The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-26

ttA' hN'@AA ANN OF hAi'AN ANAAN NAfff~
cared to carry over 1--WE silver dollars IN
his pocket, and. therefore. the natural
Imitation Of silver as legal tender should
DO Eve dollars. II u man did not want 90
carry so much silver be could carry rs
representative with him. The silver GER
uAcate was &C good as silver Itself
Mr. Bailey quoted fsom Bob Ingcrsoil
what be considered was The only good
thing that the latter lad ever said: "a
silver certificate said lngcrsoll. lis the
only thing that can say 70 you while
looking INTO its face, / know that my
redeem or lveth."
MADE MONEY TOO HIGH.
The real objection 10 the gold standard
was that 70 made money too high, and.
therefore. no man could successfully d.
lend O.. While (. Nigh, be an evil t0
have money 700 cheap yet TO was
still greater evil 20 have money too high.
The I-at principle WIS 20 be In the
middle between the two great extremes,
/ the cheap money OK paper fatty and The
| high money Of the gold standard.
ie believed in am honest dollar as much
/ as any lglug man. but ho differed w'th
/ u gold standard man as 20 what made
an honest dollar. They said a dollar
was honest when Il was worth a hundred
| cents. or when it was worth as much be-
| fore the coinage as after having been
/ coined If The latter thciry was correct.
! then as honest q dollar could be made
/ out IL iron as out on gold. Mel who used
/ such argument did not know anything
about the system.
The other theory was Just as absurd.
| because dollar would always be worth
hundred cents. for The cent shall be
/ the hundredth part of a dollar. me
| law cannot change the value Of The dol
/ lar without chaneing the number OF cents,
| nor coud IL change the numb,r Of cents
/ without changing the value of the dollar.
UNCnANGING VALUE.
! In his opiaon an honest dollar was a
/ dollar Of unchangng value. that as 10
passes FROM hand TO hand could say II
never robted "a single soul. The only
/ honest collar was the one bat had the
! sane value twenty years ago AS to-day or
| twenty ears hence. 10 was easy enough
/ where the value OF god lad Teen stable.
/ The economical way 90 prove that the
/ value had changed was boy proving that
/ The relation between supply and demand
/ had changed The world actually pro-
duCed more gold during the twenty years
preceding the year 1873 than during the
{ succeeding twenty years Il his went 10
show that the value Of gold enhanced.
laud az the same time She demand for
/ gold increased one cause was that the
/ population increased in that time. be-
| sides. many nations. which have been
/ using paper money, returned TO specie
/ basis, While others rclinquisned the silver
( basis. and an this increased the demand
flr goid. The use Of god in art and man
+ ufaclurcs also had largely increas d.
/ Cp 60 1881 90 was a deoatab.e question
/ whether the value Of gold had risen but
| since then that question has never been
] ID
! prices as iong as the supply OF money
/ was sufficient 20 meet the demands or u.
! The law OF supply ard demand not only
/ affected the ya.ue 4 commodities but
/ also tho value 81 uo1ey. 10 was con-
/ stanty adm tilted that ihe supply was in-
/ -lt3tient. II tie conditions n trade be-
/ gan 90 drain the gold ont OF this country.
| The nrsi men % cry out in alarm were
/ the bankers and spectators IN Wall
/ street 1ney did not ask il 81 was the
/ balance OF trade that did 10. II might
| 20 90 pay for those titles that foolish
/ American girls bought in foreign lands.
/ 10 there was gold enough ln this coun-
/ try then there was also gold enough 20
! nay the debts OF the country and there
/ was no reason for alarm. However
/ these ananclers went TO Washington and
asked for the Issuance of bonds % in-
/ crease the debt in order to restore conf
/ dence They were afraid that the supply
Of gold might go out OF this country.
Two years ago when the gold had left
this country and q premiuf was on h o
speculation was made with noted bank
! ers that ha'f che gold then needed was
/ then 10 bo brought here from foreign
countries the amount Of S33.50O.01. which
/ was an admission that there was not
I enough gold n this country.
THE SUPPLY INSUFFICIENT.
/ That The supply Of gold was insufficient
/ 10 the demand. would easily DE deducted
/ from everyday life. Gold would buy
| twice as much now as years ago. and re-
value had therefore risen. Value meant
nothing else than purchasing power II
ii man could not pay with money wha.
! for De had purchased. money would cease
/ TO be desirable. No man cared for dol
| lar except for the command which 10
| gives him over the necessaries or luXuries
/ OF lfe
The gold standard men said while ~
was true that gold could buy twice as
much now o. &C. did twenty-five years
/ ago th.s was caused only by the prop
| erty having gone down I'm prices. 70 was
/ the over-production o. commodities and
not the demand of money that was az
| the bottom of e.. Why should they ask
/ for protective tariff Co build new shops
| and factories for the id'e people. n the
/ market was already overs,ocked. II the
| farmers had produced TOO much, 10 could
/ be- remedied hv producing less.
/ lie advised the farmer In that instance
/ 90 rest every o.her day instead of ony
/ on the Sabbath day and 10 Oct the grass
/ grow among his whcat because ne was
] producing too much and I'M that manner
/ he would relieve The evil OF over-produc-
/ ton. N 90 was over-pr0duction which
/ closed the factories. what could be eX-
| pected ~ the future. II the farmers
/ prices had fallen ha'f because they pro-
/ duced too much. where would they go.
| II their children multiplied and replenish-
/ ca The earth. There would be no rescue.
not even hope. the people would nave to
stand IN helpless silence and sink into
dependency and despair.
HOPELESS PHILOSOPHY.
! Their philosophy was hopeless and musf
| be without merits. The reason mat
4 cotton Ind fallen from sixteen cents ia
gold in 1873 10 seven cents 10 god 'n Nf
was not caused because the world pro-
! duced too much GO ton. Ihs cors-, p-
/ tion OF cotton had increased just as tas
/ and the falling price az cotton was NOT
/ caused by overpr0duction. There h.o
] only been TWO explanations for this sta.e
/ of affairs the Oyerproduction OF commo-
| dlti.s or the enhancement OF the v'lue
J of money. II n WAS proven that there
mad been no overproduction OF cotton
! then certainly the value OF money had
beeu increased. All the reports showed