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

~ our friend from way back is cor
rect I'm asserting that the Intrinsic value
OF the gold and silver In United States
money has nothing 10 do with IT," why
20 back TO the dollars Of our daddies?'
Why not discard metallic money az once?
| Paper IS cheaper When greenhacks were
worth only 50 cents IN gold, they had the
credit Of the United states nc their back.
with the expectation Of the people that
they would be redeemed IN real money,
but not the promise o. the Government 20
SO redeem. The only reason why the
United states silver dollar Is good for one
hundred cents IS limited coinage for Gov
eminent and because II Is. by congress
slonal action. "the established policy OF
the United states 20 maintain the two
metals al a parity with each other at the
present legal ratio. or such as
the standard for all our money. The In
terchangeability Of silver with green
backs-which are redeemahle In gold
gives the United states silver dollar n pur-
chasing power Of one hundred cents.
respectfully refer my friend from way
back 20 the experience OF France under
| John Laws money. and the Assisnat ana
Mandat and our own country under the
continental currency. The situation has
been well excmplided by an incident in
the life Of Mr.. wilkins Micawber. "a gem
tleman not unknown 90 fame. as follows:
81 have discharged the pccuniary LA
hility contracted at this establishment
by giving a note Of hand. made payable
fourteen DAYS after date, at my resi-
| dence. Pentonville. London. When IL be-
/ comes due il will not be taken up
WILKINS MICAWBER."
As 10 British gold. that government
| has certainly been very remiss as regards
myself.
For sixty davs past the daily press has
been filled with all sorts Of sensational
utterances concerning the gold product
Of the world-of South Africa. the Klon-
| dixie Peru California. etc.-and even ir'"
4 official sources have appeared rose-color-
Cd estimates as TO the worlds gold pro-
duct for 1897. The cXtravaeant state
| monts Of the papers cannot bo otherwise
than INJURIOUS I'm their effect. and the
eagerness and avidity with which such
uttorauces are seized upon hy many
seems to give color and force 10 Max
Nordeau's theory Of degeno1tion THO
Scriptures tell us that us a man thinketl
so is he and ifs seems depiorabie that
saner methods of thought COULD NOT h'
cultivated leading to more rational OK
pectations and methods of action and in-
| dustry. A friend Of mine Coz this city
/ his point of view the people of tho Paci-
/ hc coast are speculative rather than dill
! igent. entorprising rather thau indusirl-
| Gus. hopeful rather than frugal and their
wasteful methods Of thought and action
| an obstacle 20 the wholesome progress of
| the country. There IS, Of course no way
| % reform these vagarics OF character exc
/ cept by a persistent agitation-line upon
! line. precept upon prcccpt, here little
/ and there "a lttle-and hard experience.
| but Il is 20 be regretted that q people
| should plunge from AN extreme OF deprcs-
/ sion 10 one Of fancicd opuloncc without
soberly considering what is always os-
sontial 10 the real progress of any people
or country-namoly, rational methods OF
! thought. industrious conduct. and frugal
economic habits Of living
| with these few observations J will re-
/ fer 20 the gold product or the world and
! its potentiahty. Last year. after care
| fully considering AN the available sources
| OF supply ] named 200 million dollars as
| the probable product OF gold for 1895.
| and this the best official sources confirm
! ed. by reporting 203 millions as the actual
| outcome for the year Recently semi
| official statements have appeared 10 the
! effect that the gold product Of 1897 is like
| ly 10 be go millions. / cannot refrain
]
! mistaken view There will Doe no great
| increase IN the product OF South Africa.
l no approciabie increase from Peru. only
/ q moderate increase iu the United States.
| and so far as the Kl0ndke is concerned.
! while I believe the Yukon Valley t0 Doe
! section very rich in gold and likely 20
| furnish the world with large amounts
| of that metal in the future. the product
| this year will probably not much. Of any.
exceed - millions of dollars. Hence
my conclusions are that the worlds pro-
duct for 1897 will be- quite ten per cent
less than the fanclfu predictions that
have appeared recently IN the papers
! ln fact. DO ] We're t0 nN definite figure
at the present time for the product of
lN1. / would say 2l5 millions. But even
this is enormous and So far in excess OF
the product Of two decades that I ann
| reminded Of tho conclusion reached hy
many good economists for example Pro
| lessor Jcv0nsJ. that the value OF gold
! as compared with human labor. is fall-
/ lng-as well as silver. but ~ course the
| FAM iu silver l.- Uaou more startling.
| though less so than the FAN In copper,
which In ages past was a money metal.
Ia comparing gold with labor J would
! say labor has risen. For To- quote an
| able writer: "rhe alleged appreciation
! lor depreciation Of gold must remain an
economic paradox and contradiction Of
technical terms. SO long as that metal
| shall continue 20 De recognized as
| standard of value. For In the nature
| Of things. and by every precopt Of moral
Jaw as DO applies 90 dealings among men.
and upon every principle of economic
| and applied science. every standard
| measure must be a fixed and immutauie
! unit. n il is 20 correctly or equitahlv
perform the functions 10 was designed
TO subservc 10 cannot. therefore. become
the measure by which its own value. as
a standard is 20 Doe determined
! Within the past eighty years. chiefly
| the past thirty. twenty-siX Of the lead
| Ing governments of the world have gone
upon the gold standard basis. This cam
! not be regarded as caprice bat is ma
! tural gravitatiou-evOlutiOn- great
or efficiency In money. These govern
monts control so per cent. Of the COM
mercc ana CD per cent. OF the population Of
the world The gold standard has made
| IT'S wav not only without design On the
| part of individuals. but In spite OF the
| strenuous resistance Of almost all tho
| men who busted themselves with the sub
| iect silver as standard money IS going
ont Of use I'm O natural way, and we can
not stop &C.. The attempts % 10 so can
! only involve us IN trouble. To quote
! Pierre des Esslrs. the economist of the
Bank of France. "The attempt 10 use doe
! preciated currency as weapon with