Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-13

htHtdllOu tndt we nave 10 h''t II -
charge that we are advocating the pay
ment Of debts I'm 50-cent dollars. Al Inc
present time and under present laws, a
silver dollar, when melted. loses nearly
half its value, but that will not be true
when we again establish a mint-price TOT
silver. and leave no surplus silver upon
the market to drag down the price OF
bullion. Under bimetallism silver bullion
viii be worth as much as silver coih' just
az gold bullion is now worth as much as
gold coin. and we believe that silver
dollar will be worth as much as solu
dollar.
The charge Of Reputation comes with
poor grace from those who are seeking 10
add TO the weight OF existing debts DF
legislation which makes money dearer,
! and who conceal their designs against
the general welfare under the euphonious
pretence that they are UNFOLDING pubic
credit and national honor.
In answer to the charge that gold VIII
go abroad, It must be remembered that no
gold can leave this country until the
owner Of the gold receives something III
return for IL which he would rather nave
In other words, when gold leaves the
country those who formerly owned IL VIII
be benefited. There is no process by
which we can be compelled TO part WIN
our gold against our will, nor Is there any
process by which silver can be forced
upon us without our consent. Exchanges
are matters of agreement, and If SILVER
comes TO this country under free coinage
il will be at the invitation OF some one in
this country who will give something In
exchange for II.
INDEPENDENT ACTION.
Those who deny the ability OF the
United States TO maintain the parity be
tween gold and silver at he present
legal ratio without aid. point 20 Mexico
and assert that the opening OF our minis
will reduce us to a silver basis. and raise
gold to a premium. IL is no reflection
upon our sister republic to remind our
people that the United States is rGuch
greater than Mexico I'm area, IN poDula-
ton. and i'm commercial strength. 1t Is
absurd TO assert that the United States
is not able TO do anything which Mexico
has failed TO accomplish. The one thing
necessary I'm order TO maintain the parity
is to furnish a demand great enough 10
utilize all the silver which will come to
the minis That Mexico has failed to do
this IS not proof that the United states
would also fail.
1t is also argued that since a number
Of the nations have demonetized silver
nothing can be done until all or those
nations restore bimetallism. This Is also
illogical. z. IS immaterial how many or
how few ra.,ons have open n,nts, pro-
vided there are sufficient oDen nints to
furnish a monetary demand for all the
gold and silver available for coinage.
In reply TO the argument that improved
machinery has lessened the cost OF pro-
ducing silver, II is sufficient TO cay that
the same is true OF the production OF
gold, and yet. Notwithstanding this, gold
has risen I'm value. As matter Of fact,
the cost OF production does not determine
the value OF the precious metals. except
as II may affect the supply. H. for in
stance. the cost Of producing gold should
be reduced % per cent, without any In
crease in the output. the purchasing power
or an ounce OF gold would not fall
SO long as there Is a monetary demand
sufficient 10 take at a fixed mint-price
all the gold and silver produced, the cost
OF production need not De considered.
BENEFIT OF MINE-OWNERS.
It is asserted by our opponents that the
free coinage Of silver is intended only for
the benefit OF the mine-owners. 1t must
be remembered that free coinage cannot
restore TO the mne-owners any more
than decentralization took away. and IL
must be also remembered that the loss
which the demonetization of silver has
brought 10 the mine-Owners is insignifi-
cant. compared TO the loss which this
policy has brought to the rest Of the
people. The restoration Of silver will
bring 10 the people generally, many times
as much advantage as the mine-owners
can obtain from IL. While IL IS not the
purpose of free coinage 10 specially did
any particular class, yet those who be-
lieve that the restoration Of silver is
needed by the whole people should not
be deferred because an Incidental benefit
viii come 10 the mine-owners. The
erection Of forts the deepening OF har-
bors the Improvement Of rivers rhe cree
ton of public buildings-all these confer
Incidental benefits uDOu individuals and
communities, and yet these incidental
benefits do not deter US from making APP
propriations for those purposes whenever
such appropriations are necessary for
the public welfare.
MATTER OF CONVENIENCE.
The announcement that the silver dol
lar il heavier than a gold dollar. and that
therefore silver IS not as convenient 10
carry I'm large quantities. is completely
answered by the silver certificate, which
Is as easily carried as the gold certih-
cate or any other kind of paper money.
There are some who. while admitting
the benefits Of bimetallism. object 10
coinage at the present ratio. II any are
deceived by this objection. they ought
TO remember that there are no bimetal-
lists who are earnestly endeavoring 10
secure II at any other ratio than Is TO l.
We are opposed 10 any change In the
ratio, for two reasons: First, because a
change would produce great injustice;
and. second. because change I'm the
ratio Is not necessary. A change would
produce injustice, because. II effected IN
the manner usually effected, Il would
result I'm an enormous contraction in the
volume OF standard money. II. for In
stance. it was decided by international
agreement TO raise the ratio throughout
the world TO % 10 |. the change might
be effected in any one Of three ways.
The silver dollar could be doubled In
size so that the new silver dollar would
weigh thirty-two times as much as the
present gold dollar: or, the present gold
dollar could be reduced one half in weight,
80 that the present silver dollar would
weigh thirty-two times as much as the
new gold dollar: or the change could be
made by increasing the size " the silver
dollar and decreasing the size - the
gold dollar. until the new silver dollar
would weigh thirtytwo times as much
as the new gold dollar.
Those who have advised a change In
the ratio have usually suggested that the
silver dollar be doubled. III TINS chahse
were made Il would necessitate the re-
coinage Of four billions OF silver into
two billions Of dollars There would be
an immediate loss OF two billions Of dol
lars. either 10 individuals or to the gov
eminent, but this would be the least Of
the injury. A shrinkage OF one half In
the silver money OF the world would
mean a shrinkage Of one fourth In the
total volume OF metallic money This
contraction by increasing The value OF the
dollar would virtually increase the debts
OF the world billions of dollars, and de-
crease still more the value OF the pro-
periy Of the world as measured bY dol
lars. Besides this immediate result such