Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-05-06
Mr.. Goddin 10 Mr. Burgwyn.

To the Editor Of the Dlspatch'
Colonel Burgwyn, in his reply to my
letter of Sunday. April 18th, shifts his po-
sition. He now says that if a traveller
qoes into Mexico with 10000 United states
silver dollars in his pocket, rather
heavy load. nearly 800 pounds weight and
changes them for 10000 Mexican doilars'
which he brings to the United States ne
would lose $1,000 This is inconceiVdDie'
II Is well known that silver doilaT Oh
American coinage is worth in trade III
Ntexico nearly twice as much as MeXi-
can dollar, not on account OF weight OF
hneness. but because the United states
Government says 1t is dollar ana 80
II would be impossible for Traveller 10
no thus defrauded in so large uahsac-
ton. The same answer applies TO the
investor of 5000. Business Is not done
that way. You cannot take - gOld-
piece. or a goldpiece of any denomination
of United States coinage, ana buy SoouS
from a store in any town IN EnBlahu OF
IN the Continent, except from SUCH meI-
chants as have large dealings Win AMIR
leans, any more readily than you can
with silver dollars, because the value OF
neither IS commonly hAo"Ht 90 N~'''f''-
with their own currency.
I venture 10 say that an English sove-
reign could not be passed in one store IN
a hundred I'm Richmond, or anywhere IN
Virginia and for the same reasoI-lts
exact value or relation to our prices not
being known SO that this question OF
taking silver dollars into Mexico, or mo
England, does not affect the question AT
all as 10 the loss or gain OF any one
using silver dollars in Mexico, or any
where else. The phrase "reductio ad alb
surdum' will not be understood by one
half of the readers Of Colonel Burgwyn's
letter. In fact / am a little dubious
about its applicability myself, since, as l
repeat. no such possible transaction could
take place with a sane traveller who went
TO Mexico with 10000 silver dollars In his
rocket. possibly his "inside pocket" and
returned either suddenly or leisurely.
But in one thing | will agree with Colo
mel Burgwyn, though he does not mean
1t possibly in that way, and that is That
English and other foreign and American
fnanciers are ever ready to take advan-
tage of any circumstance which will make
a profit on their investments and II by
manipulation they can throw a cloud on
American securities, and thereby make
handsome per cent, they never fail 10 DO
so, as, for example. when Mr.. j. j. Nor
gan and Mr. Carlisle persuaded Mr. Cleve-
land that IL was impossible outside OF
London to place the first loan TO reinstate
the gold reserve of the government, by
| which transaction there was a loss Of
nearly 5000 600. While / know that ''re-
ductio adj absurdum' does not in its
truest sense apply TO the argument that
| evidently was not hypothetical, but very
real which brought about the giving
away Of 50 100000 30 New York financiers,
| do know that the "reductio" applies,
because the Treasury was reduced" by
not receiving. as II ought this paltry sum
Of 100000 and in plain English 1t was
very absurd" in these three great men
TO decide that that, which after events
proved could be easily done, could not be
done-yiz., the placing a gold bond loan
for gold at greatly higher premium TO
the government than was given II by j.
p Morgan. Argue as you choose about
the matter, but the fact remains that the
autonomy Of the financial system of the
world has been destroyed by the gold
| standard save and except I'm silver cOun-
! tries II is conceded that in Mexico the
| laboring class is more generally employed
| than in the United States, and that prices
maintain their relation with less fluctua-
| tion as to the wages earned I'm that coun-
try than with us. England places her
money where II will do her the most good.
! She will invest in silver-standard coun-
tries. or gold-standard countries or coun-
tries where they have no currency. AS
sure her of probable large profits. and
neither heat nor cold. neither danger nor
| death will deter her hardy and enterpris-
Ing people from taking the risk and
| hence her trade is multiform and incalcu-
liable In value but the profits all finally
seeks home in the tight little Isle"