The times. [volume] (Richmond, Va.) 1890-1903, 1896-09-13

The Government stamp Neither GIVE
Value Co Grecnback OF silver.

The Government >l"i"P
Value To- Grecnback or silver.
The Alexandra Gazette prints. the fol
towing letter from cOIuuri Johh D. -"o'' '
Editor Of thp Gazette, s<
in an editorial paragraph III your ISSUE
OF August oath. IL IS said that III d. val
uol,ss slip Of paper becomes worth
dollar simply Boy having the government S
stamp printed upon BE-. why lump Vi
silver that can be sold for fifty three
cents anywhere viii not also Doe worth o.
dollar II So bears the government stamp
cannot readily he told
Vow, the government otamp neither
gives value 90 the grt1lDach nor 10 hll-
yer Ireeubachs were frst issued in
1872 aud by 1865 became 90 deprecated
that they were worth less than 40 cents
IN tho dollar, 1 mean. that their purchaa-
Ing power was less than so cents in inc
dollar Wages We're then but very little
higher than they We're in gold in 1861.
The government stamp on the srctnitch
when II was go much deprecated was
Just the same that d. is now. So DO la
not tho stamp that gives value TO The
paper. INe prtcnllck is a government
Uromise o. pay dollar, 10 Is not money
but tho repre- eutatlye ~ money. As they
were payable ON demand and as the
government failed - redeem them they
were like the dishoiNtrcd notes OF an JIM
divdual that have been protested in
Vided a redemption fund they rose 10 par
with gold.
The populist Convention at Chicago de-
clarci war on the national banks and
in favor OF issuing a'i money in notes
directly from the Treasury. This would
dem0netize both gold and silver When
the scheme for issuing rreenbacks was
first proposed The Democratic party op-
posed DO us Unconstitutional George IT.
Ieullcton denounced erseuulrks as have
ing tle brand of Cain upon them.
IlH silver dollar WNl.l Ne now nave
derives none of IT'S value lom the stamp
upon DO. that like tnr stamp ON the Eod
dollar is mere certificate OF iia weight
and fueuess. VOW ho test az sound mon-
-. IS stated hv aI economist OF hl-u
authority. is This. Good money consists
81 coin watch is worth as mucn after lt
is melted ae 30 plfports I'D hc worth pa
coin. III you melt O. twenty -do.idr gold
piece the bullion is just the same Nhue
as the coin. Iva other words. so much
money means coins whose face value Us
the same as their intrinsic value. llaL
money is that kind whose face ls greater
than its market value. but 10 may DE
said Ina answer that The fact That silver
dollars now circulate at par IS fonu a
dlctiou OF this theory Not ~ all. the sil-
Yer dollars now ln circulation were not
coined 40 the mlrts on private account as
they would le III We had free coinage,
but We're coined on government account
eminent with the pledge 90 maintain
Nheir parity with gold IL IS therefore the
confidence lu the good faith of-the gov
eminent that gives AN of IT. value TO
The Ereenhuck and ouc-haIf of IT'S value
10 the silver dollar. but with free coin
age the government does not guarantee
the value of the silver dollar. lts stamp
il only certificate or IT'S weight and
fuencss. 10 muse 60 ont In the world
unsupported and take its chance, or
standing ON its merits in competition
with gold IL the coinage OF silver doll
lars had not been suspended through the
influence OF MT. Cleveland the silver cur
rency would have become redundant and
deprecated. and beyond the power OF
the government 10 maintain The parity Of
The two metals
Suppose the proposition for q compro-
mise between the gold ano silver men
were made by having free coinage az u 10
]. but without the legal tender attach
Inent 20 either metal Would the gold
men accept Certainly. because lump OF
gold viii buy as much ana pay as much
debt in its natural state as when coined.
Would the silver men agree 10 the free
coinage OF silver dollars without legal
tender power 40, because they know they
would lose their righteousness and sink
10 their real or bullion value, and could
not De used for scaling debts. This test
would prove the inslncerity Of the sil-
Voritcs who pretend 20 think That with
free coinage silver would rise 20 a level
with gold Without the legal tender at
tachmcut they couldn't force the silver
dollar on tho people. and IL would not
circulate
su,erites say that the prevailing low
prices are due 20 the appreciation or scar
city % gold. and the consequent contrac-
lion Of The currency. This IS the chorus
10 all the speeches Of the populiet cdndi-
date for the presidency. 10 should not
be forgotten that four years ago the com
plant was against high prices and the
Mckinley bill People who have 20 buy
their bread prefer the present prices TO
tho old ones There has been no con-
traction OF the currcnry. on the contra
rs. there has been an enormous eNpan-
sion OF the currency since 1873 when 10
- charged that silver was demoncuzed
How dropping the silver dollar from the
list Of United states coins when there
Wee 10 such coins actually In circula-
tiOn could have contracted the currency
Am unable 70 see. a silver dollar was
then "A curio that could only be found IN
a museum or an old stocking. The last
report Of the Director OF the Mint shows
that in 1873 the total production OF gold
aud silver Was less than two hundred mil
lions and that the amount OF gold Aont
produced last year was over two hundred
millions. II also shows that the volum,
of circulation has been doubled. Low
prices are due 20 rev inventions OF ma
chinrry and scientific processes. that haze
Increased prCductifn more ;han the IN
crease OF population. IL should be re-
xsuem bereo. too. that the gQld produced III