Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-09-17
VIEWS OF A GREAT HISTORIAN.
The Necessity of nm Abundance OF
Currency.

To the Editor OF the Dispatch:
Sir Archibald Alison. Baronet. ID. Z.
L.. of oxford. rector OF the University OF
Glasgow. and eminent historian. says, In
his History OF Europe from the Fan OF
Napoleon to the Accession OF Louis Ma
poleon," on page 10, Volume l.:
CAS- certainly and Inevitably as plen-
tiful harvest renders grain cheap, and
an abundant vintage wine low-priced,
does an increased supply Of the currency
whether In specie or paper. render money
cheap, as compared with the price OF
other commodities. But, as money Is
itself the standard by which the value
of everything else is measured. and which
its price is paid, this change in It's price
cannot be seen in the change In itseil,
because 1t Is the standard; II appears IN
the price Of everything else against
which IL Is bartered. III fixed measure
is applied to the figure OF growing man.
the change that takes place will appear,
not in the dimensions OF the measure
but the man. Thus, an increase in the
currency. when the numbers and transac-
lions are stationary, or nearly 50, IS
Immediately followed by rise In the
money price of all other commodities;
and a contraction OF IL is as quickly sue
ceeded by a fall in the money price or
all articles of commerce and the money
remuneration of every species OF INDUS
try.
THE first change is favorable to the
producing classes. whether in land or
manufactures, and unfavorable TO the
holders of realized capital, or nxed an
nuties the last augments the real wealth
of the moneyed and wealthy classes. ana
proportionally depresses the dealer In
commodities and persons engaged IN IN
dustrial OCCUPATIONS. But. II an increase
In the numbers and industry of man CO.
exists with a diminution in the circulate
ing medium by which their transactions
are carried on, the most serious evils
await society, and the whole relations OF
its different classes TO each other VIII
be speedily changed; and 1t Is in that
state OF things that the saying proves
true-that the rich are every day grow
ing richer, and the poor poorer.
1.-THE two greatest events that have oc-
Cured in the history OF mankind have
been directly brought about by a sue
cessful contraction and expansion OF the
circulating medium of society. The fail
Of the Roman empire, so long described,
in ignorance, TO slavery, heathenism,
and moral corruption, was in reality
brought about by a decline in the gold
and silver mines of Spain and Greece,
from which the precious metals FOR the
circulation of the world were drawn, at
the very time when the victories or the
legions and the wisdom Of the Antonines
had given peace and security, and, with
IL. an increase in numbers and riches
TO the Roman empire. This growing
tr.f9h al the lfnrtc
man 10 obyiate its effects only tended to
aggrayate, coupled with the simultane-
Gus importation OF grain from Egypt and
Libya at prices below what it could be
raised in the Italian fields. produced that
constant decay OF agriculture and rural
population, and increase in the weight
of debts and taxes, to which all the con-
temporary annalists ascribe the ruin or
the empire. And as If Providence had
intended to reveal in the clearest man
ner the influence Of this mighty agent
on human affairs, the resurrection or
mankind from the ruin which these
causes had produced was owing to the
directly opposite set Of agencies being
put in operation. Columbus led the way
in the career Of revocation; when he
spread the sails across the Atlantic, he
bore mankind and its fortunes in his
bark. The mines OF Mexico and Peru
were opened TO European enterprise.
The real riches Of those regions were
augmented by fabulous invention: and
the fancied FL Dorado of the New World
attracted the enterprising and ambitious
from every country to its shores. Vast
numbers of the European, as well as
the Indian race. persisted in the perilous
attempt. but the ends of nature were
accomplished. THE ANNUAL SUPPLY
OF THE PRECIOUS METALS FOR
THE USE OF THE GLOBE WERE
TRIPLED; BEFORE A CENTURY HAD
EXPIRED THE PRICES OF EVERY
SPECIES OF PRODUCE WAS QUAD
RUPLED. THE WEIGHT OF DEBT
AND TAXES INSENSIBLY WORE
OFF UNDER THE INFLUENCES OF
THAT PRODIGIOUS INCREASE IN
THE REVOCATION OF INDUSTRY;
THE RELATIONS OF SOCIETY WERE
CHANGED; THE WEIGHT OF FEU-
DALISM CAST OFF; THE RIGHTS OF
MAN ESTABLISHED. AMONG THE
MANY CONCURRING CAUSES WHICH
CONSPIRED TO BRING ABOUT THIS
MIGHTY CONSUMMATION,T THE MOST
IMPORTANT, THOUGH HITHERTO
THE LEAST OBSERVED, WAS THE
DISCOVERY OF THE MINES OF
MEXICO AND PERU" See also ALI
sons Essays-title Money"
The above statement was referred 10
ON the 18th instant by Deputy-Commis-
sioner Bell in his speech. Alison's OBJ
servations are so appropriate just at this
time that we give the whole paragraph
HJSTORX