The times. [volume] (Richmond, Va.) 1890-1903, 1899-01-06


a natural antagonism between the two.
that the law OF It's nature forbids II ever
TO overlook. They are sworn enemies.
and enemies they must be and remain.
The Times Is more amiable. II has no
hereditary and perpetual enemies. 1t IS
always in search OF truth and is as ready
10 accept It az the hands Of him who diff
fered with it yesterday as from him who
has always agreed with it.
The Virginian-Pilot quotes from re-
cent editorial of The Times the following
passage, to-wt:
These obligations are now discharged
by transfers Of credit through checks
and drafts, and whatever the quantity
OF silver dollars, even II fun valued,
they would still be discharged by the
same transfers OF credit. Steam and
electricity have ended the use o. coiaed
money except in the most occasional
transactions. for the reason that II -
far more convenient % make payments
with checks than by transporting and
counting out coined dollars, and the
public IS never, therefore. going TO aban-
don the check for the coined dollar. never
mind how numerous the latter becomes.
The free coiner admits all this TO a
great extent now though a few years
back he secuted the idea OF II, but he in
sists that there must be a great many
coined dollars 10 answer as a basis for the
credits that are 10 be transferred Here
again he makes most egregious error.
These credits are not based upon coined
dollars. but upon the commodities that
are exchanged in business. Business con-
sists Of exchange Of commodities between
separated localities
The Virginian-Pilot proceeds 10 COM
ment upon this very happy exposition Of
the financial law Of the case. and. IN do
ing so, It shows that it has read The
Times until it has come 10 have a very
correct understanding Of one Of the great
points upon which all free silverites have
been in error ever since the free silver
discussion was begun The Virginian-
Pilot shows that 70 understands that the
large transactions Of commerce are ope-
rated through transfers Of credit and ths
only part of its case that it holds on TO-
so far as they are concerned. is TO ask
why the basis Of that credit should be
gold any more than silver The answer
10 this question would consume moro
space than our purpose I'm writing this
article could give 10 it so that We must
postpone that answer to another day.
But we will furnish tina answer
The virginian-Pnot then proceeds 10
argue that II gold without silver is suf-
dcient for these large transactions it IS
not sufficient by itself TO be The basis
Of the multimdinous petty transactions
Of the people in which actual cash IS re-
CURED. and the Virginian-Pilot shows by
fits discussion Of this point that it has
come 20 understand thoroughly what Tho
Times has been ciamorug for through six
years. that is the necessity for a local
currency adapted TO the needs OF each
neighborhood IN ifs every day transac-
lions amongst fits own members. The
Times has been preaching I'm season and
out OF season for six years that our fnan-
cial endorsements and troubles had no
connection whatever with the large af-
fairs Of commerce, that these wcro ope-
rated by transfers of credits through cx-
changes Of checks in tho banks. and that
an they needed was a stable fixed and
interchangeable medium of exchange ON
which they could base themselves with
absolute certainty that when one of the
checks met another check # was abso-
lutely sure to be exchanged for something
representing exactly what it represented.
The Times has pointed out hundreds OF
times that with the gold standard left
undisturbed. commerce. I'm fits large sense,
would provide SIS own money In any
quantity that commerce needed.
But The Times has also been pointing
out tnat the rural people who have no
banks TO check ON must have actual cash
for their affairs II there was enough
gold to furnish them this cash a point 1t
is unnecessary to discuss here. The Times
has pointed out that. being good an over
the Union az IT'S face value, IL would all
ways leave the country people for The
commercial centres and. whatever the
quantity of # might De It would still leave
the country people bare OF a medium Of
exchange. The Times has been pointing
out therefore, that the only way in which
these country people can have the me
dium Of exchange that they require is 10
permit their local banks 20 issue notes
which. while perfectly good. would be un-
known in other States and would there
fore stay in the locality where issued FOR
the needs Of the people there. The Nir-
gnian-Pilot shows now that # under
stands this radical point in the country's
needs. and while congratulating It upon
its great advance IN knowledge. The
Times leaves it for the present to chucke