The times. [volume] (Richmond, Va.) 1890-1903, 1896-06-11

II is highly desirable that there should
be a clearly marked line of division be-
tween the sentiment that faNors the
maintenance Of the present gold standard
and that which by the free coinage OF
silver at the ratio of 10 10 would make
the silver dollar the unit Of currency VAL
ues. The time for compromises or YER
bal quibblins over this issue has passed
and the fact must be faced that. for any
practical purpose, bimeialiism is an empty
Ilrase. and that there is no middle choice
between a monetary system based on sill
Va anu one Oh gold. But the more I'M
rera i've is tie demand for the policy OF
Gchtvncss on this matter, the moro neces-
sary Is IS to discover what Is the real
ground q. division between tho people
VINO are ready 70 cast their votes IN IA
Vor of what they call the restoration OF
silver 20 IT. place as money metal ana
those who demand the maintenance or
ths existing gold standard OF value. Inc
Democratic party of Massachusetts is on
r. ord "a, making the latter demand, and
that o. A'iChisar on the side OF the form
or. i'm their respective party platforms or
last year. But IL would be most err
roneous assumption TO make, on the basis
Of these resolutions, that the standard
Of public and private honor differed so
radl, ally between Massachusetts, and
Michigan that at least half the people Of
the latter State want the opportunity TO
psy their debts iu deprecated cur
rcncy. This may be a perfectly logical
inference from their position but IL Is
certainly not the true one.
There is a double disadvantage In the
prevalent fashion ascribing only dishonest
motives 10 the communities that are car
ried away by the cry for free silver It
llafes the people of this country IN
false light abroad, and il renders doubly
difi.cult the task of establishing stable
system of currency and banking by any
exercise OF statcsmanship al home. lt
the advocacy of renewed silver coinage
is 10 be regarded as under all circum-
stances and in an cases merely a thinly
disguised form Of population, the hold
which il has taken on the American peo-
ple is as we'll calculated 70 excite alarm
amoug our foreign creditors as Is 10 be-
get r among thoughtful citizens the
eravcst fears for the future Of the Re-
public Here again the logical inference,
however abstractly just. may lead us
away from the facts. For 70 J. as certain
that honesty IS the rule among the agu-
cultural communities where the silver de-
lusi0n has gained most power, as mat the
farmers Of France and Germany and the
cotton spinncrs of Lancashire, among all
Of whom the silver craze has run IT'S
course. are not less honest than any
other class OF their fclow-citizcns.
IL must be assumed. therefore, that the
demand for tho coinage Of silver is the
fexpression Of some legitimate want, or
the grasping at remedy. however mis-
taken. for some real financial ailmcnt. II
this be so II IS not enough that the cause
Of silver should be beaten at the polls 70
restore confidence TO business and energy
20 enterprise Defeat might show that
the partsans Of the white metal We're
less numerous than had been supposed
and their influence less formidable. But
the grievances, more or less genuine, out
Of which the agitation grew would re-
main. giving birth TO new demands for
relief, probably equally mistaken ana not
less disturbing. To treat all such de-
mands as something TO be silenced by
mere force is like trying TO cure disease
by treating It's symptoms merely. II may
be that many Of the advocates OF silver
coinage hardly know themselves what
they want. but II is probable that outside
OF those interested IN creating a market
for silver the whole agitation turns upon
a desire for more ample credit facilities
.and "A more elastic currency. 1t Is not
enough to be able 70 prove that silver
legislation In the sense demanded by n
large section Of the people OF the South
and West would leave them worse on
than they are now; it Is more essential
that the question should be fairly dis
cussed whether their credit facilities are
sufficient for their needs. and how. If at
all. these facilities can be expanded by
legislation.
The farmer In Texas who pays interest
AT the rate Of Is TO % per cent for money
borrowed on the security Of the next sea
sons crop, undoubtedly mistakes the rem
edv for his condition by going for free
silver But n Is because free silver stands
70 him for more abundant and cheaper
money that he is found I'm that camp II
rather confirms his preference for silver
that the local money-lcnder who takes,
with the least possible margin OF risk.
such free advantage OF his necessities, is
n believer in the gold standard. II the
Warmer could borrow at six instead OF at
eighteen per cent ne would probably be
for the gold standard too. As II is. he
feels that he Is being cheated out Of some
thing he does not very clearly know what
but he thinks he sees I'm the silver move
lmcnt a chance TO get even, and he joins
it accordingly The fact may not be
creditable 20 his intelligence. but IL IN
wolves no such reflection on his honesty
as is commonly supposed.
Whatever legislation may not be able TO
do for such a man. II can at least re-
move any obstacles which legislation has
put In the way OF him and his kind Sc
curing all the advantages for borrowing
money to which their character and in
dustry entities them. To preach the ad-
vantages Of saving 10 a farmer who has
TO part with the whole margin OF profit
on his crop for the use Of the money he
| needs 10 raise II. is like expatiating on
the delights OF freedom TO an inmate Of u
prison. The one patent fact OF his posi-
ton IL that II Is one OF Industrial bond