Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-02-08

We praise where we can and censurc
where we must and so we must give
MIR. WATTERsON full credit for the
following sensible article:
THE SILVER CRUsADE.-It is stated
that the net amount of gold in the
Treasury at Washington against which
there are no claims is in round numbers
! 1928, 200, 900, the amount held about
a year ago being 1855, 100000. The
sub-Treasury of New York is public
fiscal agency through which by far the
greater part Of the receipts and pay
ments of money by the Government
are made. The sub-Treasurer is
member of the New York Clearing
House, and. accepts its rule that sill
yer certificates are not to be offered
in payments to those banks, though, of
course, he accepts such certificates for
customs and other dues. He is, there
fore, very convenient member of an
association Of banks which is pursuing
the policy of converting their current
funds into gold. In about two years
that official has paid out s405, 9S5, 900
in gold coin and certificates, and has
received s20S, 100000. In the same
period he has received $4,000, 900 in
silver certificates. He is engaged,
therefore, incidentally, but on large
scale, in filtering the public revenues
so as to mass gold in the New York
banks and transfer the obnoxious cur
rercy to the United States Treasury, or
into the general circulation.
This is, of course, most important
assistance TO the sub-Treasurer in the
facilities provided by the clearinghouse
for the transaction Of the immense bust |
ness of the Office, but when such facil-
ties are purchased by violation of law
and by large sacrifices of public inter-
ests it would be the decision Of the ave-
rage citizen Of intelligence that the pur-
chase is too costly to be countenanced
or tolerated. The banks of New York
have the power to produce GER
tain amount Of trouble if the
Government should enforce the law
in its letter and spirit, but if the Gov
ment would hesitate to assert its au-
thority because of any intimidation that
an association Of capitalists is able to
create, it would be well for the people
to know it. Those banks have the
right of remonstrance against any real
or fancied ills in the public policy, but
il they have also the right of dictation.
the practical domination of the people
has been transferred to plutocracy.
We can have no concern for the result.
however, when the real issue becomes
clearly understood.
But while this question is of unques-
Iionable importance, both theoretically
md in its practical bearings, there is no
'ause for apprehending that the attitude
,f the New York banks will establish a
'ustainable premium ON gold, or pro-
luce any other present effects upon the
public interests. The incoming Admin
stration will no doubt be an Admins
ration Of law, which will enforce the
will of the people, and besides the posi-
ion Of the currency and banking sys- !
EN- is too strong to be compromised.
On October l., 1884, the currency of J
he United States amounted to 81, $780,
1924, Of which only 1862, SOS, 5S4 Z
onsisted Of bank and treasury 4
otcs, the remainder being in me- ]
allie money or its representa- b
ives. OF this amount 1882, $50, 800 u
onsisted Of silver dollars. In France !
he total currency is $1,000, 96l 900, of
'hich 594, goo. 900 is silver. In Italy a
he total is s533,54S.52l, Of which c
3S.000,0 600 is silver. In Germany the p
'tal is 1926, 473,023, of which $780, v
$4,000 is silver. Without extending d
,e list we may indicate the general n
by the statement that with n
le exception Of France the vol
me Of currency is greater in the n
nited States than in any other ma Il
on Of the world, exceeding that of {,
ngland by 100 per cent, and that Of n
ussia by 200 per cent. The signif- a
nee Of the comparison with France in
ference to the silver question lies in
% fact that in that nation, where sill
n and gold are exactly equal in the
" and in commerce, silver constitutes II
ore than rs per cent. Of the total cur re
ncy. and in the United States it W
MOUNTS to only 10 per cent. This IL iii
strates quite clearly the value Of the to
tiilcisl sensation in the east.
There is difference, indeed, in re- M
ect to the fact that in France the coin b.
. Of silver has been suspended pro-
'iona'ly without derogation Of the
sition Of existing eoinages, while in WI
j United States il continues. The vi,
4. however. Is 0nlv ahouk ~ 400 mn | n