Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1884-08-17

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hut of the action Of Germany in demonetz-
ing Il. and tie restriction OF its coinage by
the Latin nations. Had not these causes
been ut work the depreciation OF silver,
which is now disturbing the financial con-
dillon Of The world, would not have Oc-
cured. The Congress OF the United states
acted wisely in mOnotizing silver. The only
mistake it then made was in not adopting
the French standard"
"'The French standard" alluded TO by
Mr. McCULLoCH is 1jt OF silver TO | OF
gold. Our standard Is lG OF silver TO OF
gold. SO that our silver dollars are all
made more valuable-that is, contain more
silver than he thinks they ought to contain.
We have not yet been educated up to this
view OF the matter ourselves; but il is
worthy OF attention or it would not have
been adopted by Mr.. McCULLoCH. We
quote him again:
but while Congress acted wisely in
making silver standard with gold. it has
acted most unwisely in continuing the coin
age OF il in the face OF the action OF Euro
pean nations. BY doing so it is making
the United Statess the 'pack-horse OF sill
Ntl, NfItit INT dCtlon VI iutSt Hi'
deprecated. As soon us it was discovered
thet Europe would not Join the United
States in their efforts % restore silver TO its
former comparative value with gold, the
coinage of silver should have been stopped.
BY continuing to act independently we are
playing into tue hands Of rival Powers. we
are throwing upon Our own country the
burden Of maintaining 20 large extent
on a,, Eo rlrasppt p1pvkpt X1fIla al s,tVer
The longer we continue tho free coinage OF
silver, the longer will it be before limita-
ton is adopted by other commercial ma
tons. Although the United States is the
largest silver producing country in the
world. and, therefore, has q deep interest
in its value. ii would be wiser for Us 10 de-
mouetize il than 10 continue 10 coin II. |
am not sure. contradictory A. il may seem,
that the most effective way Of approaching
silver would not be for the United States
To demonetiZe II. WeaTe, or at least we have
the means of being, creditor nation. We
have less silver than the commercial nations
on the other side of the Atlantic, and are
rcttcr able than they 20 stand the loss
which would be incurred by its further de-
probation. In the increased scramble for
gold which would follow such action on
our part, we should not be the chief sui-
ieTcr."
These views will command consideration.
They fall IN the catcforyof General GRANTS
method OF getting rid Of bad laws-namely.
10y enforcing them rigidly. The United
States Government might open the eyes Of
England. France, ana Germany, by demon
citing silver. and inaugurating that gen.
eral scramble for gold which Mr.. McCUL-
Locu thinks would damage US less than it
would those countries.
MIR. JOnN THOMPSON, Of New York, a
wcll-known banker or ilnancicr. mas his own
notions inrcgard to silver dollars. IL is EVIL
dent that he has some force OF character, and
hes studied the subject, or else, surrounded
Us he is by monometalists, he would con-
cur in the Opin on which is almost uniyer-
sal in New York, that there ought TO be a
single standard, and this gold. Mr.. THONp-
son also addressed the Bankers Associa-
ton. lie said;
again the silyer-Gollar question is ag-
| taied, and again the prediction is advanced
! that gold Will soon be at premium. do
not apprehend such result until the for
eign trade-balance runs heavily against u.s.
should imports exceed exports, and the
! United States Treasury continue u make all
| It's disbursements on the gold basis, ignOr-
! ing silver, except holding 1t on storage,
then gold may be driven into the category
of merchandise and he withdrawn IRON
circulation. Premium gold rests on these
conditions. Fortunately, The foreign trade
balance is In our favor, with good promise
| for year or more. Unfortunately, the
! Treasury and the banks continue 10 discrim-
mate against the currency that is based on
silver (silver ceriidc@,es), and most unior-
| tunatelY Congress neglected 10 authorize
| an Issue OF silver certificates In one, two,
and hyt-dollar denominations. The French
Government finds no difficulty in holding
silver and gold on q par with each other,
because they are treated alike by the Urea.
sury, ty the bank, and by the people.
! There Is no discrimination, hence the
! gold and silver reserve in the Bank OF
! France is about equGlin amount and lluctu-
aies very little. The French people hold
| the silver IN coin or in Bank.oi- France
notes and the gold is left In the Bank OF
France for ioreign-trade purposes. With
| US. unfortunately. there are parties, p0iiti-
Glars, and papers constantly eudeayoring
to prejudice the people against the silver
dollar currency by asserting the fact thata
SILVER dollar Is not q dollar in the bullion
market as compared With gold dollar.
Theoretically, they are right, but. practi-
csll,, both dollars are the same. They are
equal in payment OF debt; equal in pur-
chasing property; equal at the custom
house, tax-O:iice. and at bank; equal every
where except IN theory and in foreign
trade. Ia France the difference between
geld and silver coin Is greater than with
us, and as yet we have larger per cent. OF
gold than they. let the Treasury and the
banks stop Discrimination, and II will De a
long time before gold will be merchandise
and disappear as money. The commerce OF
the world and the dealings between man
and man can only be carried on with both
precious metals. Turn either into mer-
chsndiSe. and let vslucs ana the credit sys-
TEN rest on the other, then disaster and
distress would follow
Mr.. THOMPSON knows what he is talking
about Things which are equal TO the sane
thing are equal to one another. he means.
Thai Is. 50 long IS UNCLE SAM says that at
bis custom-houses and internal-reyenuc
cffiets no viii take silver dollar for any
debt that gold dollar Will pay, silver Is not
likely Ia fc,recirto fnsteh oort.inlv not So