The times. [volume] (Richmond, Va.) 1890-1903, 1895-06-19
WHAT WILL BE THEIR NEXT PLEA?

When Lord Melbourne was Prime Min
lister Of England it was determined at
a Cabinet meeting that the sliding scale
on wheat should be abolished and
fixed duty should be imposed upon It,
As the Cabinet was about breaking up
the Prime Minister shut the DOOR ana
placing his back against it, said: Now
before we go. we must agree on what we
are all going TO say, as to whether II
will cheaper the quartorr loaf or viii
not cheaper 1t. 1t does not matter IN
the least which we say, but it does mat
r that we should all say the same
ling"
The free coiners have thoroughly caught
the spirit Of Lord Melbourne's philoso-
ply II Is not a matter Of the smallest
moment TO them what they advocate
but whatever they advocate, all Of them
advocate 1t alike.
They started their clamor with the
claim that prices were at their best IN
1873. Then was pcrpeirated the
''crlme" Of that year. by striking down
silver as a money metal" and that money
became thereby so scarce that prices fell
10 the lowest point ever known.
Now, these people had no particular rea-
son for putting their clamor into this
esqecial form. but they made it that way
and then, mindful OF Lord Melbourne's
theory. all of them said the same thing
But by degrees the intelligent people
OF the country pressed so earnestly on
public attention the fact that in 1913
there was no metallic money at all, ana
that all the paper money together then
was only about s7oo.@o.0o1. while now We
have. of all kinds of money and currency
nearly two thousand millions of dollars,
that they have been forced to abandon
that position and take up new one
They were altogether Indifferent as TO
what the new position should be. but they
remained mindful OF the necessity of
all of them saying the same thing, and
they are all duly repeating what some
one OF them started. Their cry is now
that the amount of what they call ''pri-
mary or redemption money" Is short.
1t is hard to say what a free coiner
limits primary or nnai redemption
money" to- He claims that the Govern
ment can place Its stamp on fifty cents
worth of silver. and presto. change! 1t
is one dollar. This Is the EXTREMIST as
serton of fiat money. If the Govern
ment can do this with nifty cents worth
of silver. we do not see why il cannot
do II with paper. and paper will, there
fore. suit their purposes as primary or
redemption money" as well as silver. We
do not See therefore. why they conhne
their clamor to silver.
But how senseless the claim Is. even as
made. The free coiners always talk of
the money OF the world having been cut
In two by the "crime OF 1873" and one
half OF II stricken down as money. But
when silver was demonetized. as they
enormously say. not one dollar OF silver
was deprived OF its character Of money.
The civilized nations simply resolved that
they would coin no more silver but they
left all the silver then in existence as
the same money with the same legal
tender power that IT before had. and the
United States has since then added
some I'VE hundred millions OF dollars OF
silver to the stock. Germany 1t is true
has melted up some sl5o.Ooocoo Of her
silver coin and sold IT as bullion. but
Che addition made by the United States
makes a clear increase OF $3.50. 10000. In
addition. the world has added since 1873
mere than S5OoOoo.coo of gold to its
money. There has. therefore. been add
ed to the metallic money OF the world
since 1873 nearly or quite 5000. 100000. is
81 possible TO say that the primary or
redemption money has failed TO keep
pace with the increase Of population
since 1873?
We may soon expect the free coiners 10
give up this proposition ana take an
other. What IL viii be. none OF them
know and none care. But We may rest
assured that all will say the same thing.