Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-07-07
CURRENCY AND BANNING.
Some Comments on Mr.. Wiliiams's
Communication.


To the Editor of the Dispatch:
notice in your issue Of the 23d instant
letter from Mr.. John l.. Williams on
currency and banking. and while know
but little about the latter, l am very
much effected, and deeply interested in
the former. Hence hope It will not be
deemed improper for me TO at least look
at and comment on Few OF MS state
ments.
Grant that all he says about money, as
far as its measuring capacity and use
fulness. is true; but when he alludes 10
silver as cheap money, and ignores the
fact that il is the only money that more
than three -fourths of the human race are
using to-day, | think he would DO wen
10 pause before proclaiming II an Insult
10 that vast number Of people who use H.
II he would cast his eye about him he
would find that here In the United STATES
where silver is demonetized 1t Is stu on
its mission of mercy In the hands o. the
millions. while gold has Withdrawn 70
Wall street, and is there making It's or
repeated trips in and out of the Treasury
passing around and around as regularly
as a horse at a cane-mill. and every time
IL goes around II grinds out its millions OF
nrofits for the bankers, and correspond
ing indebtedness for the workingmen 10
pay in the form Of national Indebtedness
when I say workingmen, l include all
who have TO labor with hands or neauS
for q living. =
Mr. Williams gives us the output OF
gold and silver in the year lsbV-soiu'
:. 900 ounces; silver, 3.90ep ounces
He also gives US the amount IN lS"-
gold. 100000 ounces; silver l4V' soo'VVV
"a
ana lowest amounts Of production ana
therefore, are the two extremes. Now,
think there is q fixed rule in mathemat-
lcs that by adding two extremes TO-
eethsr and dividing by two we get
mean. which is the average. HAD MI;
Williams done this he would have Iouilu
ont that even in the years he haiheu,
silver would have been at a premium at
l6 10 !. -
Now let US view this matter from
broader standpoint. The worlds almanac
of 1893. mage al, gives the output OF solu
and silver for the entire world rom loo'
10 1854 period Of 500 years-ainouu1
of gold. s7,24O,OoOooo; amount OF SILVER
81, 49,, 900, 90 -, .,,-o,,,.h
an ,hase wears there is less than WV
zoo OO0 of silver over gold. and, as Judge
robert w. Hughes said In his letter.
Nav %. 1925, when we consider 'hd' III
4, the nancy of the millions, and
not Of bankers. that II is in constant
daily use and not stored In vaults; thsl
II IS more carelessly handled IMAM gopl,
ana is more liable TO be losl Oh laiu
and sea. and is more subject 10 ABRASION
ard casualty we are bound 10 conciuue
that this difference IN production - az
liberated and that nature mas proFiDeu
iris small excess OF production OF silver
over cold 10 meet such losses as nave
heen described. and thereby preserve the
equilibrium OF the two metals on the ma
tural ratio OF 10 TO /. ,r.uhos
II We come down 10 the seVehty-lhree
Years Immediately preceding the ueuhOhe-
tfzation of silver-from 100 10 le'S-We
lind from the mint report OF leJ'' page
l5S that only three years silver was hloro
than Is to l., the otner severn
silver was less than 10 10 l-that Is 10
cav silver was at a premium seventy
years ont of seventy-three at 10 10 /. but
Mr. Williams tells Us that free silver
would involve force bill on top OF force
nm forced Interpretation OF contracts,
forced legal tenders. forced Supreme
conrts forced legislation. forced trade,
commercial confusion and ruin.
This would indeed be sad: but when
we remember that silver ana gold uii
for wears and years enjoy the same priyi-
Iece. so far as free coinage was concern
ed and no such calamities came on us.
is IL not reasonable to suppose that II
silver Is relnstated 10 its rights as a
money metal We would again enjoy the
nrosperity which crowned us then as
nation? 81,
notice Mr. Williams does not fail
10 speak of the inferior money that Is
sold on the markets OF the world at half
price; but he does not say when and how
this was brought about. l think he could
ind. II he would look for 1t, that gold ana