The times. [volume] (Richmond, Va.) 1890-1903, 1899-02-12
CAPTAIN pArrEsoN's POSITION.

il Is nothing to the discredit o. our
distinguished fellow citizen Captain
Camm Patteson. Of buckingham. that he
has frankly admitted that he was wrong
in believing that free silver was neces-
sary to the prosperity Of this country
and in order 10 do Captain Patteson full
Justice we would call attention 10 a
phase Of the question which was not
brought out IN our previous article ON
this subject in which We quoted from
Captain Pattesons letter.
In one sense Captain Pattcson was
wrong. as he admits. but the great funda-
mental principle for which he has con-
tended has not suffered by his open con-
fesslon. lie claimed that there could be
no general prosperity under the gold
standard because there was not enough
of gold i'm the world to transact the bus
mess aGalrs Of the world, to act as
basis Of credit. That there must neces-
sarny under such conditions be a line
tied supply of money, that money woull
be the dearest thing on earth. that peo-
ple would seek money and hoard money
because Of its great value; that it would
not enter into general circulation; that
men would not exchange 1t Tor properly
and that therefore Industries would lam
suish and property would become a drug
on the market
We are frank 10 admit that, granting
Captain Pattesons premises as TO the
scarcity Of gold his conclusions were ir-
resistibie. But as &c turns out his prem
ises were wrong. AS soon as the world
got on gold basis the output Of gold
began TO increase at an enormous rate
The director of the mint writes in the
February Forum that the output Of gold
for 1898 was not far from S30oo00oo0
compared with S23L5OlS,O IN 1897; S2o2
on I'm 1896. and Sl46651. 800 In 1892. making
an increase within six years Of fully 100
per cent The production for the present
voar. IL is estimated. Will rise above
s3i5.o0o.ooo. and I'm 1900 It is believed that
the production will be between S3j00oOl)
and S8o0oooo0.
II IS evident therefore that Captain
Patteson's theory has been overthrow
bv the increased production Of gold lie
was right IN contending that as business
increased and as the country developed
II was necessary that there should be
more and more OF hard money In or
der TO get this he believed that # was
necessary to open the minis 10 the free
coinage Of silver.
Advocates Of the gold standard differed
from Captain Pattoson only 10 the extent
of believing that there would be forth
coming under the gold standard q sufi-
cheney of gold for al practical purposes.
AS t turns out the gold standard people
were right. There is plenty Of gold and
The country IS prospecting. Captain Pat
teson has, therefore, recedcd not one
whit from his contention that more
money was necessary. lie has admitted
simply that he was wrong IN supposing
that there could not be a sumcicncy of
money without opening the minis TO the
white metal The great abundance Of
gold has solved the question and has
ooened the eyes rot only OF Captain pat-
teson but Of many others who honestly
believed MS he believed The world does
no, need as much actual money as the
silver people contend, but an that 1t does
need SIS now abundan.ly supplied.