The times. [volume] (Richmond, Va.) 1890-1903, 1895-08-25

| Whether ne Kept n-s "oIu W nv NV.
| Now there has been 80 inucn sophlstry
| In the discussion OF the silver question: i
| think 1t would be weil 10 state IN d nc"
! plain words just what the term srhpnes'
free coinage means that silver-mine-
| owner may Jake all MS uhcoineu SIN,
| which is called silver oulilon. TO a mint
| OF the United state and have 1t made or
\ coined into silver dollars. eacn, at tne
| ratio Of 10 to- i. containing Oh II sia"'
| OF pure silver, troy weight
! Whose money is 1t when II Is co.n@a.
| Does II belong to the people or sose.n-
| ment? No. IL = the money OF the saivei-
| mi2e owuer. now does IL get INTO vheu-
| lation? BY the silver nine-o"neT pay
| ing IL out To whom doee he pay IL! 10
| those only who have something 10 saNs
Inn in exchange for it. lie does hoe
/ put it ia circulation Tor nothing, no.
| give IL free 10 those VINO are nevly' "a
| debt. or out of employment. Does IL not
follow. then, that the silver m.hc-o"heIS
ana stockholders would be the great peii-
eficiaries in the event Oh Tree colhds''
| and that free coinage without ihtcfHd-
| tonal agreement would only nave the
| effect OF enrlch-ng that class Dy "Ilf
ing out OF circulation all NE sViH n.1
| issuing TO them as many s-iger uo li'.i5
/ as their bullion wouli MAKE, tho~sH 49,
| silver dollar piece Wogld only Dc worm
| 80 cents in gold? Would not the govern
ment have as much right TO stamp al
| eight-ounce- weight pound as 10 stamp
a o0-cent silver-piece dollar! Nheie ID
| tho difference in principle! IT,,
Free coinage, of course means unhIii-
| tied coinage, 50 that under II the mum
| Der OF silver dollars would cohIhGe "
! increase from tine 10 time, AM only De
! limited By the capacity OF the mines, not
| only of this but of every other couh-
| try to furnish silver bullion, ana, as tne
| volume OF silver money would grow tnc
| value OF silver would fall, and the pur-
| chasing power OF a silver dollar uecIedse'
until inally, there would be such a re-
dundant currency, IKE Iohlo'i p.', az
money, that silver WOULD De aiihose
worthless here, and OF course Absolute
| ~ 50 abroad. ,e.o
| only $4,000 Of silver was produced III
J the Unitel States IN 1870 the production
| had Increased 10 100000, N 1871 10 {So,-
$4,000. aud in 1882, 10 S2,lOl,Vv. but
| there has been no corresponding increase
of gold, but decrease, the isuIe9 %, De
| ing 100000 in 1850; $lO,uo,OVJ IN lstV'
S36OOogO in 1850, and SS3,vovO IN 1917.
| Much has been said N Remuneration OF
! the hanks. II Is a faV0rlte cry OF lnS
dcmagogue that the banks are dens OF
There is not one OF these dema-
! eoeues who would not, N he could, holu
stock in "A bank and there Is no LOCALITY
| without a bank that would not IKE 10
| Banking Institutions are the landmarks
| of a country's progress. without them
this country would lapse into -ts pilil-
| tive state They build up a community
|
sustain the deserving During the lale
| financial panic the banks OF virginia
! saved the industries Of the state from
| ruin, and tens OF thousands OF business
men from failure; they Kept the hres OF
! the furnaces burning, the mouths OF the
mines open, and the wheels Of the fac
\ tories running, thereby giving employ
| ment to a multitude OF labOrins-mell,
| whereby they were enabled TO earn a
| support for their families Win every
| opportunity 10 Cypress and pile up riches,
! the banks resisted the temptation 90
! make money at the expense OF tho peO-
PIES woes and not In single instance,
| so far as ! have heard, did they use their
power wrongfully or oppressiveiy.
! have mover owned share OF bank
| stock I'm my life, and have no interest
| directly or Indirectly in any bank, and l
! can. therefore, express myself from
| disintereste1 standpoint. And what l
| say Is in vindication of the banks,
! against the cOmmun-Stic ana pOpuAsuc
| charges that are rumg i'm every political
campaign, and to lead up to what Will
| now follow.
WOULD NOT HARM THE BANKERS.
popular argument in favor Of free
| coinage of silver, nolens volens, IS the
statement that the banks are opposed 10
it-thp banks are against the people
therefore they oppose It; free coinage
| because the banks do not favor II. Let
us test the strength Of this argument.
If there is any class whom free coinage
! without international agreement wo al
not harm IL is the bankers Why Be-
cause they could, in anticipation or fIce
coinage call in all their loans. Which
are always on short time. ana require
payment in sound money. and them
when free coinage comes, pay ther de-
pOsitOrs I'm deprecated silver ana Close
out and pay stockholders in sound money
or they could take their sound money
sud with il buy silver ana continue BUS
shows the fallacy Of the argument. ana
speaks volumes for the patriotism ana u
deity 20 the best interests OF the people
of the bankers. who for opposing unlimlt-
ed ard independent free coinage by this
country in the interest Of q sound ana
stable currency. are being so roundiy
abused and denounced as gold bugs "a
term intended TO be Opprobrous.
Suppose a bank is engaged in business
on a capital OF $1,000 in gold, and that
upon this IL makes per cent or So,"o an
nually. Free coinage comes, ana tuc
bank having called in its loans, takes us
10000 IN gold and with II buy <zD,Wv
i'm silver and loans IL. What VIII be JUS
income? Twelve thousand dollars ahiiu-
ally 1t is true this $1,000 VIII be IN Ie-
prcciated silver, but unless silver iaiiss
below 30 cents II will be worth So.wJ
in gold and the bank Is not injured
Bu. raising on let AS sec how trouble
sose, inconvenient, and unwieldy would
be a silver currency. r. -. o,,4
What is the relative weight OF gold ana
silver dollars at ratio of 10 70 1?
one hundl ed thousand dollars IN Eoln
ccin weighs SGS II pounds, and Ills a
comparatively small space; $1,000 IN
standard silver weighs S.H2 40 POUNDS, or
nearly three tons ana hecessatliE IT,
quires much room. How cumbersome
would be this immense bulk and weight
of silver Yet II required 10 keep its sill
yer reserve in its vaults. bank doing
reasonably large business would De CONF
pelled TO store away this enormous pile.
With no gold little paper money, ana
its vaults filled with silver, suppose
check is presented at a bank Dy laI-
rner. cattle dealer. or trader Tor #sp ne
must take payment in silver weighing
about thirty pounds. Wen wouid ne uil,
derstand The term "silvcrret" used
in commercial circles when required 10
mack his silver dollars away I'm pair OF
saddle pockets 10 his home. or on puI-
chasing or trading trip. and nOther MS
brain how TO take care or Il ana save
h from thieves and robbers. ] imagine nc
would wish TO return speedily 10 the Oh
system. when he could draw paper money
or two pounds OF gold instead or tnlIy
mounds of silver on his 500 cheek. HOW
long would a man enjoy carrying Slvo III
silver weighing six pounds. IN ms POCKET
one thing more. The Indebtedness Ga
the United States rs large the annual
interest upon her bonds heavy. she is
rledQed TO pay in sound money. she can
only raise money by customs duties ana
internal revenue taxes. principally ny
the former. With silver-mOnometallism
ali her revenues would be paid In silver,
The cheaper money. How could she get
sound money with which to keep faith
with her creditors? by going To sold-
standard countries and purchasing sold.