The times. [volume] (Richmond, Va.) 1890-1903, 1897-05-13
EXCESSIVE AMOUNT OF COINED
MONEY UNNECESSARY.

"As one who never believed that pros
perity could be restored without the com
| plete restoration OF bimetallism, 1 nave
never seen reason TO change my views on
the financial issues, and certainly no
| thing has happened since Mckinley
election having any tendency TO change
! them.
1t is by experiment and experience that
| the truth is gradually made palmer, and
this last experiment OF Mckinley SIN and
godism will, l think, bring the American
| people to a full realization OF their mis-
take IN supposing that they could make
prosperity with more taxes and less
money as the ingredients"
Years ago Major Daniel unhappily fell
under the delusion that possesses all free
coiners and other devotees of cheap money
Of whatever form, that great quantities
of coined money are necessary for the
transaction OF country's business, and
the foregoing shows that ali the lessons
of experience have made no progress to-
wards releasing his mind from that bane-
full error.
In these days of steam and electricity
men do the merest fraction of their bus
mess with coined money and the small
est amount of it is therefore all that is
wanted. Business is not purchase lof
commodities with money, but exchanges
of the surplus commodities Of one local
ity for the surplus commodities of an
other locality. The merest symptoms Of
reflection ought to teach any man who
does not know this that 1t must be so.
| If one community bought what it wanted
with money. it would need have an enor-
nous gold mine to keep up its supply OF
| money. But 1t does not do this. II
values its commodity. created by labor.
by the established standard Of value and
finds 1t TO be worth one thousand dollars.
according to that standard. IL then ships
that commodity to another locality and
draws on the latter for one thousand dol
lars. The latter locality has done the
same thing with one Of its commodities.
and the drafts Of each meet in the bank
and are exchanged and extinguished, and
all that has been done is TO exchange
the commoditl of one locality for the
commodity Of another. and all the part
money played in the transaction was to
compare the labor I'm a dollar with the
labor in the commodity and thereby es-
tablish a basis upon which the commo-
dities could be exchanged. This IS the
free coiner nor the protective tariff man
will recognize, although it is one Of the
plainest and most elementary facts in
the world.
We do not therefore need the quantity
Of coined money which Senator Daniel
imagines tnat We need nor anything like
It, we neeo enough coined money to set
tie balances when coin is called for. and
TO meet the demands OF men who be-
come alarmed in regard to the credit
Instruments they hold and who therefore
want them cashed, and. when We have
that much we need no more. Any more
is capital wasted. because, when in the
form of money that is not needed, II
earns nothing. With that limited amount
of coin the cities do their business with
checks. The country people need cash
it is true, but notes of their local banks
redeemable always on demand in gold
coin would answer their purpose just
as well as the gold coin, and, therefore
If they had liberty to issue those notes.
they would have AL the money they
could use.
A word further in respect to quantity
Of money:
Accumulation of coined money is not
the object of the business man in his
business ventures. IT, by chance. great
| quantity of coined money comes into his
hands, he rids himself of it as quickly
| as possible. 1t earns him nothing and
he hastens 10 convert it into something
that will yield revenue. The object in
business is not therefore. to accumulate
money, but to accumulate property-that
is the things that have been produced by
labor ana that are therefore wanted by
men. One man buys house as soon as
he gets some coined money whose rent
will pay him an income. lie wants the
profits of stored labor Another buys a
railroad bond which is a first mortgage
uron the earnings Of labor daily applied.
Another buys stock in an enterprise
which is to receive the fruits of labor.
What men strive for in business there
fore is the profitable products of labor
These can be acquired by transferring to
their owners the credit values OF other
products of labor Just as well as by
transferring TO them actual coined dollars
which. in fact, are only valuable as they
cost labor.
Products OF labor and not coined money
being the object OF the business man and
he being able to acquire those products
OF labor by exchanging for them credit
representatives OF other labor products.
Why should Senator Daniel be so soli-
citous about excessive quantities OF coin
ed money! What will he do with it
after he gets It? 1t Is not wanted for the
transactions OF business and no one but
a miser will hoard tia business man
would invest 1t again as soon as possible
in some productive enterprise.
The only value of money is In keeping
| IL moving.
/ CAN THIS ZEE TRUEs
It Is said that the plan OF the Populists
| I'm Virginia is to nominate State ticket