The times. [volume] (Richmond, Va.) 1890-1903, 1896-03-14
REST AND CONFIDENCE WHAT ARE
WANTED.

WANTED.
Mr.. Letter, who. as merchant IN
Chicago, made an immense fortune and
Is now living ~ Washington. said to %
reporter there a day or 50 back, in talking
OF the effect Of the lingo debates in Con-
gress upon tho business Of the country
that
He believed that as lous as they con-
tirue the revival of prosperity will be
postponed. Before the Venezuela out
break affairs were looking well. and an
active winter was promised both the in
dustrial and the commercial interests of
the country. but the continued lingo
agitation. the clustering policy If Con-
eress and the war talk in the newspapers
have produced "A nervous apprehension in
money centres that has made capital timid
and has prevented people from investing
in new enterprises or undertaking obliga-
lions that might be affected by future
events. No prudent man viii accept a
contract for future delivery, or one that
Is subject 10 speculative Influences as long
as Congress maintains It's belligerent at
titude and talks war. And d great many
enterprises that were contemplated have
been abandoned or deferred until the Gu
ban and Venezuelan questions are set
lied.
las an illustration. Mr.. Letter told Of
n recent occurrence in Chicago that came
within his personal knowledge, and which
ne said was only one of many that might
be cited. Early i'm the winter arrange
ments were made for a loan of Si.2J0,O0J
at 4 per cent. which was TO be used in
the erection of n large Office building in
the central part Of the city, but when the
toll 4 h. off
withdrawn, and the expenditure of that
large sum, the most of which would have
been paid out for labor was prevented.
Another case also in Chicago is cited,
in which negotiations for a ninety-nine
year lease OF an important piece OF prop
erty in the business section Of the city
was suspended until the parties inter-
ested could determine whether We were TO
have war or not.
This is a striking illustration of the
danger of setting any movement on foot
that has tendency 10 interfere with gem
oral confidence in the settled order of
affairs. What business and prosperity de-
ms nd more emphatically than anything
else is peace. rest. quiet If they can
only get that they will ALWAYS find means
and methods for carrying on their trans
actions. All the money in the world might
be blotted out of existence, but still, II you
would only keep the world at rest and at
peace business would find effectual
methods for exchanging the products Of
labor and that is all that money is want
ed for
Money is 10y far the most effectual
agency for making these exchanges that
can be devised. and yet actual money plays
the smallest possible part IN making them.
Credit substitutes for money, gedcemable
every mocm thin actual money, arc the
real agencies Tor making them that the
world uses. and the most trifing amount
Of actual money as a basis for these, IS
all that is necessary. so long as the con-
ndencc of man that these credit subsu-
tutcs can be instantly converted into ac-
tual money is maintained.
Mat we want. then. is cessation of agi-
tation ana a decree published to the world
that the metallic dollar shall be kept UNI
changeably one thing and that actual dol
lars may be- at all times demanded Tor
credits in dollars. Ii We have that state
of affairs there will be an overwhelming
rush of business at ali times and every
body would bc prosperous. We can never
have that condition so long as We are
making the threat to put out am unlimited
amount of silver dollars, armed with legal
mower. 10 pay dollars of debt which are
really worth only half dollars.