Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-08-25


yer. monometallic country. The value
Of real estate would change almost with
the moon. and as frequently as The
changes in the market-vdlue o: silver
Uncertainty and instability would attach
to everything. and all values would
be speculative. Under such conditions there
could be no substantial progress. The Sill
yer raine-owrers ard stockholders could
initiate or depress the prices OF the farm
ers' products. and speculate 10 their
hearts content upon his labor
Would wages increase CORE sDondingly
with the cost Of living? Those OF US who
passed through the war Will remeber that,
while the price Of every commo-
dlty increased rs Confederate money
deprecated. there was 10 corresponding
increase Of the lab0ring-man's wag =,
ard that he was put Of from time %
time with the assurance that conditions
would improve; bat these promises were
never fulfilled though he continued %
hope. even when & cost him a days Ia
Dor 10 buy a pound Of coffee. VITA q
deprecated and uncertain dollar tn Ia
boring-man could make no permanent
contract; he could enter into no engage
ment for the future, for he would not
be able 10 fs any price for his labor
Double prices in nfty-cent dollars would
present prices in cne-hurdred-cent dol
lars. Double prices Of the necessaries Of
living for himself and family would mean
injury TO the laboring-man. whose wages
would not be doubled.
NEXT TO LIBERTY.
! II there IS anything IN connection with
| government next 70 liberty itself in
| which the farmer and wageearner are
| most interested. Il IS IN an unauctuating
| market. steady wages. and sound money;
! for when markets arc unsteady, wages
! unsettled. ond money unsouul they be-
come the prey Of Spectators ana sharp
| traders, who watch the trend Of affairs
and study the chances while the farmer
is following his plow or tho wage-earner
| doing his task.
Has the depression In agriculture for
| several years past been caused, as repre-
scented by free coinage advocates. by the
| depreciation Of the value Of silver? This
| TO my mind. Is one OF the most unteuabie
| pos .tlOns taken by these advocates. As
| unreasonable as Il would be. they could
| with more propriety contend that the low
| price Of iron has depressed farm pro-
| ducts But proof OF the utter fallacy O.
| their contention Is found IN the fact that
| while silver Ia now lower In price than II
| has ever been before, wheat, cattle, sheep
/ hogs. and even horses are rising IN ths
scale Of prices. Here Is a self-ey!dent
| visible answer 10 this argument in fevO!
| Of free cOnag2-d plain. iridisputabie fact
| worth more than all the assertions that
can be made or theory that can be ad
vanced II tho low price of silver has
! in the past reduced the price Of farm pro-
duets. why Is IL that the low price OF sill
YER does not still hold farm products
| down? Silver dollars have had the same
purchasing power as gold under existins
laws and therefore the value OF silvel
bullion has had no effect upon the prices
of commodities: but enact an Independent
free coinage law and instantly the pur
chasing power Of every silver dollar vii
depend upon the value OF silver bullion
The silver dollar will then pass from
token to basic money. and be worth only
the value cs its bullion.
Would free coinage OF silver make none
more plentiful with us? | think not Ere
coinage in the United States, excer
through international agreement. won't
result inevitably In driving out Of oircu.a
ton sC2jcNO0D gold now In use. or mos
than one ,hlrd Of our present volume q
money. Gold would be put at a premium
and would Ia withdrawn for invesimer
elsewhere Would silver take IFS place
Not for some years ~ least Why? 10
cause six hundred and twenty-five millio
silver dollars could not be coined soonel
| The present capacity Of our minis is on
100000 annually. 80 II would requlr
more than fifteen years TO supply III
gold vacuum with silver: If the capacit
| % the Winis were doubled II would
oulre nearly eight years. What would /
the result Of tho sudden withdrawal {
more than one third OF our circulation
Financial strlngency. currency famin
commercial panic. business stagnatiol
wreck. and ruin.
WOULD LOSE MORE.
But we would lose more than the N2J
use now would drop one-half In its pu'
chasing power-another loss OF s325.coo a.
making a total OF &50.0oDncO co., 600, q
gold plus s32J. 1000 depreciation in stan
dard silver dollars equals 500 600. leaN
ing money with fun purchasing power {
only about S10oe0.0lo. as against 81 60 100
go now. or so per capita. as against s
al present IL needs no prophetic eye
see what would be the condition Of n
country under such circumstances. Ii wi
not DO 10 say that the mints would |
put 10 work al once 20 supply the los
1t would take neatly 5000 10000 In sily'
% bring our circulation back TO It's preser
purchasing power. and 10 coin this In
mense sum II would require iiity years I
the present capacity OF the mlnts, or 4
years II the capacity was Increased fl'
times, and when this was accomplished y
would have about 2.650ccO.D0 silver dollar
or two-ihirds as much silver money ;
| tb.ra 10 i'm tho whole World 1T This tim.