The times. [volume] (Richmond, Va.) 1890-1903, 1896-04-25

| down at what they were. But the dif-
| florence comes. as always happens in such
| cases out OF the working men.
The best way 10 test the question
| whether the depreciation OF Mexican
silver is due TO the appreciation OF our
gold is for Mr.. Harrison's friend 10 take
some Mexican silver dollars and try TO
buy, in the City OF Mexico, some Ameri-
can-made plows or shoes lie Will md
he will have TO give two Mexican sill
yer dollars for everything for which one
Mexican or American gold dollar Is asked.
We may APPRECIATE our gold, perhaps.
though we are unable 10 see how; out
we cannot see how we can appreciate our
plows above the value Of plows.
We are unable to see how single-gold
standard has any tendency TO drive gold
into the arts. Our idea is that so much
gold will go into the arts as the arts
make a demand for, and. OF course II the
arts demanded so much gold that not
enough was left for the purposes OF money
the slngle-gold standard would be faii-
ure. But when Mr.. Harrisons frend
saws. ex cathedra, that this IL now the
case. he bcgs the question. Whetner
that is or is not the case. Is the very
point in dispute. Mr.. Harrisons fnend
thinks it is the case, we think IL Is not
the case, and we will cite a few iacls
that make it certain, to our mind' ular
there IS an abundance Of gold for all the
purposes OF money.
Great Britain has long had the single
gold standard, and she is enormously
rich. and always becoming more ana
more prosperous. Her prosperity at TINS
moment is simply phenomenal. as we set
it out a few days back. She has one-halt
of all the shipping of the world ana she
does n volume OF commerce that eluoeS
the grasp OF the mind. Yet how much
mnnev has she in her system? Less than
500. 900. 900, all told, of coined money ana
paper currency, while we have N,soO'OOo,VOO'
This shows that the popular idea OF the
auantity Of money necessary for the busl-
ness of a country is greatly exaggerated
And whoever will think upon the sub
iect until he grasps its elements VIII see
that this must be so. Trade does not
consist. as so many people think, OF the
purchase and sale OF commodities for
money. but Of the exchange OF commodl-
ties between separated localities, effected
nv transfers of the credit values of the
commodities upon the books OF merchants
and hanks. The cotton OF the South IS
exchanged for the meat OF the West and
the hardware of the East and the trans
actions are all roundabout affairs that
take the form Of purchase and sales Tor
money: but no money is really used IN
them, except to make up balances, ana
they are all transfers of the values OF
the commodities, in the forms OF credits
,inon fbe bank-books. when Mr.. Harri-
sons friend ponders this subject until ne
grasps this fundamental fact, he will
find that al his preconceived ideas about
finance have been errors for the reason
that he has thought money is the agency
nv which business transacts its analrs'
whilst money is, in fact, nothing but the
standard by which the values or com
modities are gagged for the purposes OF
exchange, and used only for that and
change. and TO cash the credits Of people
who get alarmed.