Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-07-16
G, 1883
Mnrn Trouhle.

There is more trouble brewing. The
Government pays all its interest in
god. but receives a large part OF its
revenues in silver. In q word, silver
is treated as inferior to gold, aud, being
so treated by the Government and by
New York bankers and brokers, 1t
would be q strange thing il it were not
rated lower than gold by the public
generally. This sort Of policy VII not
do. Either the coinage Of silver dollars
must be stopped, or else the Govern
nent must treat silver dollars just as
il does gold dollars. Suppose even the
little City Legislature of Richmond
were to discriminate in that way against
tbe best bank here ard in favor Of one
not half so good st present in the pub
lie estimation how many years would
Il take TO break down the best bank!
So the wonder in the financial world is
not that silver is under a cloud but that
IL holds its own so well. Read the fol-
lowing
NEW YORK, July l4.-The mana
gers of the banks belonging to the
clearinghouse Association were to-
day discussing the suggestions made by
Mr.. Conrad N. Jordan, Treasurer Of
the United States, that the tendency in
financial affairs to drift toward a silver
basis should be checked by change in
the gold policy. No definite action was
taken by the Association. the managers
being Of the opinion that it would be
better to wait awhile before adopting a
general policy.
These men create desert and call
1t peace" They have caused all the
trouble, and now they gravely meet to-
geiher and try to devise measures for
counterac,ing the evil effects Of their
own acts. The Cincinnati Commercial
Gazette says:
"This is q matter that il would be
well for those who are looking into the
mystery Of the depression tc study
without prejudice Silver has not de-
preciatod. Its purchasing power by
the ounce is as great as ever. Gold has
sppreciated-that is, money is dearer,
and the depression naturally follows"
IL that paper is right, the present de-
preston in trade is caused by the mo-
nometallist policy Of the world. Even
Boston financiers are beginning TO open
their eyes to the dangers of monometsl-
lism. The Journal Of that city has the
following very interesting article:
"The most hopeful indication at the
present time of the T. storation Of silver
TO full money power is found in the in-
terest which leading economists in
Great Britain are taking in the dis
cussion Of the question. In the June
No. Of the Contemporary ReuieU Mr..
Gifien. who is regarded as one of the
highest authorities on monetary ques-
tons and stands at the head Of Eng.
lish statisticians, makes tabulated
exhibit of the fall in prices Of the
great staples, and then attempts to
find an explanation for it. He rejects
all local causes as insufficient and
the oyerproduction theory on the ground
that production has not proceeded with
greater rapidity since than before 1873,
the date OF the demonstration Of silver in
Germany. lie comes 10 the conclusion
that the characterization OF silver is the
principal cause Of the continued decline
Of prices and the shrinking Of values.
Gold is now the legal money Of the
world, the measure of values. Its pro-
duction has not kept pace with the pro-
duction Of the commodities which it
measures. But for the extensive system
OF credit which the volume Of gold bears
up the depreciation Of general values
would be much greater than it has
been. Indeed, it would have we'll nigh
been ruinous. AS to gold, the pro-
drction has been falling off for years.
After deducting the amount absorbed
in the arts, il is estimated to be hardly
enough to replace the wear and tear OF
circulation. The quantity coined by
the British mint is not one-tenth Of
what il was in 1872. Mr.. Gifien's
remedy is the restoration Of silver to
full money power. Following this
authoritative declaration is the recent
address Of Mr.. Goschen, member of
Parliament and q well-known econo-
mist, delivered before the Manchester
Chamber Of, Commerce, on The Con-
ditions and Prospects Of Trade This
is no new opinion, as Mr.. Goschen has
for,some time been a bimetallist, but he
repeats in the most emphatic manner
the'teasons which lead him to advocate
the restoration Of silver. He says that
the decline Of prices is largely due to
the appreciation Of gold in consequence
Of the decline In its production and the
characterization Of silver, and he pre-
diets . still further fall in prices if
something is not done to restore silver
to the legal money Of the world"
When the statesmen Of England and
Germany tell us that the hard times
are caused by the appreciation Of gold
and not by the depreciation of silver,
the small vessels Of Wall street should
keep near the shore.
----------------