The times. [volume] (Richmond, Va.) 1890-1903, 1896-02-15
IL WOULD NOT DO WHAT Is En-
HIl,IlD III

There can be no question that tho
proposition which most influences the
minds Of those who honestly advocate
the free coinage Of silver Is that there is
a scarcity Of money with the single gold
standard. and that if the stock of metal
lie money were increased 10y what
free coinage of silver would add TO it
the prices OF all kinds of property would
he raised and the payment OF debt would
become easier. This is the proposition
that is in the back OF every free cOiners
head, even though he may never have
formulated it in that way to himself
even. Let us look, then. somewhat into
this proposition.
1t is not entirely certain that any in
crease which could probably be made
rof OIL stock of metallic money would
have Any material influence on prices, n
the money we added were. in point of
fact. worth what the pieces of it pur-
ported TO be worth, and we cannot "a
sumo that an honest free coiner void
be willing to put out pieces as dollars
which were really worth only hall-dol-
lars. But if what he put out were really
worth the dollars that they purportcd to
be. we question very much whether any
addition to the money supply which it
would be possible TO maxi would have
any material effect upon pieces.
The world is a very large place. and
money which is real money is as
eagerly coveted in one quarter Of it "a
il is in another. Money-real money-has
no home but the covetous appeutes of
men. We might pour into our monetary
system very grest addition TO H. but
all we had would i. eagerly welcomed by
France, German, italy Austria. ana
Eneland-it Nor d be locked up in the
war-chest OF i,ussla and would sink
into the hoard. OF the Hindus IL would
be necessary therefore. for these United
states to wake an enormous addition 10
its stock IF metallic money provided II
added real money! before th1t addition
esdfd influence the prices Of things, or
make more money for the debtor TO any
extent. IL would be Ike
pouring water into one cofner Of the
sea. with the idea Of raising the level
thor. II is undoubtedly true that We
could raise prices Of commodities AND
make debts more easily payable If We
added a large amount of pretended money
to our stock that was not real money
AT all and would not circulate anywhere
Else The rest of the world would leave
us the entire enjoyment of amy such
money as that. None of that would be
drained away from as. We could. for |
instance. provide for coming all the sill
IL the rate Of one dollar for every 81 Ia |
grains Of silver. which is the amount Of !
silver in the present dollar. This much |
silver rs not really worth q dollar. 10 |
Is only worth about half-dollar. As The |
process of coming IL a httc slow. we |
.ould provide that every one, having |
silver bullion of tho requisite fneness |
might deposit II with The Treasury. which
should issue TO him paper dollars for
IS many OF these silver dollars as his
bullion would coin UP. which paper dol
airs we could make legal tender for all
ieb, In this way We could probably /
asst out amongst the people OF the
United States millions upon millions OF
'uch dollars as these in the course OF
ear or two. and no country would ever
Iepriye us Of a dollar Of such paper, or
Il a single one OF the coins that il stood
or. But what would be the result OF
nch measure
IN The first place II would cause q
nanciai panic OF such proportions a.
lever was dreamed OF. As soon as i,
ecame probable tina, We were goins .,
as any such law. every man TO whom !
money Is due would begin to press his
eotor for payment. so as to get in his
oliars before he had 10 take collars
hat we're worth only half-dolIars. Every
ank. every merchant every moncy-icnd-
=. would begin 10 put the screws 10
heir debtors. The ruin that would
GLOW such call from lenders Is 100
crr!ble 10 be thought OF Almost every
,dustry would be closed up Property |
'ouid be thrown into the market for
orced sale when everybody vas in a
70 Of, ranic-when money could moi