Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-09-22

NATIONAL CONVENTION.

~. President ssd Gsnilemen Of N
Bankers' Convention
We now have had twelve years 0
warfare over the two precious metals
ona party contsnding for asinsle t"ono
eold standard; the other party con
tending for the continuing Of the double
standard. Il is . contest between
debtor and creditor. The advocates o
tAs MORO gold standard commence
The trouble. In 1878, Germany hAv
me obtained thousand millions o
ecjd from France Indemnity money
undertook to substitute gold fol
siIver. At the commencement o
this movement silver was at
prsmium, bat the natural effect Of sup
NV and demand soon followed. Tit
German silver overstocked the LondoI
bullion market. This, together will
The absorption Of gold, caused . violen
parting Of the market value Of the two
metals. Following the lead Of Ger.
many, Sweden, Denmark, Norway, and
this country demonetized silver
France, Belgium, Spain, and Italy
stopped coming it, and in July, 1870
a Of gold was equal in the London bull.
lion market to Is of silver. In 1879
our Congress ordered the purchase and
coinage of two millions Of silver pei
month, this being about ono half Of the
output Of our mines.
Before any change in our coinage laws
can be had there will have been 1885,.
100000 Of legal silver dollars coined
and held by the people and the United
States Treasury.
Gold as money is practically I'M
known by the people; they handle sill
yer and paper money only. If the pa
per money is redeemable in coin, then
Il is equal TO coin and is more satisfac-
tory than the coin itself.
The debtor class is ten to one OF the
creditor class the mortgageors are nu-
merous as compared with the mort
cages. The debtor knows full well
that the conversion Of silver into mer-
chandise, instead Of being monetized,
will fully double the burden Of his debt.
PREDICTION.
Having stated only few Of the it,
disputable facts involved in the cur
rency discussion, l will venture pre-
diction at the risk Of being called a
false prophet.
Congress will not demonetize silver.
II always has been and will continue to
be money.
The effort, now in full force, to food
the country with fractional coin will
soon load the merchants with money
which the banks will refuse to take ex-
cept at discount, TO cover the express
age to some sub-treasury, and when
there it will be redeemed in silver dol
lars or silver certificates.
Finally, if the determination to de-
monetize silver is persisted in, silver
will be the standard and gold will be
the merchandise.
/ regret the necessity Of this plain
talk, and do sincerely hope that some
measure can be adopted to perpetuate
the double or bimetallic standard.
The equities, as between debtor and
creditor, should not be violated. The
wheels of prosperity should not be
blocked by the conversion Of one half
of the basis Of our currency and credit
into mere property. The extra liza
bility Of suspending specie payments
should not be incurred.
The most active financial minds OF
Europe are discussing the hard
tines" much of which is attributable
to the demonstration Of silver.
When the Bank of England resumed
specie payments, gold was preferred
because it was the cheaper Of the two
metals, and by far the more available.
On the ODD Of January, l7lS, the
Lords, in committee, took into con-
sideration the state Of the nation in re-
lation to the gold and silver coins.
Lord Bingley, having represented the
great prejudice that trade received from
the scarcity of silver, said it was a
matter of wonder a remedy had not
seasonably been applied to so great an
evil. Lord Stanhope answered that the
scarcity Of silver was owing to several
causes-lst. The increasing luxury in
relation to silver plate. ID. To the
vast exports Of bullion to the East
Indies. Sd. To the clandestine trade
that had lately been carried on of ex-
porting silver and importing gold to and
from Holland, Germany, and other
parts.
When Bismarck adopted the gold
standard for Germany silver was at a
premium, and no doubt he contempla.
ted a profit in substituting the cheaper
for the dearer metal, and had not other
nations followed his lead he would not
have made mistake.
continue these remarks by reading
extracts from an article by Emile dc
Lsyeleye; though written in 1882. it de-
scribes our present condition.
Enterprises no longer bring in
profit; on the contrary, they have otter
to be abandoned at loss. Merchants
their hearts failing, relinquish part o
their business new undertakings Of an.
kind become rare. Workmen, less an
less sought after, see their wages les
sened. They, in turn. consume less
and thus the manufacturers who pro
vide for their wants have to reduce thei
productions. Merchants and tradesmer
making small or no profits, do not liv
so we'll, and here again the mant
facturers who work for the middl
classes also suffer. There Is gener'
decrease in economic activity. Capita
sunk into inactivity, lies in the bank
and the rate Of interest falls, the d
mand for advances being few and SINAI
Cash does not appear to be lacking, an
indeed, il not wanting, for, as J.
Say said, the quantity, if it Is dimi
ishsd, ID appreciated Each unit
worth moro and effects more exchange
Reduce as much as you riH the mon
tary stock, IL viii alrays remain SUI
eieNf, for, as prices fall, in proporii
Is raiae rises, aud all the eommoditi
wia be ereAonsed BY the lesser but a
prseiafsd amount Of cash."
There exists IN enormous differen
between gold as . simple commodi