The times. [volume] (Richmond, Va.) 1890-1903, 1898-10-15

THE END OF THE FREE tOiNA"h'
THAT the men who advocate two distinct
dollars the metal IN one Of which VIII
sell IN tho market for only enc hah OF
what the metal IN the other will sell foe
are economically in error, IS as clearly
cemonstrable as any proposition in Euclid
Whenever that has heretofore been at
tempted by any people (and It has been
many times attempted, the more valuable
dollar has always retired from circuia-
ton. leaving the oitlre field 10 the less
valuable dollar, and that must inevitably
be the Gaze whenever 1t Is attempted
again. Therefore, n the advocates OF the
free coinage OF silver at the ratio OF 10 10
/ should succeed IN their plans, 1t Is alb
solutely 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 sold dollar. up 20 the value OF
which It Is now kept because the govern
ment practically gives gold dollars IN ex-
change for silver dollars. That is, one OF
our present silver dollars can az all times
be used in the place Of and for gold dol
lar. by reason Of the fact that the govern
rnent receives silver dollars IN payment Of
taxes laid IN gold dollars. The free coin
ers therefore. would accomplish nothing
by their success but to drive al our gold
money away and make our entire metal
lie money silver. To our mind 1t is one OF
the strangost things that has ever hap
pened IN the history OF the world that in
an enlightened. thinking people 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 per-
iods as now. for instance. cotton and
wheat are very low in price cotton selling
for IS cents per pound, and wheat for 60
cents hushel At least that was the
case a 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
1t. ignore the fact that It has not been
twelve months since both wheat and cot
ton were worth nearly double those hg-
ures. and that after O preceding period
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 what
ever TO do with the rise in wheat and
cotton when they were very high, as
gold had nothing whatever 10 do with
their depression when they were low.
When they were high both were scarce.
and there was great demand for them.
When they were low the quantities OF
both had greatly increased and the de-
mand for them had fallen OF.
The radical error OF these gentlemen IS
IN supposing that the prices OF articles
have relation 10 the quantity Of metal
lie money IN existence. when the quantity
OF metallic money IN existence has no
more relation 70 prices than the English
victory a. Omdurman has 10 the DISPOSE
ton we shall, make OF the Philippines. IL
II were true that wheat and cotton are
nigh wher there IL much metallic money
and low when there IS less (which 81 IS
noD. still the same consequences as 10
prices exactly. would follow uader the
present gold standard as would follow II
the quantity OF metallic money We're many
times increased.
Since our electrical and steam develop
ment became what It 10, all purchases
and sales. excep, petty retail purchases
ana sales. are made with representative
money and not with metallic money They
are all made 10y transfers o: credits by
checks aud rot by transfers of coin. The
metallic money might bc increased to any
quantity whatever. but san business
wond be transacted With checks and not
with coin. Tor ne reason that checks are
so much more easily handled. Now, Il
there is universal confidence that tho dol.
,sr vii, always remain one thing. and
that checks and notes fer dollars will al
wsys be paid in what Is understood by
the parties 10 oe dollar when the checks
and notes are given. the smallest number
OF actual dollars Will serve as basis for
an increcis,e bulk Of credits. Tho entire
metallic reserve Of the British Empire 10
some two hundred aud ffty millions OF