The times. [volume] (Richmond, Va.) 1890-1903, 1896-07-23

I
| pressed at the polls
THE banker also is without prosperity
unless prosperity Is general throughout
the United States lie must learn 10 us
tinguish between cheap money ana money
commanding a low rate OF interest Inc
| dollar worth two bushels or wheat ~
| dear dollar, and yet II commanus inter
| eat in Wall street AZ present OF Out ,"o
| per CEN. per annum on call III tho uohdr
can be cheapened By increasing tne num-
Der OF dollars. so that each dohai WIZ
! buy less wheat the increasing price OF
wheat will Increase the demand for dol
/ lars TO invest IN It's production. lneii 'ne
borrower Of dollars to invest IN tbe pro-
duction Of wheat being reasonably sure
| OF profit from that employment Oh tne
money can afford TO pay interest Tot us
use as a part OF his profit. In other "or1S'
| interest IS a share OF the proit on 'he
employment OF money. SO that apunuai'
! money. money readily obtainabie' winch -
10 say really cheap money, is The money
| which commands a high rate OF interest,
as a share Of the profit OF the oorro"e'
| In using II.
CASE OF MEXICO.
| "As we appeal TO the country III tnc
| justice Of our cause, one or Two Poii''9
| Of common inquiry must be sausned a.
| follows: The experience OF MEXICO -
| held up for our alarm. We answer HIs''
that Mexico Is coneplcuously prosperous
| at home. Her increase in manufactures,
railroad earnings. and the Ike III iece'i'
years is phenomenal. Second, MeNic" u
10 criterion for the United states TOT ,no
| reason that she has foreign trane III
| debtedness OF about S2OcpO."V ahfiuh-iS III
| excess Of the value Of her exports Oh CO..
| ton, sugar coffee. hides, and the IKE
u-hf 10. fpY
| product Of her mines Her silver therefore
goes abroad as merchandise, and al val
uation fixed by the outside world. The
| United States on tho other hand. IS a
nation of seventy millions OF peop'e'
scattered over territory seventeen tunes
| the area OF France. single one OF our
| railway systems the Erie. exceeds the
aggregate railway mileage OF all Mexico
| We offer an employment for money 10 an
| aggregate greater than the worlds spare
silver will furnish us. Hence. our silver
money, at home and abroad, VIII be Vaiueu
| as the money Of the United states.
'The opposition theatens us with a
| flood Of Europe's silver upon our reopened
| msnts. We answer Europe has no silver
| but her silver money. Her silver money
| values silver AT from three cents to seven
cents on the dollar higher than ours
| Hence the European merchant or banker
| must sacrifice from three 10 seven per
cent of his full legal-tender money IN or
der TO recon 10 az our minis. Europe
| slverware Ike Americas silverware' car
| ries I'm 10 the additional value OF laoor
and the manufacturer prohf.
midas SILVER
"Thcy threaten us with a food or sh-
yer from the far East. We answer that
| the course az silver is Invariably east
ward. and neyci-toward the west. Brit
| ish India is a perpetual sink OF silver, alb
sorbing &c. never TO return. by from thir-
| Is to sixty million dollars worth every
! year. And midas absorption ~ silver
will be enlarged bv the steadincss Of price
for silver fixed by our reopened mints.
"Thcy threaten us with a sudden retire
| mont Of 100000 no gold Win the accom-
| panying panic causing contraction anu
| commercial disaster unparalleled We ar
swcr that our total stock OF gold otner
than about 800 900 or S50oo.O90 circula-
| ting on the Pacific coast. IS already In re-
| trement Practically AN our gold Is IN
| the United States Treasury or held by
banks. The gold in the Treasury viii fe-
main there If the Secretary avails OF MS
! outlon to redeem United States notes IN
| silver. The gold In the banks constitutes
| the quiet and unliswrbcd portion OF their
| reserves against their Liabilities. II VIII
| continue TO d0 money duty as such re-
serves after free coinage for silver Is en-
acted. Hence 90 premium on II Will not
| contract the currency. The utmost pos
sible contraction Of the currency VIII DC
| the few millions circulating on the racine
coast and this VIII be retired but slowly
"A similar thrcat of a flight Of gold was
made for the Bland act Of ISIS. President
HAYES was urged TO veto IL, but Congress
| passed IL over the veto. Instead OF "A
| FIGHT OF gold as had ieen predicted, we
| gained bv importation Sl.0nOD for the
first wear. 100000 the next, ana w.
mOeO the third year. During the tweiVe
| wears that the act was on ~le statute
| hooks we gained sol 0Ol.00O OF foreign gold.
| Instead of the destruction OF our creill
| abroad as had been predicted the lhiled
| States four per cent loan Whlch sloou
| .t i0l ON the day of the enactment, sold
AZ l2O per cent, within three years anu
af 1870 per cent subsequently, Instead OF
| defeating the resumption of specie pay
ments on January l-t OF the following
| wears the 24Om000 silver dollars which
were coined I'm ISIS and circulated 10y
| means Of silver certificates, reduced the
| demand upon the government for gold
| Hence the threat Of disaster now IS
| without historic foundation.
| sILvERY VIEW.
| "rbfs then. is what VII follow the re-
| opening of our mIufs 90 silver: Ihe golu
| already I'm the Treasury will remain there,
| If common sense dictates the Treasury
| management: that o. If the Treasurer eX-
| ercises the option % redeem United states
notes I'm silver. 4 premium on gold VIII
| NOT occasion "A contraction OF the curfeh-
cv bank hoards Of gold continuing 70
| serve as a portion of bank reserves
| against bank liabilities. premium on
,old will tend 20 increase our exports by
| causing a higher rate Of foreign eNchahSe'
| ,bat is n saw. bv yielding a larger net re-
| ,,r, I'm dollars on the sale OF bills Of cN-
| cbonee drawn against goods exported. \
| nre,,iurn will tend 20 diminish our I'M
norte nv Increasing the cost OF bills OF eN-
.h,nco with which % pay for goods I'M
| ported. The tendency "i ih'''dS.'lH ~, W.,
| .vnorts and decreasing our imports VIII
| he first. "a set our spiiNles ruhhiils'
su,eu the number 81 paid operatives IT.
.reaso their wages thereby AIDING 10
the number and paying capacity OF con-
sumers and thus enlarge our nome mar
| tct for all home products ana manulac-
| trrcs with prosperity In general as the
,cs,,l, assured TIE tendency or
| Increasing our exports ana Ill
ninishine our importst will he
to establish a credit balance or trade
oyports and diminishing our imports VIII
ho 10 establish a credit balance or trade
for the United States \ credit balance
of trade means that Europe has become
orr debtor and must settle with us IN
money. Turope's silver money IS oveb
| ....f,,.1 g., hcr cold compared with ours.