Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-10-04
The BENEFITS to BE Derived from the
Free Coinage OF silver.

To the Editor of the Dispatch:
An article published under my own
signature in the Richmond Dispatch OF
the 18th OF September last entitled THE
Fear of Too Much Silver" should be read
as az companion article TO this paper.
In the frst-named article. think
proved conclusively that the unlimited
coinage Of silver at i6 to ! would not
produce an unhealthy imitation, as out
side OF the United States Treasury there
is not anywhere a stock of Sl0.000O0O of
silver bullion. and II all the silver in the
world was brought here and coined 1t
would only amount TO 1868 per capita.
I stated the fact that all the coined
silver i'm Europe has now limited legal
tender value, and is worth a dollar in
gold. and the relation there is Is and 1915
for one thus showing that 1t cannot
possibly b. brought here to be recoined
without a serious loss and the farther
fact was stated that no silver carried
| to Asia was ever brought back; that 1t
was the sink pocket of the silver OF the
| world, and | also stated that the ex-
portation OF silver bullion to ASIA ana
Europe is Increasing. All OF these state
ments are true. ] neglected to state the
fact that the ability of our minis work
| ing at their full limit does not amount
| to over $60.0O0O 600 year. and this esti-
! mate is probably much more than they
| will coin. These statements, winch every
| intelligent man Will understand. dispose
| of the contention that there can possibly
| be any unhealthy imitation by the free
| coinage of silver. i will now attempt 10
show the immediate and direct benefits
| TO be derived from the free coinage or
silver. and will first illustrate 1t by the
single article OF wheat.
| A PRACTICAL ILLUSTRATION.
II a shipment of wheat il made by
citizen OF Virginia--say 100 bushels-to
| a commission merchant in Liverpool and
| a shipment of the same amount Is MADE
| by an inhabitant of British India at the
| same time to the same commission MGR
chant. and II is sold on the same day
| at the same price-say dollar Dushel-
the American will get a check for 500
while the British Indian check for about
$3.50. thus giving him an advantage of
$50 on this small amount. This occurs
! because ours is god-standard country,
and the American is paid in gold, while
| silver Is the only money used IN India
II is a silver-standard country. and gold
is not there used as money The Liver
| pool commission merchant sends the
British Indian a check for as many
| silver dollars as the 100 gold dollars will
purchase. This profit has almost ruined
the culture Of wheat I'm many parts of
| the United States of America. This
benefit OF exchange has stimulated and
| Increased the expectation of wheat from
! British India from 1900 600 bushels in 1879
the fatal date of the dem0netization OF
silver. 10 62.OO0OC0 in 1888. II must be re-
| memhered that British India contains
more than go 900. 600 OF inhabitants. and
| has an enormous territory. The ordinary
wages paid there 10 farm laborers is
very smali-5 cents a day being the ave
| rage price for common hands, and 10
cents day being the average price for
| skilled labor, and 81 % month is all that
Is given for the food of hand. / get
these figures from the United States Con-
| sular Reports. 1t does not require much
Judgment to see at glance the ruinons
nature Of this competition Europe needs
an average. annually Of about 2io.0oO0oo
OF bushels OF wheat. On account OF
gold monometallism here British India has
for 62.0o00oo OF bushels. and is steadily
decreasing our sales. And what is true
OF wheat is relatively true OF cotton
and other farming products. II Is most
exchange has begun to affect our manu-
facturers, and Asiatic manufacturers are
underselling European manufacturers IN
their own markets. Many countries have
protective duties. but this cannot re-
iieve the situation. because. ais silver
falls, the benefit OF exchange becomes
| greater. The only countries now on
earth which are rapidly prosperlng are
As Thomas II. Reed expressed II q little
over two years since In an article In the
Contemporary Review, 1.-The yellow man
with the white metal Is getting ahead OF
the white man with the yellow metal
Ii must be stopped or we will be reduced
10 the condition OF Russian serfs and
European peasants What y the remedy
The answer and the only possible an
swer r. the opening or orr fElnts 10 the
free coinage OF silver.
HOW FREE SILVER WILL. WORK.
How will this afford the remedy?
will answer. Inithe FIRST place. no one
can deny that the free coinage OF silver
by this country will add greatly TO the
price OF silver bullion. Even the advo-
Gates OF the single-so!d standard admit
this; but they. state wc cannot maintain
the advance. Now, let me prove the
statsment that the immediate demand of
the 5000 900 OF people Of this country for
silver bullion. n Il Is remonetized. will
greafiv enhance it2 nricA- and win do