The times. [volume] (Richmond, Va.) 1890-1903, 1896-07-21

ACCOMPLISHED by united effort. The In
trtuetc value Of silver or gold has no
,,tnco In "A discussion OF this issue. Ana
All the wisdom on earth could not ioa-
siniv ma cut the intrinsic value OF any
metal until its cxtrinsic value had been
taken away.
The Post plainly thinks that business
mas 10 De conducted. necessarily. I'm the
terms OF money. But this IS not so. Men
nave made their contracts payable In all
eorfs OF commodities. We once promised
I'm virginia 10 pay so many pounds or
tobacco. SO we might very easily adopt
the system or contracting 20 deliver 20
many grains Of gold. and we could get
along with that just as well as by con-
tracrng 10 deliver a dollar which is
nothing. I'm effect. but contract TO de-
liver 23.22 grains OF gold.
II we should deprive a gold dollar Of It's
leeai-tcnder power We would DO nothing
but say that a disc. containing 25.Z2 grains
of pure gold should not De legal tender
for a dollar Of debt, but IL would have
no sort OF tendency 20 make men set a
than they now set on them. Depriung
gold. then. of its lccal-tendor power would
undoubtedly demonetize 1t. but It would
not affect mems regard for 1t in the
least. and # might hove the effect of
causing men 10 cease making their con-
tracts payable i'm dollars, and cause them
to stipuate for so many grains and
| ounces OF gold. Grains and ounces would
take the place OF dollars and cents. but
the change would he in nomenclature only.
Business would go on just as at present
The Posts trouble I'm this matter comes
from IFS failing 10 understand the real
cause for the decline IN the value or Sill
YER. That decline has not arisen solely
from the greater yield Of the mines with
! far less labor. II is just as much. and,
perhaps. more. due to steam and electric
! ity. These transmit intelligence and
bulEs with such marvellous speed from
| point TO point that money metals are
| scarcely needed in business az an. Tney
enable men 10 DO an their business by
transfers Of credits. Money now D. only
used 20 settle balances. That being so,
men ind that gold is abundant enough
| TO answer an the uses they have for
! money. and they need not use silver.
! except for small change unless tncy pre-
fer to use il. But no man OF sense viii
use silver when actual money must Doe
used. If he can get gold. Silyers bulk and
weight Kills IL ia that case. AS gold
answers the small demand there SIS for
actual money the use OF silver has ceased
in large measure and that IS why it
las lost great part OF its value.
Men want the Governments stamp upon
| coins as certificate that they contain
certain quantity OF the precious metals.
and only for that reason. IT private
company should secure the pubic comb
denco as some or our great ne insurance
companies have secured 81. and II should.
unless prohibited 10y law. mako a business
OF coming gold ana stamping on each
coin the number OF grains that it COM
tanned. men could conduct business by
contracting for those coins as well as
for the Governments dollar. for the word
| dollar IS only "a certificate from the Gov
eminent that given piece or metal CON
| tains g. - grains or pure gold. n a man
contracted TO deliver another 25.0S grains
Of gold. 9-lO fine. his contract would
De exactly the same as one TO deliver a
dollar. and that contract be made 10 per-
form the functions OF business just az
! well as q contract for dollars.