The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-01
Why France Paws Gold or Silver.

Editor of The Times:
Sir:-In your article Of to-day on The
Anirpus of the Teller Resolution you
say: The policy OF paying gold or silver
at the convenience OF the government Is
pursued by France and without detriment
U anybody etc
frequently quoted by the free-slvcrites az
n this was the means France took 10
Keep up the parity between the metals.
The motive for the policy is quite dit-
ferent The Bank of France is a private
institution the government does not own
a share in II, and does not get a centime
OF its profits. only the governor and TWO
suh-governors are appointed by the Pres
ident of the Republic
Its capital is owned entirely by the
shareholders. for whom the bank proposes
10 make money. Ii has 10 receive from
its depostOrs the five franc piece along
with other forms Of money. When. there
fore, the dcpostOrs want gold IN large
quantities they very properly consult us
convenience that Is. its interest, having,
OF course, an eye to the interest or the
countrys trade. which after all Is its IN
terest. In other words 1t carries on a
banking business. If 10 can turn an hon
est penny by charging a slight premium
on gold, it does so. II It cannot, 1t does
not.
BY this power Of charging for gold. it
can do what the Bank Of England ire
quently dOes-give some check 10 the eX-
port Of gold. | suppose that is what NJ
1lrard. the Minister OF Finance and the
representative Of France az the Brus-
sells Monetary Conference of 1892. meant
when. in explanation Of the motives for
this defensive premium sometimes charg-
ed by the Bank. he said that the Bank
merely puts a barrier 10 the sDeCuldtlOnS
of brokers. The difference between the
situation Of the Bank of France. pri-
waite institution, under government super
vision. Is. therefore. totally different from
that OF our Treasury. which Is just
enough I'm the banking business TO be
snare and prey TO the business com
munity
As 10 tho animus Of the Teller resolu-
ton / hope The Times will attribute 10 10
the desire 10 repudiatc public debts. There
has never been any set Of gentlemen IN
our c0untrys history that had any such
dishonest intentions. There have been
those whose strict sense Of justice COM
PEELED them 10 say that, If the govern
ment when in dire need was glad 10 get
sixty dollars for q hundred dollar bond.
the man who bought the bond ought IF
possible by any construction OF existing
laws be made 10 take when the bond is
due the sixty dollars that he originally
paid. Others who have cultivated their
moral nature more highly have insisted
that If the creditor should ask hundred
dollars, he should bee given merely
promise 10 pay. which does not bear i'm
terest, for a man who did not pay TO the
government when IN need 500 for 500
bond is an enemy of his country, and you
have "a right 10 punish him for his lack
of patriotism
Men who think thus have always been
among our most honest statesmen. But
they have sometimes had difficulty i'm
persuading the people 20 take their view
of morality and business integrity For
instance, I'm 1855. a party platform framed
by such statesmen declared that when
the obligations Of the government do not
expressly state upon their face, or the
law under which they were issued does
not provide that they shall be paid I'm
coin, they ought I'm right and in justice
to be paid in the lawful money of the
United States
There could be nothing more honest,
nothing more strictly just. Unfortunately
under the circumstances the people
thought differently. and said so by an
electoral vote of PA 10 SO.
Ten years later this class Of statesmen
came forward again before the people.
Nr. Mathews expressed their views iu
his resolution. which both Houses of
Congress passed Mr.. Hayes refused to
pay any attention TO IT, and an angry peO-
pie should nave shown their Indignation
by putting into power the statesmen of
true business morality and honesty. The
election of 1873 showed what tie people
thought of them. Does Mr.. Teller pro-
pose 10 lead us 10 the same kind Of VIC
tory as Mr.. Matthews led MS TO?
There Is this in favor of the resolutions
now: If carried out. they would cause
more loss than they would have done in
ISIS, as ID would apply 10 S262 10000 more
bonds. Then. TOO. IN twenty years the
people have gained Insight into the true
principles OF business honesty and eyDe-
dency. Besides if there is any further
need Of enlightening them, eloquent sil-
Yer tongues which i'm years past used 20
pour out praises Of the groenbacks are
ready 90 uphold .he cause OF what some
evl-minded people used TO call repudia-
Ashland. Va, Jan %. 1898.