The times. [volume] (Richmond, Va.) 1890-1903, 1895-07-24


values was only five per cent - nm
prepostcrous TO claim that Tree Az Tho
limited coinage now VIII so lnOi '.,,.,, a.
value OF silver when the discreP"h'' "
fifty per cent ..,.,fon
IL cannot be claimed that the legisiatl p,il
by the United States in 30 - liver
affected the commercial Eaiue -. "a
Tor since that time We nave t,,.'e,,,,,rv
81 market for S50J.rsy.oeo or ave. =
much more. m proportion 10 Vut l,i o,,r
ing commerce, fhan went 1hiour's nm
II ints during the days OF iree """ o
limited coinage OF silver. -. aasilv
Tie fall In the price OF shNer S aa nro-
be accounted FOR In 1873 the "ciIp -
duct of silver. at coinage Na .llo,.o IN
100000: in 1892 II was Slh, i9v::wsS,' 81
1898. 500 5000. and I'm lS3, s-ii'ioi,v'l.,
This enormous Increase IN t'e ~, tb,t
OF silver took place despite the ~
silver had fallen IN value my per V'ai'.,
lie value o. SILVER bullion mas ~, 49,
since 1913 on account OF the .es1Sl,0' No.
OF production. on account Of me a.
nous increase Ia producuon' snN ""
count or the decreased demand.
usiLe,s ID rxpiRmtNr
nnt II "a urged that the United states
should try the experiment, az " ,h,.
failed. then % abandon il or cht'ne
ratio. The facts stated SHOW conc -,
ly IN advance that 10 must lali ~
the value OF il-i1 grams ot sliNe. i-' -
United States from nifty 70 one Au4N ~,
cents in would be necessary 10 nit the
value of all the silver IN the WoIid - -. -
same extent lees the cost or tIaispoii ~,
IL 20 the United states. lna' p,,-
to-day coined is 500, ,OJ.Wo 1T the ""i
den were onlv To raise the commercial
value OF the coined silver IN thoSe N,5s
tries where IL has dropped 70 nu ~,
value. the undertaking would 81, i.ili ~.
clearly impossible. India mas $2'.Ve,y,,9.t
China, 500 ,,0.u1. Japan, N2,vN,"lv' M 10
90. 100000. South American states 49,
NSOf. A total of 81 .s52upv" IS u.s.
these countries alone. This silver lnoT ~.
coined. circuates only at us puillon 49,
In addition 10 this. If the SILVER n ,,..sr
can afford 20 continue increaslHs III.
PRODUCTION as they have from SSl'vVV,VVy ~,
1873 10 >2lA4sl. go In 1884, on MAJ NJ
which has fallen 80 per cent, MA N3 49,
they produce on a market when nav IL az
100 per cent? The volume 20 os idls't it
value extends 10 the earth deposl'S' "'
we'll 80 10 that heretofore mined. -
We were unable 10 keep the Naiuc oi
silver Up 10 gold under the tfee-co'l ,,,5,
act Of llyl We were unaple ~ - =, a.
~ 10 silver under tho frse-coinAR NC. y.
1874. France and her associates IA ~
Latin Union found themselves uha Sl -, ~
keep silver up 10 gold In -o'i- INC la an, -
of these practical tests, under iaI III ~
favorable circumstances thf n those OF IN
resent. demonstrates how ridlcui'"S %
the claim OF the silver advocates
These facts. fairly considered ny ~. ~
one. viii bring the conclusion AiAl 49,
coinage Az 10 10 I LltAl.' tAA' ~
tCin but silver. means new atdlt''. .
of measure equal In value 10 the ple9en..
commercial value OF the bullion nov ~.
into a silver dollar. means new "y,'. a.
worth only approximately halt as ihuct' a.. a
the present dollar, and the measure "a ~
values hy his new staniifd A.. Of
The Immediate effect OF the election on
a President committed 10 such P'l'rs
We uld be the separation of The GOA anu
oliver dollar the gold dollar 6NiN5 ~
.FrIf Hf I'm If alb.
GgK,I BUSINESS DISASTER.
We would lose AZ once sS7s 100000 OF gold
row In circulation ana m llt lie'. .,,..
