The times. [volume] (Richmond, Va.) 1890-1903, 1896-08-18
An TNPOSSfBTLITY.
"Ihe Future of silver Money Is as
Subsidiary Coin"

The following letter was written 10
friend by Professor ]. w. Burgess for
many years Dean OF the School Of Politi-
cal Science. Of Columbia College. New
York. a school which has very wide
reputation: lob la
Redstone, Montpelier. VI.
Ny Dear Mr. .Stroock, -Bimetalsm. IL
the sense Of the full and equal legal ten
der power OF two metals is an impos-
slbllity without international agreement
Nothing short OF the Federation OF the
World upon that subject can make Il
possible In the present condition OF the
world. you must choose between the gold
or the silver standard. You cannot have
both. We have been a gold standard
nation for more than half a century. The
act Of 1913 only recorded in the statute
book what has existed as d fact for
nearly forty years.
The change from a gold to a silves
standard now would, in my opinion, be
one Of the greatest disasters that has
ever befallen this country. 1 think the
first effect of 1t az the ratio proposed.
would be a prompt and tremendous con-
traction OF the currency. The who-
six hundred millions OF gold would dis
appear. and it would be a physical i'm
possibility 10 ftllift IT, even upIu4ldlly
with silver In ten years.
II the Democrats or Populists win the
control OF the government next Novem-
her. they can pass no law until yea,
later. unless summoned TO extra sessions
OF Congress, and that cannot be done for
five months That IS our foreign credi-
tors will have from five months 70
years notice 10 collect their debts In
gold Before the end OF that period
there would not be a gold dollar left in
the country. ami when the sllverltes
should take up the reins. they would
find themselves confronted by this enor-
nous contraction OF the circulating me-
dunn, and would. without doubt, try 10
meet IL by printing greenbacks. pure fat
money. Such a change would make tn
middle and lower classes suffer for the
benefit Of the rich The rich man holds
property is on the whole. a seller and
a debtor. The poor man holds little o.
no property. is. on the whole. buyer anI
n creditor With fiat money. In part or
I'm fun. property rises. products become
dearer and the debtor pays in cheaper
money. The mistake usually made ia
reasoning on this subject IS i'm considering
the poor 10 be debtors. Because the
poor man holds little or TO property he
is regarded as a debtor. This is
great fallacy.
also object 70 the phrase free sill
vor'l or the free coinage OF silver
This word free" hypnotizes the Ameri-
can mind and leads II anywhere. The
statement OF the present proposition
should be "the unlimited coinage OF fifty
three-cents worth Of silver into one doll
lar. on private account"
Neither am I OF tho opinion that hi
metallsm is the coming plan. l think
the day OF silver as fun legal tender
money has passed. Thirty thousand
dollars worth Of silver at Is 10 l. weighs
about a ton. At it's real value " weighs
nearly two tons II Is impossible 10 use
such a metal i'm the present volume and
activity Of the worlds commerce. even
nv international agreement. without great
loss
When commerce. was undeveloped. and
every family produced in kind very near
ly everything il consumed. shells. tobacco.
rice beaver skins. etc. would answer
for currency When IL increased 10 n
considerable degree. these things had 10
be laid aside and copper and then silver
put in their places. When IL assumed its
mammoth proportions OF to-day. n much
more valuable metal became necessary.
No. my young friend the future oc
silver az money Is as a subsidiary coin.
Gold must be the standard OF all money.
and gold must be the money OF the
worlds commerce.
Very truly. yours.
j. w. BURGESS.
I'll.