The times. [volume] (Richmond, Va.) 1890-1903, 1895-04-05
MAJOR LEE ON THE HONEY SUPPLY


Major Baker +. Lee has written the
Richmond Dispatch letter urging the
recoinage OF silver. which Is liable 10
affect opinion in this State, and we feel
called on therefore, TO point out what
are. in our Judgment. misleading sus-
gestions in it,
Major Lcsf says that the advocates Oh
free coinage seek an expansion oil the
.s,,,s,ent money. The supply OF H. ne
~>paSs.' is not sunlcient Tor the needs OF the
people in the country. But we would
ike for Major Lee TO point out the way
by which he expects the countryman TO
get more money for his uses than he
can get now even if the supply were
ten times what it is. There Is no
scarcity of money. The vaults of the
banks at all the commercial centres are
bursting with 1t. II there were more
of IT. the addition would 20 to the vaults
of the same banks just as certainly as
the present supply has gone there.
Adding to the quantity of the money,
therefore will not give the country man
any. II must go under the control OF
men who will let him have it for him
to get any of it. 1t now goes on de-
post in the national banks at the com
rnercial centres. These do not know the
countryman, and will not therefore, lend
MIN any OF It. and that is Why he can
get none. But exactly the same thing
would happen II the supply was ten
times as great as It is. The country
man will never get any of It until he
can open his local banks, whose managers
know him. and will allow him such ac-
commodatiOns as his means and his
character entite him TO.
MAJOR Lee cannot possibly be willing
to have this Government coin and cir
culate hundreds Of millions Of silver coi1s
named by 4 dollars. and made legal ten
der by IL IN payment OF debts due In
dollars. when the same coins are really
worth nfty cents each only. Net he
must mean this. or he must believe that
the stamping Of them as dollars will real
~ change their yalGe from half-dollars
TO dollars IL ne believes this, we fear
argument viii have no influence on him.
We refer TO his opinion only TO warn
people who have not thought over the
matter. OF the danger Of adopting his
View.
We met recently with this curious
statement IN the Cincinnati Commercial
Gazette a Cincinnati jeweller said:
"a man came into my store TO buy
dozen solid silver spoons. When he came
TO pay for Them. he picked out from
capacious pocket bag. and said i am
going to Pay you in silver He pro-
cceded 10 count out silver dollars, and
he counted out enough TO pay for his
purchase. He remarked. i have gwen
you more silver than you have given
me- said the merchant, am not sure
about that Let's see; here is pair OF
scales. SO We weighed the silver. and,
Iol the extra bullion In the spoons weigh
ed so much more than the bullion in the
dollars that the market valuation OF the
silver spoons was over the market value
OF the silver in the silver dollars just
SEQ. All the labor on the spoons was
thus counted for nothing, and. besides, ]
received less silver than | gave
Now while the number Of silver dol
lars Is no more than wha; the Govern
mcnt can receive in payment of its revc-
nues. they can be kept up to the value
o. gold dollars by its receiving them
always as gold dollars. But II they were
20 become so numerous that the Govern
ment was unable 10 receive them all In
payment OF irs dues and they had 10
stand upon their own merits. does any
man believe they would continue 10 be
any man believe that jeweller would have
becn willing TO lose all his work on the
spoons and 0.$ besides in that ex-
changer The idea Is preposterous.
Major Lee says: when. for the first