The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-25

OF millions who must have regular en-
ployment 30 live az all. and have a de-
moralizlng effect on tho nation. No mat
ter how great our superiority over tho
power with which We engaged in con-
nict. the result would be disas,rous 10
ihis country. Formerly ia regard TO war
the only question Of importance was as
10 the zoe without. Our ability 10 van
quish him was all that was necessary
20 be considered Now. unhappily, In
event Of trouble there may be danger
from within as well as without. and do
nestle conditions arc such that We should
pause o long while before engaging in
cOntos. with any foreigner
"All over the word The rky sccns oyer
cast and muitcruSs OF battle arc heard
ia nearly al lands England and France
are reported 10 be on the verge Of night
and yet / hardly think that tho result
viii be open rupture. France surely ia
Ia 10 condition 10 appeal 10 the sword, e.
peoially against such foe as England
The battles OF the future are not 10 he
settled by land forces. but by ironclads
on the seas. England. ] am sure, Is for
peace and yet II knows its strength on
tho sea. There it IS moro than match
for the strongest. and could hold its own
eAa4lrA flIl'fA any Avbsp1tidtlhlA. 4 AN
English are q fighting stock; they hate
the idea Of having to 20 10 war, but If
once ii Is forced upon thcm there is little
doubt Of the ability Of its people 20 take
care Of themselves
This is dark picture OF what war
means but il is not too dark War Is
the most dreadful Of OIL oaiamihcs and 1t
IS never 10 be engaged in il it can be hon
orably avoided
a question which IS now engaging the
minds of some Of our Representatives IN
Washington is where We would get the
money from 10 bear the expenses Of q
war if we should have one. OF course it
Is % frcc-silvor man who would be en-
borrassed by this question. These peo-
pie ali think that actual money-coin and
circulating notes-are the agencies by
which an transactions are effected and
they therefore suppose. OF course. that
We could do nothing in the way Of build
irg ships and equipping and paying large
armies without great quantities Of actual
cash TO operate with.
But these things arc not done with
cash. The government pledges SIS credit
for what X needs IL borrows large part
OF the actual cash in The country by sell
ing its bonds and thcn pays this cash
right ont again for what 1t buys, or as
pay To its soldiers and then borrows 81
again by another sake OF bonds and re-
peats the operation OF paying out, and so
the thing may go on indefinitely. so long
as the governments credit is good
enough 10 borrow on. Our credit IS al
most unlimited actually 50 for any call
that would be made upon it by war
with Spain, SO that the government could
at all times have all the money il need
ed without increasing the present vol
ume Of our circulating cash 90 any appre-
ciablc extent This is point that should
De pressed upon the public mind if We
are really TO have war for the free-silyor
and imitation people will inevitably begin
20 clamor, If we do have war, that iree
silver and greenbacks arc necessary 10
increase the volume Of money 10 guam
tits that will give the government enough
10 meet the demands upon fl. There need
be no increase at all beyond what the
national banks viii furnish. At more oc-
tual cash is required they will pat out
all Of it that is necessary. OF course.
this only embassies the necessity for
state banks Of issue that will furnish the
farmers notes that the government will
not want and that will therefore stay
with the farmers for their purposes.