The times. [volume] (Richmond, Va.) 1890-1903, 1896-10-11

silver dollar IN which they are redeem
able. In that state of the case. how are
we going TO secure any increase OF the
money OF the country? Before we can
talk OF increasing 1t beyond what 1t now
IS. We have got 20 make up for the
100000 900 Of gold that will be lost. How
will we make up this, and then add
more on TO the whole?
We will have about si.2oO.0oo.ooO OF
money--conssting Of silver, United
States notes. and national bank-notes-
even after we lose our gold; and VIII
not that be enough Cor all the uses we
Will then have for money? Senator
Daniel is reputed to have said that he
thinks II very probable free silver will
cause severe panic, but, whether he
said it or not, all sensible men kno"
perfectly well that this sudden wrench
from the higher gold standard to the
lower silver standard is going to produce
a terrible shock in business. We WILL
OF course, work through 1t after whiie'
TO ind ourselves doing business upon
tho basis of fifty cents, or whatever the
silver dollar may be worth, as we are
now doing it upon the basis OF one hum
bred cents. We can do business upon
any basis. when it is once understood
that that basis is fixed and 10 remain
permanently. The French do business
upon the basis of twenty-cent unit OF
value, the franc: while the English DO
theirs upon the basis OF about a s. unit
Of value. the pound. SO. after we have
gone through a period Of terrific confu-
sion. turmoil and liquidation. we will
come down TO the silver dollar as the
unit of value; and we viii be able to
adjust all of our transactions to that
unit Of value. But in the interval we
shall have had an awful time; and for
a long time general business will be
partially paralyzed and brought to
standstin. 1t seems TO us that, with the
greatly diminished business the country
viii do. 81. 100000 600 VIII be as much
money as the country will have any need
for, especially as our silver money will
be useless for our foreign commerce. and
will be needed for internal commerce
alone. We shall still have to settle all
Of our foreign balance with gold just
fore. that the general business Of the
country will call for any more money
than we shall have left, for long time.
at least. and that gap for rush OF
money would seem to be closed.
But the expectation of the free coiners
for great addition Of money comes
from the demand they think the debtors
Of the country will make for cheap silver
to pay gold debts with. But they will
be disappointed here also.
Creditors will, Of course. at first remon-
strate against being paid off with 50
cents where they lent 100 cents. They
Will probably say very hard things OF
their debtors. but the law OF the land
is the law Of the land, and they will very
soon conclude in their minds that they
have got to submit. whereupon debts will
be paid. as now. by checks on credits
Ia bank, the dollar Of which credits
will be the silver dollar. While the
creditor is in an ugly mood and refusing
silver for his claim, debtors viii no doubt
be purchasers Of silver, which they viii
take TO the minis TO be coined. or TO
the Treasury for silver certificates. But
as soon as the creditor submits TO the
inevitable and accepts payment i'm the
money Of the country. all Of that VIII
cease. 1t is troublesome and expensive
to go through that process. and no debt
or is going TO do It If he can pay by
drawing a check. just as soon. then,
as the creditors and the debtors come
to an understanding. and that will be
in very few weeks the debtor demand
for silver will come to an end. From
what quarter, then, Will any other de-
mand come for silver to be converted
into money? We can see none whatever.
The silver mine-owners will. Of course.
80 on converting the product of their
mines into coin. and showing this coin
out upon the people, but the only effect
Of that will be to keep a steady pres
sure downward upon the silver dollars
value and 1t will take these mines sew
eral years to make up for the loss Of
the ss2O, 100000 Of gold.
We 'see nothing but disaster in this
mad project from whatever standpoint /
It is looked at. not even the pallation Of
what viii prove in the end the greatest /
curse Of ALA great flood Of cheap /
money.
The promoters OF this free-silver cru |
SADIE may be disappointed. but their fol-
lowers surely will be sadly disappointed |
In the results Of their onslaught upon |
the standard Of value and existing con-
tracts. The weak will get nothing out |
OF the wreck but harm.
1T Is COMING GRADUALLY TO BE UN- |
DEE>IOOD.
rI.r