Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1898-10-21
THE END OF THE FREE COIN
AGE.

SA - 10y PSOf'S l's - ''N
many lines attempted, the more val
liable dollar has always retired from
circulation, leaving the entire field
to the less valuable dollar, and that
must inevitably be the case whenever
i, is attempted again. Therefore, if
the advocates of the free coinage of
silver ut the ratio of 16 to l should
succeed in their plans, it is absolute
ly certain that our gold money would
all withdraw from circulation and
leave the entire metallic money of the
country silver, and the silver dollar
would be far deprecated below the
value of The present, gold dollar, up
to the value of which it is now kept,
because the government practically
gives gold dollars in exchange for
silver dollars. That is, one of our
present silver dollars can at all times
be used in the place of and for a gold
dollar, by reason of the fact that the
government receives silver dollars in
payment of taxes laid in gold dollars
The free coiners therefore, would ac-
complish nothing by their success
but to drive all our gold money away
and make our entire metallic money
silver. To our mind it is one of the
strangest things that has ever hap
pened in the history Of the world
that in an enlightened, thinking PEG.
pie like ours, so many men should be
unable to perceive this fact.
Ignoring all the economical facts
and arguments that belong to the
case, the advocates of free coinage
base all of their claims upon the fact
that at certain periods as now, for
instance, cotton and wheat are very
low in price, cotton selling for 4 rs
cents per pound, and wheat for 60
cents bushel. At least that was
the case few days back, when the
Atlanta Constitution had an editorial
upon this subject from which we
quoted quite fully. The Constitution
and all who agree with it, ignore the
fact that it has not been twelve
months since both wheat and cotton
were worth nearly double those fig
ures, and that after a preceding per-
iod when they were depressed very
much. But in the three periods when
wheat and cotton were low, when
they were very high and when they
were very low again, there was the
single gold standard only and silver
therefore, had nothing whatever 10 /
10 with the rise in wheat and cotton
when they were very high, as gold |
had nothing whatever to do with |
heir depression when they were
ow. When they were high both !
we're scarce, and there was great de- |
nand for them. When they were
Ow the quantities of both had great
y increased and the demand for them |
rad fallen off.
The radical error of these gentle
men is in su posing that the prices |
If articles have a relation to the guam |
.ity of metallic money in existence,
when the quantity of metallic money
n existence has no more relation to
prices than the English victory at
)mdurman has to the disposition we
hall make of the Philippines. fit
we're true that wheat and cotton are
ugh when there is much metallic
money and low when there is less
which it is not, still the same con-
equences as to prices exactly, would
ollow under the present gold stand
I'd as would follow if the quantity
metallic money were many times in
reased.
Since our electrical and steam de-
became what it is, all pur-
bases and sales, except petty retail
purchases and sales, are made with
money and not with
letallic mouey. They are all made
y transfers of credits by checks and
ct by transfers ofcoin. The metal
c money might be increased TO any
uantity whatever, but still business
.ould he transacted with checks and
OF with coin, for the reason that
hecks are so much more easily han
led. Now, if there is universal con-
demo. that the dollar will always re-
lain one thing, and that checks ana
otes for dollars will always be paid
what is understood by the parties
, be dollar when the checks and s
otes are given, the smallest number |
actual dollars will serve as Il basis I
II an incredible bulk Of credits. The ;
n,ire metallic reserve of the British I
mpire is some two hundred and fit-
, ,,,;Ii;orS of dollars &C cold in tho