The times. [volume] (Richmond, Va.) 1890-1903, 1897-12-04
SATURDAY, DECEMBER 4. 1897.
roon SrSsrSoT INCONSISTENCY

For twenty-five years before the war,
Nirglnias banks had out. upon an aver
eRe ten millions of dollars worth OF holes
which were mot too good Dut soou
enough to he used at home. Ihat Is
shev were good enough for the specie
that their face called for. they circulated
at the face value in every part OF VIZ
.inia. and they furnished her people an
abundance of as good currency as any
people ever had. They were not 100
rood'-that Is. they were no better than
the specie they called for, but being Just
as god as the specie they called tor' they
,yere good enough TO be used at nome.
The same was the case in all OF the Al
1antic States though the new setting
West did have wild eat banks and notes.
n that medium" could be so happily
strrck then. why should II be dlhcult
matter 40 strike il now. when we have no
more new communities. and when the
whole face of the country is now covered
over with net work of railroads, teie-
praphs telephones and banking connec-
lions? This notion that Is so prevalent
that bank notes ought TO be good al par
all over the country. Is one of the
strangest decisions that ever held posses
sion OF the minds of masses OF men,
Richmond Times
And the Richmond Times Is a rank adj
Nocate OF the single gold standard be-
cause II is the only money that is good
all over the world" Here is logical
B consistency for you. The Richmond pa
per pleads for the establishment OF
State banks OF issue I'm order that we may
have "A currency that will not run away
10 New York but will stay with the peo-
ple State banks Of issue operated under
proper safeguards would doubtless help
nightly I'm getting US out OF the slough
Of financial despond we now founder in
elm 10 Cfn nd La p1 mo
mise god-bug paper that sends out a
praver with every issue for n continuance
OF the present gold standard because gold
IS money that all the States and all the
nations Of the earth accept without dis
count. can find a corner in It's brain to use
in advocacy OF state bank money because
81 Is cheap money and will not circulate
away from home Is an incomprehensible
paradox-and We give II up.-Roanoke
Times
No. don't give It mp. Take a friends
advice and work away at it until you
understand IT, You will bless The Times
the rest OF your life II YOU will only do
that And that you may come to a
proper understanding Of It we will this
morning remove one or two scales from
your eyes that we see very well badly
impedes your sight now.
First. The Times is not an advocate of
the single gold standard because 1t is the
only money that is good all over the
world" That is a mere incident. The
Times is an advocate of the single gold
standard because II is the only standard
which in our present state of civilization
and Advancement. can measure up TO the
idea Of money mot currency and. as
81 can and does measure up 10 the idea
OF money, IL is. therefore. good all over
the world" We are for gold then. be
cause there can be but one standard of
value as there can be but one yard
stick to measure length. because gold is
the only metal which will now answer
the demands Of a standard of value. and.
that being so, 1t is good all over the
world" because II is the standard of
value adopted by the civilized world.
Second The Roanoke Times must learn
the radical difference between money
the standard OF value-and paper curren-
cy which is only promise TO deliver the
money before II will have any conception
OF what The Times has been talking
about. An ounce of gold represents
certain amount OF labor required for pro-
ducing II. Twenty bushels of wheat repre-
sent the same amount of labor. we will
suppose. one is. therefore, considered a
good exchange for the other and, that
being so. we exchange twenty bushels Of
wheat for as much corn as is found TO
contain the same labor as one ounce of
gold. We take 1922 grains of the gold
and call II dollar. and then say that
anything representing as much labor as
2S.22 grains o. gold do. Is worth dollar
This Is the standard OF value and II is
obvious II must always remain one and
the same thing. or We will introduce
fnextricable confusion into practical bust
ness. But promises TO deliver these dol
lars will answer for the commerce OF the
world Just as well as the dollars them
selves, so long as men have confidence
in the promises. and they may be in any
number that business requires. These
promises are currency. not money as the
shadow Is not the substance. and they
are absolutely necessary for the affairs
OF the world for two reasons-(a) money
n 700 bulky TO use for all exchanges that