Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-09-08


metal Its value as metal is not derived
from any Intrinsic worth. nor dependent
upon its cost OF production. but proceeds
merely from the fact that great nations
agree TO coin Il into money without
limit. The day the United States coniers
equal recognition upon silver great
share OF the honor and respect now en-
ioyed by gold. and for which producers
everywhere pay dear. will be transferred
TO silver.
In 1893 Mr. Thurston was clear on this
point. which now 50 pcrplexes Senator
Thurston He had 10 fear Of depre-
ciated dollar at home or abroad. result
ing from free coinage. For example, he
wrote IN July OF that year:
Il have no doubt the reconciliation
OF silver IN the United States would
speedily and certainly appreciate the
price OF silver. not only In this country.
but throughout the whole world No
matter what other governments do. this
country ought not TO eliminate silver
from use as a coin metal. Any legisla-
ton In that direction Will be looked upon
by the common people az In the interest
OF the money power for the express pur-
pose OF increasing the purchasing power
Of money. and decreasing the selling
price OF everything produced by human
toll. II Is a fact which should not be
overlooked by statesmen. that the price
Of American silver and the price OF
American wheat reached low water
mark on the same day"
Nor did the question as 10 the profits
arising from free coinage nor the doubt
az TO the source Of the demand for free
coinage afiict him then as now. Satur-
day night he asked:
a. L.. fvan nafss
who will receive II? Is there a man In
the State Of New York who has a piece
or silver bullion as large as my fist to
present at our mint to have coined at
twice its real value? Not man. Who
are the men to benefit by free coinage?
First. the siyer-mine owners Of the
United States. The silver mines Of the
United States are all, or nearly all.
represented by mining stocks. great
proportion Of which have been sold
abroad The silver mines Of other coun-
tries-of British Columbia. Mexico, Aus
tralia. and OF South America-are owned
by foreigners. This Is not a question OF
protecting our own silver product. IL is
question OF putting the faith of this
government under the silver product Of
the world, not for the benefit OF our peo-
pie, but for the benefit Of the mine
owners Of all countries"
But three years ago he wrote:
eve OF the West must have cheap
money Not money intrinsically cheap.
but cheap in interest charges for Its
use. assert that the American
people. and especially those of the West,
demand the free and unlimited coinage Of
silver"
The process Of mental evolution which
has brought Senator Thurston 10 the
point OF seeing only greedy silver-mine
owner I'm the demand for free coinage
that demand which in 1898 he said truly
proceeded from all the people Of the
West and which he echoed-does not
open his eyes to the pleasant profits OF
the gold miners who to-day have a mo-
nopoly OF the production Of the chief
money metal. who have a price fixed by
law for their product. so that whether
they mine It az cents or IS cents on
the dollar, they get the dollar in ex-
change for their labor Nor has Senator
Thurston considered the profits which
a few gentlemen in New York and other
financial centres can make. and have
made. by cornerins the metal which,
though insufficient in quantity to serve
for the money Of the world. IS still vested
with exclusive character as money Of
ultimate redemption.
Like most. indeed. like all Republican
campaign orators, Senator Thurston ut
terly failed to explain what the Republi-
cans propose 70 do IN the direction or
currency legislation II they succeed I'm
carrying the election. Perhaps II he had
gone into discussion or this point he
might have discovered a class which IS
planning to profit more by the contract
for supplying the money OF the country
Il
miners could. When the Republican
party, at the behest OF the bankers who
dominate II. shall have put down the free
coinage movement and retired the Urea
sury notes and greenbacks, all money
necessary to meet the needs OF a grow
ing nation and to replace the notes thus
retired will be issued by the banks, ana
for every 600 thus issued the govern
ment will pay the banker about S5 a
year. Profigacy in Federal expenditures
will be encouraged that bonds may be
issued upon which the bankers may base
their circulation. The currency will be
almost wholly in control OF the banks.
who can decrease it's volume whenever
such action will profit them. II viii be
the purest fat money. based. as 1t IS.
only on government credit. And out OF
this unscientihc and dangerous system
the bankers will make such profits as
have never been dreamed Of by bonanza
kings"
In view OF the remarkable mutations
Of his convictions on the currency Ques-
ton, looking backward must be an IN
pleasant task for Senator Thurst0n. IL
is TO be hoped, however. that his future
audiences will encourage him to look for
ward and tell what is the Republican
plan OF currency reform. and who will
hui