The times. [volume] (Richmond, Va.) 1890-1903, 1897-08-04


GRAFTON Of the protective tariff system.
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SENSIBLE TALK AND FOOLISH COM
MENT.
Because the Evening Post Of New
York. in discussing Secretary Cages re-
cent address in Boston, points out the
very defective character OF our currency
system. some Of the newspapers Of the
country that ought to know much better
rage and gnash their teeth as though the
Post were guilty Of high treason. Inc
Washington Post, for instance hred user
of in the air as follows:
II is scarcely possible that the interests
OF wall street can, in the long run, be
promoted by attacks of its organs on the
STABILITY Of the nations currency. Even
II they could succeed-which they can
not-in getting up a panic, only smalI
number OF operators would realize
profit from the crash in stocks. AS
rule those financial, industrial, and COM
mercial conditions which are most condu-
Give TO the general prosperity are most
favorable to every Wall street interest
that deserves favorable consideration.
Granting the desirability of some changes
in our currency system when they can be
effected. it still remains true that every
dollar we have in circulation or in reserve
is as good as a dollar in gold. That the
nations pledge to keep its currency nom
est will be faithfully maintained is placed
beyond doubt by the facts Of our financial
record.
The Evening Post is no more an organ
OF Wall street" than the Richmond Times
is. or than any other newspaper which in
sists that there can be but one standard Of
value. that the civilized world has now
adopted gold as that standard, that we
must conform to the action Of the rest Of
the world in that respect that our stand
ard must be kept inhexibly and always
the same, and that our laws governing
paper currency must always be made with
this idea OF the standard paramount.
These being the elementary conditions
Of the case. intelligent discussion that
points out the danger we always run with
great mass Of silver dollars, and with
currency laws that deny to the over
whelming majority of the people all cur
rency facilities is not attacks Of the Wall
street organs upon the stability Of the
nations currency" but that timely and
necessary suggestion ana advice which 1t
is the function of newspapers that are
entitled TO the name to offer the public
at all times.
For the Washington Post 10 howl out
that because we have so far kept every
Ia. f.T Ina
value TO be the best one, therefore it may
be assumed that we should always do so,
is the most fatuous and dangerous beg
ging Of the whole question. We have
done this because intelligent newspapers
like the Evening Post have necessarily
pointed out the ruin that would be brought
upon the country If we failed 10 do it.
Free coinage OF silver has been defeated
largely by the action Of these newspapers,
and if they had not taken just that course
free coinage OF silver might have been
adopted in this country and then we
should have had such destruction and
misery here as never was seen amongst
any people. II is simple nonsense for the
Washington Post TO say that because
tho nations pledge 10 keep its currency
honest has heretofore been performed,
therefore it will always be performed in
the future. The nation cannot keep that
pledge If the free coiners prevail. and the
only way to prevent their prevailing is
for independent and sensible newspapers
like the T., saing Post 10 discuss the sub
iect as II has been doing.
Tho passage in the Evening Posts arti-
Gle. which especially arouses tho ire Of
the Washington Post is the following:
II said Mr. Cages speech lacks the
confidence and vim which impaired so
much OF hope and courage 10 those who
share Mr. Cages views in general They
believe with him. that the tribulations Of
the last three years will always beset our
currency and our standard OF value as
long as they remain on their present
sandy foundation They believe, too, that
no step VIII ever be taken towards
amendment unless those who know the
truth arc prepared TO fight for IL against
any odds. whether the opponents be Bryan
Democrats or Mckinley Republicans. To
an such We fear that Mr.. Cages words at
Boston VIII come as a disappointment.
for ne tells Us that there Is no pressing
need FOR haste. no immediate occasion for
anxiety. that we have ample reserves in
the Treasury ana good prospects. and
$50 forth"
The Evening Post is not singular in its
view Of Secretary Cages speech Many
others were impressed with tho danger
that lurked IN Mr.. Cages airy. optimistic
Wow.
The Post is perfectly right. Our whole