The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-06-12
From the Southern Planter and Farmer for June
The SILVER Craze.

After years OF depression, disaster, and
folly, the world is coming to the conclusion
that the craze" was on the other side /;
that the monometalliZe was the mono
maniac!
England. that seemed to be The impreg-
nable citadel Of the single Standard"
is changing front rapidly. Lord Bea-
consfeld has announced in the House OF
the Lords his full belief that prominent
among the causes Of the present finan-
cial distress is the great depression Of
silver, and that I" a remedy must he sought
in a revision in monetary legislation"
Public opinion in the great commercial
cities (notably LIVERPOOL is far ahead OF the
cautious expressions OF the Premier; and
Stephen Williamson, one OF the most dis
tlnguished b-metallists OF England, has
come 10 this country, in his representative
capacity, to organize movement for the
restoration OF silver to its legitimate place
and power. Even Hugh McCulloch, the
very high priest in this country OF the sim
gle standard advocates, has in recent
speech solemnly recanted his heresy and
lastly, that uotamiq0uS exponent and shift
ing moutl-piece Of public opinion, the
New York Herald. has openly proclaimed
the necessity for q restoration OF silver Ia
the rank from which 1t was fraudEently
and Ieloniousiy deposed some six years ago.
We do not mean to say, as some contend,
that the present financial distress which
prevails throughout the commercial Worlo
is wholly and solely due to the disposition
and decentralization OF silver; but 1t is wei
to remember that as far back rs 1868 it was
predicted by Ernest Seyd and other dis.
tinguished bi-metallists that Just such state
of affairs as now prevails aooald come to
pass.
In 1868, when the cheyaler-school . OF
fiuancicrs were urging France to abandon
the use OF silver dust as they had in 1856
urged the degradation OF gold because OF
the assumed oyer-production OF that metal
by the miners OF California and Australia),
MIR. Woiowski, distinguished senator OF
France, and Earnest Seyd, ventured 10 pre-.
diet that il silver were abandoned the fol-
lowing consequences would enSue:
/. The international trade OF the world
would instantly show signs OF decline to
the special injury OF the countries whose
international trade was largest. go
=. That public enterprise (such as results
in the construction OF railways ard other
bencficent undertakings would come 10 q
slandstiil, and that general progress would
safer.
3. That the decline in price would com.
pei countries internationally indebted TO de.
part more and more from The principles oil
free-trade towards policy OF protection.
4. That the nations OF the world would
be divided into two principal groapS-the
one trading in gold, the other in silver
and this would render commerce between
them more and more precarious. ,E II
5. That throughout the ,corld "a fell in
prices acotssd take place, Injurious alice tc
me o,eaerS OF Solad property meaning red
estate and to the laboring class, and aduan
tdgeo0s only. and onjusti fdbty so, TO persons
holding lflTed fncomeS) paibtic bonds ana
other contracts Of the same Kind. st.i
They further predicted that when this ter
ribie depression set 10 there the causes OF il
would be sought for In every direction ,ex
ceptthe true one-that there would be false
groundless, and fantastic allegations of Sc
condary nature only, and that the Tea
cause.-the demonstration OF silyer--wollll
be pushed aside and ignored until a world
wide agony and cry Of despair compelle,
thinking men 10 turn to 1t. Was ever pro
phecy, short Of inspiration, ever more sadl
and completely fulfilled?
And why For the plain and obyiou
reason that you cannot strip an individual
a country, or the commercial world OF hal
its metallic wealth, Its currency, withou
producing poverty and distress among
those who labor for their daily bread, OF
whose property ,isin other form than aetna
money. IL is the devil oWn way to make
the rich richer and the poor poorer! iise-
ssros tie value Of The silver, which Is all thai