The times. [volume] (Richmond, Va.) 1890-1903, 1897-09-23


ing reference TO that standard es they
do. and il we had the further wisdom TO
open our ports as they do to the freest
intercourse with all parts OF the world.
we should have markets FOR everything
we produce Our transactions would be
upon a certain and established basis, this
would save US from panics and thus We
should have steady markets and steady
employment
II we would initiate tho wise and con-
servative methods Of England instead OF
imagining that she IS always plotting
against our peace, we would challenge
her for a fair division Of that enormous
worlds traffic that she now almost memo
polizes. But while we 90 on attempting
20 degrade our standard Of values and
abusing her, she will 30 on laughing in
her sleeve at Us and reaping the whole
Of the golden harvest
Having fought this bogy with his accus-
toned force Senator Daniel next tack
led his "favorite," that prices are low
money TO sell commodities for. We have
many times explained 10 Senator Daniel
his error in respect to this matter, but he
holds on 70 his errors after The Times
has exposed them with such perslstenoy
that The Times is almost inclined 10 fear
that no does not read it as regularly and
as attentively as he should. II this awful
apprehension be really Just, then there
is truly ground for serious fears upon
the Senator's account
But however that may be, we viii ex-
plain this matter once more 10 the hope
the Senator may yet SEQ the light
It may be true that II there was not
enough money for the purposes Of trade,
prices Of commodities would be lower
than they ought 20 be. There IS some
thing to be said upon the other side Of
this case. but we will allow Il 70 20 on
IN that way for the present But great
quantities Of coined metallic dollars arc
not necessary for the country 70 have
all the money that &c needs Paper cur
rency, II always redeemable on demand
IN coin, IS Just as effective land more so)
for the purposes Of trade as coined metal
lilo dollars are and paper currency IS
not, necessarily the notes OF hand that
banks issue. The bills Of exchange and
drafts and checks that business mon
draw are just az truly part Of the paper
currency OF a country as tho notes Of
hand that a bank issues. Now while
there are no foolish attempts TO force
payment OF one Of these instruments in
half dollars when they have been drawn
for whole dollars, redemption OF them IS
never (or hardly ever called for IN coin.
They are all deposited in the banks and
payment Of them is made by substitut-
ing IN their place other forms Of credit.
and so the whole mass Of the worlds
business goes on with a nominal refer
ence TO dollars, but with no actual use OF
dollars at all. The business IS exchange
OF commodities between separated local
tiles, and these are affected by swapping
checks IN banks drawn against tho
money value Of each commodity. sena-
tor Daniel might make the metallic
money Of the country ten thousand times
what It is, but business men would go
on doing their business with checks and
drafts because checks and drafts are far
more easily handled than coined dollars
are, and the metallic money Of tho coun-
try might be made far less than it is, and
suu business would suffer no inconven-
ience IL Senator Daniel and those Of his
faith would only cease their efforts TO
pay promise Of dollars with half dol
lars. This breaks down confidence and
thereby destroy more Of the real money
with which business IS done I'm one day
than all the minis OF the world could re-
place in a whole year.
The Senator said a good deal more
that we would like TO pay our respects
TO but space forbids at this time.
In our article yesterday upon Senator
Martins performance at Front Royal we
wrote that more than S2.OoOOoOo0O Of gold
had been coined since 1873. Il was erro-
neouHy printed 3l2O0oOoOJ0.