO the silver dollar is that
it is too hard TO get"
Now. the silver dollar in this country
and at this time. with the limit upon
the issue of such dollars. does stand at
par: but il is not because ii is in itself
worth dollar but because il is taken as
such by the Government for dues. and 1t
stands really on a similar basis TO the
copper cent. which has not the fifueth
cart OF a cents worth OF copper IN IT,
'yie silver dollar is a token coin. and not
a true dollar, and never viii be, unless
silver should nearly double in price. or
nearly double the present amount OF
metal be put in 1t.
We have no belief that either will ever
happen. The only sound and safe dol
lar that we know Of is the gold dollar
and why any man who receives wages or
salary should tolerate much less de-
mand, the payment of his wages in de-
preciated money is utterly beyond our
comprehension.