The times. [volume] (Richmond, Va.) 1890-1903, 1896-08-13

liberation, that the political economist
who is dealing with the financial sys-
tenn that a country is to have, never
gives moments thought to the terms
and conditions upon which debtors are
to solve their obligations. He says OF
them that they made their contracts TO
pay the money Of the country, and that
they will, OF course, solve them In that
money. What he concerns himself with
is the question. what will best operate
the exchanges OF the country so that the
people may traffic and have business, and
make further accumulations. and have
prosperity lie looks not TO the past;
his eye is set upon the future.
Bryan, like all the Populists, is occu-
pied with considerations that concern the
legal-tender feature Of money or, In
other words, a quality that viii enable
a debtor to force something upon
creditor that he does not want TO re-
ceye. But the business OF country
spurns all thought OF that side OF AFFAIRS
IL assumes that debtors will perform their
contracts as made. and its whole atten-
ton is fixed upon making new contracts
mat are to produce new returns.
Populist Bryan and all the other Popu-
lists have their minds always obiusca'eu
by the delusion that the transactions OF
the country are operated with its coin
and circulating notes. But every sensible
man knows that these play the most pety
In, O.
Of a country. They are only USED 10
make change, to pay the bootoiach anu
car fare. to make retail purchases on
Broad street. and to pay OF hands on
Saturday night, when all OF IL comes
hack TO bank and the same coin ana
notes perform exactly the same function
over again the next week.
But any merchant VIII tell fopuhs'
Bryan that he transacts all OF his business
bv his checks and The checks OF his
customers. and that he hardly ever sees
a coined dollar or a bank note. 1t Is
transfers OF credits that are the real
money Of the country, and when Popu-
list Bryan thrusts a deprecated silver
dollar into the financial system he
makes men hesitate about passing AID
accepting credits. because they don't
know what the worst dollar is 10 bring.
He thereby circumscribes the uses and
scope Of credits, and however numerous
he might make his deprecated SILVER
dollars. he would nevertheless enormous
" abridge the volume OF that money
that operates commerce. and thereby
make money ar-innnitely-scarcer' IN
stead Of more abundant.
Great Britain is standing object
lesson to US Of the absolute folly OF
thinking that quantities Of coined money
or circulating notes are necessary 10 bust
ness She has less than 500, 100000 OF
coin and circulating notes, as any one
cap see by looking TO the re-
port OF our Director Of the Mint
for 1895. at page S55: while we have
nearly 81. 500. 100 Of the two. But Great
Britain conducts the most gigantic com
merce that imagination ever conceived
Of The worlds shipping is more than
a OOo 900 Of tons. and England has OF II
Il. Oco 900. and her prosperity Is simply
amazing and on the steady increase
Her $500 100000 OF gold serves as a basis
for a money system the credits OF her
merchants and bankers that Is beyond
the conception Of the human mind ana
vet Populist Bryan and the other Popu-
lists say we have not enough money IN
our financial system.
on. charlatons! oh, quacks.