Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-04-16
TnURsDAY.........APRIL l6, 1885
The Financial Mugwumps.

these Mugwumps as much less tna"
wise though more than fools, and look
upon them with sovereign contempt.
The financial Mugwumps are some
of the very men who regard the politi-
cal Mugwumps with so much scorn.
They are confined to the eastern Sec
ton Of the Union. The habitat of
these financial Mugwumps is in the
cities. Their associates and advisers
arc men who never in their lives stu
died politico-economical question.
They are in fact men who have never
had time to solve any question the so
luton Of which required hard study,
or quiet reflection, or the perusal Of
many books.
Whilst Congress was in session the
financial Mugwumps told the country
to expect dire disasters to follow the
refusal Of that body to suspend the
coinage of silver dollars. The New
York banks and bankers seemed at one
time to have made corner in gold, and
threatened to make Boston bankers pay
a premium for gold. Silver fell into
such disgrace that even Mr.. CLEvE-
LAND "parted company" with the
best and strongest Of his supporters,
and wrote to some of them a letter
which showed very plainly from its
contents that he resided in the State of
New York. The financial Mugwumps
were in ecstacies. Mr.. CLEVELAND
was great financier. Mr.. RANDALL
even went so far as to propose-and he
really appeared to be seriously in favor
Of the proposition-that the coinage Of
silver dollars should be stopped. But
the members Of Congress thought they
knew better than Wall street or the
boys that write editorials for the New
York papers what would be best for
the country, and SO that body adjourn
ed without affording the "relief" to
the country, which, according to the
Mugwumps, it SO much needed.
Nevertheless the silver question be-
came the subject Of discussion in the
Senate for week or two, and that de-
bate opened the eyes Of some of the
northern people if We may judge from
articles which we have since seen in the
organs Of the financial Mugwumps.
Recall if you can the gloomy predic-
tons made by the New York Tribune
only few months ago, and then read
the following cheerful paragraphs from
a late issue Of the same paper. The
Tribune now SAYS:
"Actiye businessmen are not quite
so blind to the difficulties as they may
seem to be. They reason, first, that
nobody can tell how far mere change
OF feeling, from hopelessness to hope
fitness, in country so prone to specu-
lation as this, may overcome all obsta-
clcs and bring about a genuine revival
Of activity. In many repects they con-
slider the conditions have been favorable
to revival Of trade for some time past,
and only confidence has been lacking"
"A moderate advance in prices would
bring prosperity 10 industries. The
danger of any change of tariff, it is felt,
is now remote. Nor is the continued
coinage Of silver greatly feared for the
present, since the debt statement Of the
new Secretary of the Treasury disclosed
q determination to stop the disburse-
ment Of gold for bonds. With a
surplus reserve in the New York banks
nearly as large as their entire re-
serve at this date in 1879, and with
q total reserve exceeding by near
ly eco, 900, 900 the amount held at this
date in any year prior to 1884, aud eI-
ceeding by a47,000,000 the amount
held at this date last year, il is reason
ed that the accumulation Of idle capital
sufilces to sustain an enormously-in-
creased production and commercial ac-
tivity, IL confidence could only be i'm
parted to buyers long enough to star,
the wheels Of trade. Even the pros
pect Of short wheat crop helps, for it
gives promise that our enormous sur
plus, now carried by bankers, dealers,
ana farmers, may DO worked OIL at fair
prices.
That is cheerful indeed. The con-
tinued coinage Of silver is not greatly
feared" We are glad to learn the fact.
Nor are the Mugwumps alarmed nj the
' prosnect Of . scarcity &c monsv Th;n,
~ !, . 49,, rass.., !. ~. u w..
-. ' $50 ING N," i0'a
Jams .'eeuns oy sixty mhnons OF
dollars the amount held at this date In