The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-11-30
9ithmond Qispatth.
FRIDAY. NOVEMBER 40. 1854.
Silver vs. Gold.

the things f1at everybody Ought 10 cou'
particularly when studying politlco'
economical questions. The New York pa.
pcrs-in fact, almost the entire northern
press assumed six years ago, when the
SILVER bill was under discussion IN Con.
gress. that IL it became a law II would GER
tainly have the effect OF driving all the
gold ont Of thus country, and attracting
the silver Of all other nations 10 this coun-
try. That theory has been thoroughly ex-
ploded by the facts--even by those OF the
sixth year. We received yesterday the an
nual report OF the Chief OF the Bureau oil
Statistics for the last fiscal year. and
learn from il that during that year the i'm
ports Of gold exceeded by more than six
millions OF dollars the exports OF gold
The United States received six millions
more OF gold than they parted with
During the same yesr the exports Of silver
exceeded by more than three millions OF
dollars the imports Of silver. The theory
OF the doctrindTCS Is thus crushed by the
facts. More silver goes out Of the country
than comes into it. More gold comes into
the country than goes ont OF it. The adj
yocates OF the monctization OF silver are
v.ndicatcd. The monOmetalllc advocates
are sienced, or at least ought to be,'by the
total failure OF their fayorite theory.
For six long years the silver law has
worked well. Silver dollars will pay any
debt, either 10 the Government or 10 per-
sons. that gold dollars will pay. The sill
yer dollars have given stability to the cur
rency. They have stood guard over the
gold in the treasury. They have prevented
panics in financial circles. Last summer,
when the New York Tribune and other
monometallic organs were crying out that
there was danger Of a panic, we pointed
them to the piles OF silver in the treasury.
That silver is at all times at least some
guarantee that there is no such scarcity OF
money in this country as ought to, or
would be likely TO, result in a panic. The
reason may not argue that silver is as good
as gold as Il circulating medium, but it does
argue that the members Of Congress would
be very foolish IL they should knowingly
do aught that would render the country
more liable TO panic than it now is. The
LOSSES resulting from panic would amount
TO more in the first year succeeding its oc-
currcnce than the entire nation could pos !
sibly lose IN fifty years rs n consequence OF |
making silver legal tender. And so long |
rs there are millions of silver dollars lying |
i'm the treasury TO be used in redeeming the !
paper currency, and those silver dollars are |
a legal tender for all debts, public and pri- |
vate, it is almost impossible that there
should be panic.
What causes panics? Some wiseacres
reply that a panic is an unreasoning appre-
hension Of financial difficulties which re-
suits in runs upon the banks for deposits
and for coin, and that therefore a panic
is a causoless thing. What they mean to
aver may be true; but it is nevertheless
also and always true that every effect must
have cause. A panic has been caused by
a run upon the banks for coin; this run
resulting in a second run upon the banks,
the latter for deposits. The Government
redeems its paper issues in coin. and
is so far in the position Of
bank Of circulation. II now the
known presence of an abundance OF
silver in the Government vaults prevents a
run upon the Government for coin, and
thus prevents a succeeding run upon the
banks for deposits, surely Congress build
ed more wisely than it knew" when 1t
passed the silver law. We have no doubt
at all that the resumption act would have
proved failure If it had not been for the
silver that stood guard over the small sup
ply Of gold with which the Government
began the work Of redeeming its green
backs. But for that silver Il syndicate
would have been formed to draw all the
gold out Of the treasury, and thus afford
Wall street an opportunity to make more
millions out of the Government and other
securities.
II the theories we have set forth are even
plausibleif there is any reason whatever
redeem in gold all It's paper issues and pay
In gold all its bonds as they fall due-COn-
gress should give the country the benefit
OF the doubt, and guard well the act re-
monetizing silver. We have not single
doubt on the subject ourselves. The states
men in Congress are not going TO heed the
dissertations Of the dOctrinaireS of the
New York press. Not hundred votes
tout OF three hundred and twenty-fye)
could be obtained in the House Of Repre-
SpntafiypS for fine uaSSoWe of "A hill tO re- !
peal the silver law.