Tire greeubacks and treasury H"l,.f
S575.0oJ.rD. which would stu remain out-
standing. would be hOardeN IN the not
would Doe soon repealed. This would ltHe
place Immediately after the eletulh OF
President in November. 1880. ana Ni'pANl,
even after the nomination py cl'l1'
the great parties or free sllNrI f.,-.- .,
date. During the six months or fivi
before IL would be possible 10 pass Ice
silver legislation, the contraction pl Wy
currency lust described would precipltai >
the most serious consequences iu'7e
owning gOlu ODligaf-.Ons NoulA put
strain uDon the remaining silver currency
and bank notes. TO buy gOid 10 meet tith
gold DBL cations. The currency, t"naia.-
ing of checks and bills OF cNcnahkt
amounting 10 81 per cent. OF our chllle
currency. would 10 out Of use in conse-
Qucuce Of the loss OF cuuai-n az"
credit and the result would De iue WIN
amounting 10 % per cent. or our enult
currency. and the pdralys is or Du7lite
would Immediately follow. Banks wouli
he railcd hy their depOstOrs. CREDITORS
would seek to enforce their DEBTS ntloie
the reaction of the standard 70 lne ~
Yer basis No extension OF d"pts WouiH
ha given 10 ANYBODY. except where male
uayable in gold at Increased rates OF III
ierest Long time debts are tn gold. Inc
amount 90 be paid or them Moun ny
D.. reduced Indebt edless not phAduie
I'M sold would be- collected at once. on the
property owned by debtors taken from
Them Merchants would fan, manultc-
tories close. WOrkmen be idlei iafm pro,
ducts without market, ana poverty anu
distress Dee found on all sides.
do not believe that President Woui't
ever approve such legislation, III electei
uron "A platform with ConBre.s pieh go
a. BASS IT, The caldmltOus eutcls loi-
lnN rp such an election would bring 10
them the prayers Of the very men VINO
elected them. appealing for the defeat OF
such legislation. But II such law slouN4
pass b. would not De untl the ldtlr.
hart OF 1880. Then general adjustment
fo The new standard would De htfiN7 o.
sary Prices being temporarily reduced
on account OF the panic, 10 Wonl n.
1ofrf months before the actual erect
could be- told and the real value. AZ .
grains of silver. determined. during iNi9
time business would siagnate ON account
Of The uncertainty as 10 what was lHr
real SIZE of the new measure-tnc new
standard of value. This trouble wouiH
more or Jess affect business permanently
because the commercial value OF silver
bullion has become uncertain, has ceaStu
20 be stationary. on account or the ie"
countries now using 10 as "a standard
money. and ON account or The uncertainty
as % tine value of It's probable reduction.
so PRACTICAL b NEFrs.
40 practical benefits can Doe pointed
ont AS a consequence of the legislation.
1be only possible benefit would be- from a
limited increase In the value of silver
bullion. which would go into the pockets
of the great silVcr-mine Owners-the men
Who really are backing an this great
naffaf l4 .IO ..ii.. ..u. t0 ~ its sineW-
In concluding. ne said. The pct1"a
is not oeidraWn. When 1 con emrlttc g.
there is but one source of comfort, q is
Am abiding confidence that. with tHeife
! months of full, free discussion. the Amfri-
can people can be relied upon 90 over
! whelmingly defeat any party which pro-
noses 90 bring such disasters Upon us.
Instead of free silver 40 10 20 J. which
/ means silver mOnOmetalllsm a cOnttdc-
/ ton of the currency and a temporary and
/ nermaucut injury 10 business viii b had
/ haeu described. the Secretary urged tnt
/ necessity Tor "A sound currency. cOu fst-
! ing Of gold. silver. and paper but every
/ dollar kept as GOOD as any other a"ilar.
/ This would allow the coinage OF All silver
/ WATCH could be held al an equal tx.
| changeable value with gold. This would
| allow the imprOt cment Of our BANKING
/ system even 10 the extent Of repeating
J ne lax upon State banks under well
/ rrepared Drovis' Ons, regulating the issue
/ Of notes and giving safety 70 the bill