The times. [volume] (Richmond, Va.) 1890-1903, 1896-09-27

tho icral-tcnder value Of silver. TINS so
called crime WAS a simple V1aihcs9 ploP,
0sitcn debated through three sessions Oh
Congress. and finally pasae1 ~ 49, -
J0rlucs largely compos OF the men VIZ
are now stultlfying theinseNfS ny N@Hb
to escape their own oihciai recoius III
tho interest 81 clique OF Shter MonVpo-
lists The question was a very hinplo
One. whether the United states could ar
ford 90 continue 70 treat SILVER IN htr
minis az the cQpiYHent OF soF on any
aaccrfalnabie ratio In tho Taco OF the
Increasing production of tho metal ana
consequent steady decline In is market
value. 10 was decided. ] think, wisely,
that the uitcd states could not auord
60 DO 3d.. la other worIs u was beheveo
that should tho United states attempt to
persist in her then monetary polcy. she
could not prevent the gradual but certain
Disappearance or gold from circulation,
ana would find herself with no circula-
ton but silver. Ike India. Brazil. Argen-
tine and Mexico That thls would place
her az "a clsadvautage in tho markets OK
TIE world, especially jon dealing with coun-
tries who maintained gold standard,
while as a matter q domestic concern
the value OF the currency must necessafl-
Iv nuctuato with the market value or sill
YER This brings vs. 10 the proposition
thnt the value Of money has three essen
tll elements: lts intrinsic or bullion
Iafiou. and the confidence that these two
first elements may DO counted on 10 nue.
fuafo very little. and then only very ffau-
uauv and hv natural law--nOt by mere
waut0n exercise Of power.
Tho proposition 10 begin the. free and
unlimited coinage OF silver al ratio
that Ia arbitrarily at variance with the
real market value OF the metal must
inevitably destroy two Of the above ele-
meats q the value OF mOney-ita lntrln-
size value and i-s quantity ana together
with these. the third element OF conil-
dence disappears Nor is II reasouaole
20 assert that tho United states can ere
afo tho value new lacking by mere act
Of Congress Let us take the history OF
iron ~ an Illustration. 10 Is asserted
truly enough that the value or uulhk OF
commodity consists 10 the uses 10 NlilelA
DO can Do uut. and that 20 ind new uso
mist necessarily enhance rs value. ON
tls basis we arc tod that the free ana
unlimited coinage OF silver must Couple
lfe present value. or restore thp IeiatlNo
value 20 gold that 10 had thirty years
AGO. An tins IN spite of the fact that the
facilities OF production and distribution
of silver have more than quadmpleu in
inc last thirty years ln lop" the pIlee
o. manufactured iron was from nine 10
twelve cents pound. Enco then we have
found q thousand new uses TOT II, bul
fns urOIrcli1n and distribution nave 70
FAR out fiioped tho steadily increasing
demand that ihe price " manufactured
steel today SIS about iour cents o! res,
According o. the silver NdFo-dleS d"
should be ~ least eovcnty-fve cents .,
There ie cry also tlat The prce OF
wheat would riso with the tr2e ana ~
limited coinage of silver rnoc pte1lL ~
prices OF every thing wlatey-r. express
iu silver would rise 20 express the NtA-
ference between the true value ana tle
nominal value OF the money, ana tIl7
would Vary from day 20 day ntrol &c.
nr in Business the disturbing element OF
..| .H I'D. |.
What concerns the farmer IS what ls
worlds valuation o. bis produce Us, ana
$50 long as the East Indians, me bra@i-
lans and tho Arcentines can grow WneiL
cheaper than be can. no legislation Ly
Congress is going 10 90 him much good
Congress might help him lluie 10y re-
Taol.nc the tariff That permits the man De
factrrers OF farm implements 20 sen 70
IFS foreign competitors from - 20 90 per
cent chearfr than they sell &c nam. now
crof. this is q Quee ion for the ncFt Two
or three caTTaieus when we nave tel-
ted Tho finances on some rational blal-
or one fact We may be glad: that Il
ia not possible 10 leeislatc tho teat ol.9
ana tho weather. ~ lt were. we slonid
hs br0iIe1 or frozen dessicated or cIoNi
ci as the CuDilitY OF our rulers might
suggest and ultimately be famiAned when
tIo rltcnt earth should be unable -
provide TIE sus-onance that after az
hover quite fails us boz arite o. laws and
rlUors az laws I'm fact J. ia upon MAUI
-.f law ffrt the hope o. humanity rcsi8,
uuon tho certainty that wo must socner
or letter. individually and collectively. dis
cover I1lfural law and conform % g II we
would prosper 30 sane man VII deny tle
fq.t that idoaf civilization must b. based
ulou one code OF laws one standard Or
value one language tho world over; Win
one police department (C7N 10 an army
ana navy n Won lIEcl % fceD such people
as The sultan or Ilr.ey OF any QUIT ld-