The times. [volume] (Richmond, Va.) 1890-1903, 1896-08-30
THE FINANCIAL SITUATION.
Interesting Discussions Prom Various
Contributors 10 The Times.
THE USE OF HONEY IN BUSINESS
The Folly Of International Bineinllisni.
Mightas Wen order tho Moon 10 Give
a. Much Light - tho Sun.
Othcr Letters.
Kclinr Of Tl.. rlnes.

ff.fa..l..t..u ff IuafTTe4
sn,i,c. ftc uqn M n,nf.sy i'm nrooortion 10
H.. ,...itb thc f,.,,.le ~ , eofintrv CON
troll ID fcolircs mon. money 10 10 the
l.sl.os. Of "a nation OF mlllOnaircs tnau
a nation OF raLucrs The U.s. OF money
deucrcs on the amount Of business. and
tho amount OF business on the wealth OF
tho people. Ter capita OF circulation is
a meaningless term when used 90 cX-
press IA nations financial condition re-
gs.rdioss of us wealth. Bot this Sslf-eyi-
dent law 81 finance l.s been wholly dis
regarded hv the Government OF the Unit
cd States which lass made population.
without regard 20 wealth. the basis ~
Is money Calculation. However. u wealth.
and population were Increasing al the
same rate, tis wciild hc JUST 4Hn pivPc'.
Itt such ia lot the case. According 10
the crrslS OF the United States wealth
Increases ~ Der cent. fdst'r than popula-
tlou. lience. 90 Issue money al any per
capita must necessarily result IN a s'e@'
contraction OF cuii' h'N' nus, i" - 80
the per capita OF MedIth WNs ~ ~. 20 s. 81.
ISL. Do was AiN,'' gam -, 80 3,-,ol.ea
cent Hence. 90 have Kept inc lhNio".s
of currency 'ura' 10 inc l"N''"o1 "a
wealth We should also nave ln'it aacv si'.
circulation of morcy 20 per cent lI''
10 m Wa h8l "a per capita OF 80 clttul"-
tiou m 1870 We tould have hai ia 10
1N.1. which would have amouhtcL 10 Sic
sum Of S2,-Si HleHHi- hti'dS w v,,'
had. accoi ding Co Official hSuf,si ~,
oi.iH'NSi We see LF1I '"",
we take population alone as we Daa.s 80
circulation, az 80 per 'all'"' I'D - o., 49,
money lell snort on h.Ihhh pa, W. w
irGeasc of wealth 10 the amount OF vi
SIl 300. or S-".Nl'l'd Per aunt iN' no
great contraction OF our cur me- az .s''i7
from laise syit'n on ISSUING ~, -,
ono 'ascn why We nave g'@i 49, 49,
o'II's non OF res''i's - co,Io mid an
Among N' ''N''.."1l -, n 80, ~
~ n"uIc" OF "t@',u .-.' pnt 80 correct
iih crops OF "ll Nil'"'. -, "a
tns d'lt't ln oDi Hiiai'D'pt e'''. -
lHNN Only TO ltHNf Ul'Nf. ~ 90 ~ ~
serve lnNdIiduit l'idivil' "'-'D 20 - -,
ana We attn. iet us ass,'in' q, az No, -
per cent OF ihe L"l,vu@ Nt.il,''' -.'a
for every enc Iti nl'.i uVil"-5 " 49,,
IN the country let the government N-,P
in circulation o. subject 10 CRU 'ol,.
WI IN money. men 'aNo ~ 80 - IA
'enl. on va e''d ~, -, ,'' - ,.osltb al Inc
estimate ut iI' 'o.N 49,. srtvg
same rate Tor inc ll'H'il "''" 80 '
in lNn. INC naupndl W'alln. ~, M@ - Fnr,n1,,
WnVN. ana IN lN'N' II WIS Sp'.i"o',u ., ~
gam OF ~ - Ut 'ril.' vi 49," -
tho last decade. Ilcn az tue 9dhlc I"1,'
in 1909 tine national wealth VIII appiVS Ns
mate &i -2A"Jv'VV1 rms bs'rS o.I,h co.
