The times. [volume] (Richmond, Va.) 1890-1903, 1896-07-19
APPEAL FOR MODERATION.
Ifa Free silver Law Is Passed 1t Should
lie Uedced with Safeguards.
Editor OF The Times:


sir-The advocates Of FREQ silver nave
odyanced only theories as 10 the bear
ings of the question, should II become law,
nor have the gold-Du done any more 10
inform the people. Such pure. patriotic
mon as the gifted Senator Daniel, eN-GoV-
ernor Boies on the silver side. ana suca
able editors as Mr.. Joseph Bryan, on the
gold side, differ, and give US only theoiles'
speculations, visionary glimpses CT pros
perity on the one side ana OF utter rum
on the other. Even Mr.. Boies sald' Whe"
asked. IF this government would Do
oble 10 maintain our currency at par with
gold. unaided by any other nation
do not profess TO be able TO state Win
absolute certainty whether II would OF
would not"
whether the financial troubles OF the
few years past are to be attributed 10
the absence Of free silver-who knows III
seems to me to be the most inporthht
question ever presented TO statesmen anu
fnancisrs, involving. as it does the wei
fare OF the people OF TINS country anu
the stability OF the United states gov
eminent itself. not only in It's domestic
affairs. but IN It's international relations.
1t may be a blessing or it may be an ex-
IRENE that will Develop dangers not easy
4
detrimental 10 the general good. with
evils not easily amended. IL might be bet
ter to make haste slowly" in this mat
ter Bimetallism might be tried first with
graduated coinage of silver. | mean limit
Cd coinage OF silver. I mean limited
cd coinage Of silver at the discretion Of a
board fer that purpose appointed amount
of coinage Increased or diniuishel, ac-
coiding to public demand. 50 as to main
tain il on a party with gold. At the same
time free State banks Of issue, continue
ance OF national banks without
disadvantage. to free state banks.
retirement OF Erecnbacks and sll-
yer made legal tender. in all
amounts for public and private dues
Fret.snyer coinage with lesal-tenGer
quality, may or might be successful In
the United states II guarded by restric-
tons. as follows:
Prohibition. in toto. Of importation OF
silver. or import duty. fixed by the atore-
said silver beard at date OF its importa-
ton. Then If silver bullionS is worth In
the London market 6O cents in gold per
ounce. the duty should be the difference
between foreign value and our legal-ten-
der value.
Demonetlze gold. prohibit its circulation
commodity, It's value as such to be mea-
surcd hv the legal-tender stanpdard Of
silver: this I suppose is what Senator
Daniel means by a Chinese wall" II
means that this country. producing
nearly everything that is necessary 70
the comfort and happiness Of its people.
can base its wealth and greatness and
power on its own resources regardless OF
other peoples. its silver mines being the
basis OF it's money system and values.
In our future business trauaactions
with the outside world. our silver would
stand as well, there need be no Interrupt
ton of exchange OF products and settle
ment OF balances. Europe must have
some Of our cereals, cotton, tobacco
pork. etc. We should sell more than We
buy, and, it is probable, would do so; our
securities offer inducement for invest
ments. our lands for settlement and agri-
cultural purposes we are new country.
comparatively, with new and profitable
enterprises. and cmploymcnts. and must
continue TO draw from Europe's plcthorc
hoard of money. our legal-tender silver
dollar, with restrictions and prohibitions
named above. would be OF equal value or
power TO purchase here as the gold dollar
I'm Europe would bee 10 purchase there
I do not see that prices OF commodities
will necessarily adyence with free legal
tender silver.
The law itself will advance the price
OF bullion to legal standard value, but
money has nothing to do with prices and
values OF commodities CT wages. To admit
Otherwise would be TO confess the in
stability Of silver as a financial or money
standard. If the legal-tender value Of
silver in the United states should I'd
vance the demand and price of bullion IN
Europe. IL does not follow that IL in
crcases the consumption Of commodities,
and unless consumption increases or pro-
duttion decreases prices for them cannot
materially change. The law Of demand
and supply Is well known and understood,
and we know that an times Of scarcity Of
food supplies. or an insrticiency for NO
cessary uses. that prices advance,
whether there is plethora Of money or
an empty purse. and over production Of
Good supplies reduces prices notwith-
standing the rat purse. as is now induced
I'm the markets of the world, hcaped-up
measures OF gOld-Seekine investment. at
? to 3 per cent. or demand low rates
OF interest. and the products OF labor
still declining in price.
The leaders in this silver movement.
many or whom are CONSCIENTIOUS, pure
patriotic statesmen viii rest under great
responsibility II free-silver coinage be-
comes law ard hrius- upon the country
financial disaster, cripples the industries.
trades. and commerce of the country. ana
presents TO the eyes Of the world the
weakness Of great people. / am salts
fed that the people AT large DO not I'M
derstand the question. and as have said,
their leaders have advanced only theories
and INDUCED in speculations the practical
value OF which is 10 be tested Ought we
o. sail orr ship into this unknown sea,
without chart or compass? II Is TO be
hoped that II free-siiver law is passed
II Will be hedged with safeguards that
our steps can be retraced until We stand
on safe ground again. have said de-
monetize gold. prohibit its circulation az
money, or exchange. except as a COM
modify, its price 10 be measured by the
standard Of legal-tender silver.
I see no reason. If II be for the welfare
Of this nation. why gold cannot now be
demOnetized and made a commodity OF
commerce as well as silver has been.
Both metals have been the money Of the
fathers. G. VI. W.
Richmond. Va. July l6. 1896.