Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-09-15

point 10 the great European Powers and
then prosperity. They overlook the fact
that what may be good for creditor
nation does not suit a debtor-nation.
They assert that untold wealth awaits
us II gold is adopted as the sole stand
ard of value and only basis OF all our
currcr cy. By the miraculous touch Of
this wand. they propose to convert every
thing into gold or its equivalent. In
the face of every argument they cry,
"GOLDr GOLDiw GOLDMr' | am
reminded OF legend of old respecting
the tabled Midas. 1t is said that Bac-
chus granted his wish that whatever
he touched might become gold. from
which such great inconvenience ensued
that he was glad 10 get himself relieved
OF the burden, and resume the powers
and functions of an ordinary being
Would that our gold friends were con-
tent to prosper. as we did under the
double standard-both silver and gold
the money of the Constitution.
OUR LOSS, ENGLAND'S GAIN.
Second: Because the free coinage of sill
yer will arrest the continual contraction
OF the currency, which has produced, and
is still producing disaster.
TIC show that our currency is being
contracted, / cite Official Circular No
12s. before referred to (page 5D. where II
will be seen that the department esti-
mates the per capita circulation for the
current year Qs96) at $2l.10, whereas in
1894 Il was S242s. difference Of s3.1S In
favor OF 1894: showing that, II the circu-
lation Of 1896 was as great as 1894, we
would have SOD, 500 600 more money in cir
culation than we actually have, sum
equal to the production OF silver in the
% -
circular) and a sum approximately twice
as great as the production of that metal
i'm the United States for the same year
(see page o. same circular). and about
ten times as great as the coinage OF sill
yer In any one year OF the country's his
tory But, when we take into conside-
ration the different conditions that con-
front us financially, this. per capita con-
traction, large as It Is, Is but a drop In
the bucket. The single. gold-standard
people are fond OF reminding us that we
are in debt TO England This Is true
saying. But how easily. friends. was
this debt met I'm 1873. the date Of the
commission of the gigantic crime "by'
the money-grabbers in this country and
I'm Europe" BY selling our wheat at
S195 in London, or sl.25 on the farm. and
our cotton at 20 cents. Placing the yield
Of wheat in 1873 at 3OoO00.O00 bushels, we
have 1915 10000 as the value OF the crop;
But how it is now. with wheat worth
only 70 cents I'm London. and A. cents on
the farm? Our crop OF 4000O0,0OO sells
for only $4,000 O00-a shrinkage of $685..
100000. SO that the quality sent abroad
in 1895 ESTIMATED at 1O0OO0,000 bushels).
which, at the price Of 1873. would have
brought si2j 100000. brought only $500.
O00-or a difference OF $780, 10000 A larger
relative decline obtains as to cotton, our
other chief article of export. SO that
IT takes more than double as much wheat
and cotton TO liquidate our interest
account with England. which reaches
800 900. 600. as II did in 1874. Can any sane
man fail to see how immensely England
Is benefited by a policy which gives her
twice as much bread, and enables her TO
supply her mills with cotton at one half
cost? All she gains we lose not only
I'm wealth, but, as j said before. i'm cur
rency. Here. then, is new leak in our
monetary system OF course. England
is for a single, gold standard. 1t doubles
her interest account
ROBS LABOR OF ITS BREAD.
Alexander Hamilton, Secretary of the
Treasury under Washington of whom
Webster said: He smote the rock Of
national resources. and abundant streams
gushed forth-he touched the dead corpse
OF public credit. and IL sprung upon fits
feet" compared the currency of the
country to the hinges on the door OF
commerce. and decried any curtailment
of the money of the nation.
But" say the wise men from the East
'Tt is not a contracted currency that has
put down prices. but overproduction."
This is their staple argument. They tell
you that this overproduction is caused
by discovery and development in recent
years and in new countries, and by new
machinery, etc. They will doubtless be
surprised to know that assigning this
as the cause for depressed prices is not
new. In 1897 Daniel Webster speaking
before the businessmen of New York.
adverted to the fact that the low prices
Of that day were enormously attributed
to "overtrading and overproduction." In
that speech he uttered these memorable
words: "He who tampers with the cur
rency robs labor of its bread. He pam
ders, indeed, to greedy capital, which is
keen-sighted. and may shift for itself:
but he beggars labor. which is honest,
unsuspecting, and too busy with the
present TO calculate the future"
Mr.. Calhoun evidently thought that a
contracted currepcy depressed prices.
Arguing for "A separation OF the govern
ment from any and all banking systems.
he said: Look at France with her
abundant supply, with her channels OF
circulation full to overfiowing with coins,
and her fourishing industry"
John Stuart Mill, the greatest writer on
political economy Of the age, says: THAT
an increase i'm the quantity Of money
raises prices, and that a diminution
lowers them. is the most elementary
proposition in the theory of currency,
and without it we should have no key to
any Of the others
Free coinage will certainly increase the
quantity OF money. That raises prices,
says Mr. Min.
WHERE is THE GOLD?
But the answer given to this argument
is that free coinage will not increase
the volume of currency. because the
effect will be to drive gold amounting
to $567 .O00. coo, out of the country, some
say or out of circulation. say others
II Il Is driven out of the country, some
thing Of value-either money or COM
modity-must be returned in its place
If out OF circulation simply. then, !
say II is already out of circulation, and
has been all the while. The rich hoard
It in vaults. the poor hide It in stock
ings. II there is a man in the audience
that has paid out as much as 500 in
gold in the last five years, let him hold
up his hand, and come to the stand
for exhibition. Some smart elleck'' Will
say. But where are the gold certificates.
which do circulate?" But echo answers:
where? Wherever they are there are
but $50 oO0,0 goo of them now cut (see Cir
cular No. l23, page ID. which gives but
Is cents per capita from this source; hence
they form 50 small a part of our currency
as TO be of no Importance"