The times. [volume] (Richmond, Va.) 1890-1903, 1898-01-16
"THE WAY TO AVOID 4 DIFFICULTY
TO MEET IT."

When Ex-senator Edmunds appeared
before the Committee on Banking and
Currency OF the House of Representa-
tivcs ono day last week. Mr.. Cox. of
tennessee. a mcmb Der Of the Committee
asked him in the course Of his argument
n the effect of the Monetary Commits
sion's bin would not be 10 convert all
debts public and private, into gold OBJ
legations. Mr.. Edmunds replied that 1t
would convert every government obliga-
ton. except a few of minor form. into
gold obligations ard. stated broadly, the
effect would be to make all United States
obligations payable in gold But as TO
private obligations between citizens, Mr..
Edmunds answered emphatlcally that it
would not
The curse Of the day is cowardice in
public men. No more perfect illustration
Of that fact could be found than this
answer of Mr.. Edmunds one great merit
Of the Monetary Commissions plan is
that it would make us beyond all posi-
biity of question a single gold standard
country. with the gold dollar as the unit
Of value. whereby every obligation of
every sort. public and private, would be
payable in gold coin If the holder Of the
obligation chose 10 demand IL. This is
SIS merit Mr.. Edmund knows this is what
Is intended to be accomplished by 1t and
what would be accomplished by It. yet.
for fear the cheap money men would rise
UP and make their usual objections that
there Is not gold enough in the world TO
pay of the debts Mr.. Edmunds tucked
tail and ran away at the first threat OF
an attack from the people who have no
more comprehension Of what making all
debts payable in gold really means than
ne bull frogs in the nearest pond have.
Instead Of saying what he did. Mr. Ed
nunds should have answered Mr.. Cox,
hat what ne suggested would be the eff
.ect Of the bill and that we are now on
, gold basis as 10 private debts, and then
De should have gone on TO explain 10 him
how there would be an abundance Of gold
for all the purposes of debt paying and
very much over and above. lie should
have said TO him that although a debt
Is payable in gold coin SO that the credi-
tor has a right TO demand gold coin, yet
that In the course Of actual business. as
IL is. not one creditor in one hundred
thousand ever calls for the actual coin.
Debts are paid by checks upon bank
credits, under the operation OF which a
credit which had stood upon the books
Of the bank as belonging to A. is trans
ferred 10 b. on those books and A. then
pays his debt and y. gets a right to de-
mand from the bank the amount Of the
credit in gold coin. though he never does
It. He also pays whatever he has TO
pay by checks upon that credit and so
the things goes on ad infnitum. That
Is the grea. elementary fact that no free
silver man ever seems TO be able TO un-
derstand. All OF them think that be-
cause a creditor has right 10 demand
gold coin for his debt that he therefore
does demand IT, But. as d matter Of
fact not one creditor In one hundred
lbouSdHu OO'o IT, 49, - NAa' IA 49, -
transfers OF credit for their debts and the
gold dollar does no more in the tran
sactlons than the dictionary does in Ian
guage. The gold dollar Is the standard
by which the value OF the commodity
against which the credit IS raised is de-
termined II is a reference point only
as the dictionary is the reference point in
language.
why could not Mr.. Edmunds have met
this case with tho true explanation of itg
General Wheeler. OF Alabama. was
cavorting around upon free silver horse
last Tuesday in the House OF Rspresen-
tatives and he said exactly what was in
Mr.. Cox's mind. when he asked Mr. Ed
nunds the question quoted and what Mr..
Edmunds stood In mortal terror OF. lie
said;
When the act OF 1878 (tha Bland-Alli.
col sct) was passed. the great industries
OF the country whore ] live received an
impetus which attracted the attention OF
the entire world. Money came TO our
country and Industries OF all kinds pros
psred. This was not true OF the South
alone. but OF the entire country. and here
h The reason: Whenever any law 10 pass.