Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-10-25

main at the poll, until the count is
completed and an honest return made
out. Yours truly,
WILLIAM MALONE,
Chairman State Executive Committee.
The Argument for SILVER.
In the North american Rerie,c for
November the question - Should Silver
be Demonetized ?" is discussed by Sem
ator NJ. p. Hill, of Colorado; Alexan-
der Delmar, who was mining commits
sioner to the Monetary Commission of
1876, and Hon. William A. Phillips, OF
Kansas, a member Of the House sub
Committee on Banking and Currency
that reported the bill restoring the sill
yer dollar to its place in the money of
the country. All three writers take
strong ground against the demonetlza-
ton Of silver, their articles being in
tended to meet the points made by Pro-
fessors Sumner. Walker, and Laughlin,
in a previous No. Of the Rerie,c. in ia
vor Of single gold standard.
The main point Of the arguments OF
the three defenders Of the silver coin
age is the same-that to demonetize
silver will be to still further depress
trade and industry, make the capitalist
richer and the businessman poorer.
and beggar the debtor for the benefit of
the creditor. There can hardly be any
question as TO the soundneSs of this
position. Senator Hill, referring to the
argument Of Professor Walker in sup
port of the single gold standard, says the
Professor admits that the abandonment
of silver will result in the enhance
ment of the burden of all debts
and fixed charges. acting as steady
drag upon production" and that " SUI
location, strargulation, arc words
hardly too strong to express the agony
of the industrial body when embraced
in the fatal coils of contracting mo-
ney." Senator Hill points ont that
those who are the instigators of the war
upon silver are the men who live upon
fixed incomes. "bankers as class,
those who hold credits secured upon
the property of others, and those
| who own the enormous and al
most fabulous public debts, not
less of all kinds than forty thou
sand millions of dollars" 1t is, he
saws, in the interests OF these classes OF
men to have as few dollars as possible,
that each dollar may have an augmented
command over the necessaries, com
forts. and Injuries of life, and " they
know there is no more direct road to ar
appreciated morey than to strike dowr
the monetary use Of one Of the metals
1t is a fact that money is now sur
prisipgly cheap, and that capitalists
find it very difficult to place their mo
ney where it will be both profitable snC
secure. Senator Hill shows that the cause
of the almost universal desire in Europe
and the United States to lend money
rather than to invest it in productive
enterprises, or in purchases of any kline
Of property, is the common apprehen
sion that money will appreciate il
value, and that the position Of ere
I ditor with any tolerable security i
more de sirable than the holder OF pro
perry. This is the true reason why In
dustry and commerce are stagnant
while Understanding deposits wit
bankers, trust companies, and saving
banks are multiplying. "Nobod
wishes to produce commodities or I
buy and hold them while they are fall
ing in pieces"
) Senator Hill says "1n view Of tn
D disasters to debtors, taxpayers, indus
1 tries, and all kinds of property, except
ing only money, which the war upo
e silver has already caused, and tn
d greater disasters which it threatens
and in view of the fact that an lmmens
S majority Of the people of this countr
: are debtors, taxpayers, or laborin
& men, how amazing does it seem that III
d administration Of the national finance
IL is now and for many years has bee
q in the hands Of men who are sui
l. servient to the interests Of the few m
|. ney.lenders and antagonistic to the i
i'll terest Of the great mass Of the peopl
n. who are engaged in productive indu
L. try, and who are compelled to borro
to money. So long as men are SELLS
ID and these conditions exist, We may O.
pect that every discrimination viii,
We human ingenuity can devise will be i
e. voked to depreciate the value Of silv
an and to make the silver dollar unpop
.et lar with the people,
ng Mr.. Delmar points out that to d
lis monetize the silver dollars and tn
,m withdraw them and their representati
re- certificates wholly from circulate
OK will be to diminish the money Of Il
tie country about one fifth and increase
TX like proportion the value Of ell interes
he bearing securities, including bonds al
3; mortgages and other evidences Of i
CHI debtedpess. 1t will also be to low
on the prices Of wheat, corn, fruits, ha
nd cotton, tobacco, sugar, wool. meat
d, butter, cheese, and all farm produ
nc about one sixth. 1t will still further
in press trade by depriying manufacture
he and merchants of markets and our IN,
chanics and laborers Of employmsu
ct II will increase the moral hazard of IL
u sursnce, and will, in short, hand oys
Iy from one sixth to one fifth of the wsall
B. Of the country substantially to Ii
:. banks and disarrange all those interest
is and relations Of society upon who's
" permanency largely rests the welfare Z
, the State. He shows that to demons
d tize silver would result in the loss
o our wheat market in Liverpool. Ores
: Britain nov obtains considerable whoa
. from India, Austria, and other silver
. nopsy countries. Were we to sell 0
/, threaten 10 sell our stock Of silver dol
. lars, amounting 10 about 1000 tons .
( metal. the act would Immediately alice
ihseoId ,alaeof silver metal in England
rlthsut Tor mary years, i srer, dis