19.H5NNh as the increase on M'"i,n i,'
the present decade. WHICH Is ,r ~ "f ~, ~
per annum OF S-.Sl- "''vp IN, hnen uS 80, ,'
ratio Of 2'o Ter cont OF tHe no 1870 10
wealth. money shouli lu'i 'hsu ~ Isl o-0
present deldle az VIC lot' vi $50 tbe
ger ahnui.. ~. bo'., been existing
same relations lha' NV ~ rbinb
between PAPER btu' an 'H' - ~
were. ~ lee" nearly ot.'v per Seln ~
pfltr, IS pr cent on h"tu' ~ 80 Sot a,o
cent or silver lhe ""ssNH lF,r,- ~
should cItu'le ll lio 90 700 90
Portions lGIcr currency Hi''"-f,ioV' VI
gold cLlltIcy Sl'''i%,vN', sIN ~, ~ a.
S5.29 i36. Those propoIuolS' WHY" nv "
mar as Of business have created, II mace
to govern our future issues OF money;
would settle all questions i"tweeh s9Iu
and silver. and prevent an yiuilheI Ie
rangcncnt OF nance or Dus slleS d, re
fta.r. ON No = D.
output Of these metals. or the Huctua-
TINS &c. their MARKET values. rom -
10 1855 tie production Of silver IN lnlS
country increased nearly l-'" - Al
while that Of COLO decreaseu h,.Lll ~
per cent. This great VARIATION III Wy Wy ~
put az these metals, tosetnyr WIN LII, w
fact that the weight ana N"ie -, 'l
limits Its use as money 20 ~ ene-
small local trahsactionS, Wiiie ,aViona1
ness OF gold CONSTITUTES IL d nae o..
international ana llliilIllDu u" - - tl,fs
tie largest bl Sli''>S 49,, t,b se
Up. say. has dppicclaltu sllF'if p"1'ttt"t
a money ana as coIlinpu' n, -. md
has greatly disturbed the l'ia', - CO,
business OF the GOV nuE. LUZ" IC,,recn
eminent est" hilsIe '.o 49, law was
silver and gold az 10 '' nv 90" -.
based wholly on the maIkel o. P"pIp5',5,
values o. tht'e mcl"iS "' '.H' ',,or,,ot
silver has so ucii'clat't ~ ''' Ii a,J
value that u has lost u. ia.'' W ',f is
its power or IcltWll"h' - l".N " a.,
worth its face value as property hl lII
markets This J. axes gold sound money
or redemption money. a SILVER com -
NOT worth its face i'm the market as pIop-
ertv This makes silver unSouhd MOI
eNcept as II crculates on tn' citu!- VI
the Govcrnmcnt. The same ,aW obtains
in an paper money. as ncgouaor p"pei'
II "A note or order is not secured ny aNai-
able property 10. at least. It's race 'diu''
n is not good. a few years ago iI' Wv
eminent of the United states lssvcu q
large amount Of silver ceruhcal's o@s u.s.,
on silver al pfrity with sou' b"' ~. az
YET fen IN the markets ana lI"'t o,' ~,
Gates were not worth tntr io't '",I'.
rThig caused the panic OF lNl-- 3" anu Wy
rcusa1 of the Sherman fufcNeSl. r 80
restored the country 20 hnahclu tG-l
NhriDm But the advocates of Tree olNeI
saw that IL was not the great intIeas' III
the production Of silver. but me demoi..-
uyation of silver in 1873. that caused as
deurociatiCn. ln This assertion. however
they irrorc the laws of supply ana u'-
msnd. which govern the price OF a"NN
az We'll as every thing else NOT th,'.'N
10y trusts and combines. IhrF aiS9 "lTt
gard tlss fact. alpaf tut 70 every" Duly. ,""N
since 1873. o. orc silver has hceh uaVu ~
money hufh as coin ANA as the oasis "l
rauer money. than ever before IN thls
country The only clause IN tie act OF
ISL that effected silver as money ~ thT
last. was tnat making silver com lcsu
tcnrsr only .r payment or i've doilaI .,
less. But This cid not nm t'dlllA st
silver or the husin, OF tnC N,Ia' A., a.
all fog previous 10 the aVl on 80, ~ a..
not the custom OF tie '"''llni, i.' ~.
people 10 phy ann nu, SUE. SUE. ~, ann,