Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-06-09
Gold.
Bradsfreef's Of last week says;


Of0N1fttf w f"F< "~>~ -
/" Colonel PreiwAiski, the well-known
Russian explorer Of Central Asia, writes
to the Geographical Society at home
that he has discovered gold mines,
worked by the natives Of Thibet. 50
extensive that he ventures the opinion
that this country will prove the equal
Of California in this precious mineral.
Civilized handling Of the deposits would
make such gravel pay enormously at
small outlay, and the deposits are Of
the most extensive character, the whols
northern part Of Thibet being rich in
such areas"
When gold was discovered in Cali
fornia IL became relatively less valuable
than silver, and the United States Gov
eminent had to debase the silver coin to
prevent its expectation to foreign lands.
A silver dollar Of 4l2f grains became
more valuable than a gold dollar Of
rs $40 grains. Let this state Of things
result from the gold discoveries men,
toned above, and Wall street would
clamor for the single silver standard.
BY the way, we are glad to learn
that this topic of dispute is likely to
cease next winter, or sooner, to be a
proper subject Of discussion. The
Washington Post Of yesterday intimates
that the compromise we alluded to in
our last issue will probably prove ac-
ceptable to the Administration and to
the silver men, and thus put an end
to unproductive discussions. However,
these discussions cannot properly be
considered unproductive II they have
resulted in a compromise beneficial to
the United States and TO the world.
To this compromise scheme the Post
says that the objections proceed from
the confirmed monometallists, whom
nothing can ALLEVIATE from a blind de-
votion to gold, and who insist that
silver should be permanently degraded
into a mere commodity like lead or
iron or other merchantable product.
The scheme is stated in the words
following
"That the coinage Of silver shall be
suspended until required again to meet
an actual demand for silver dollars, and
that legal-tender certificates be issued
in their place, of the denominations Of
one, two, and five dollars, ON the de-
post of silver bullion at its market
price expressed in dollars at the time,
and receivable at the Treasury for dues
to the Government, to be redeemed in
bullion or currency, or held and paid
out again as other lawful money!"
This is substantially Mr.. EDWARDS
PIERREPoNT's scheme to which we
called attention last winter. We quote
the Post again
Ex-Comptroller Knox is not fully
prepared to endorse the scheme, but
considers it an encouraging step in adj
vance.
Vice-President Ransom, of the Chase
National Bank, considers the plan
" first-rate " one, and says that the lib
raj issue Of one and two-dollar bills
would be "an unmixed blessing to the
entire community"
Mr.. A. S. Hatch is first in favor of
putting q dollars worth of silver into
silver dollar; but if such a read
justment Of the coinage is impractical
BILE, he is decidedly in favor Of issuing
silver certificates in silver bullion at
the market value as infinitely prefera-
BILE to the issue Of silver certificates in
silver dollars at rs per cent. in excess
of their market value.
Mr.. James B. Colgate, another New
York banker, says that the proposition
is a good one, provided that the certifi-
Gates are made legal tenders, and that
there should be more silver in sub
sidiary coins. "Silver is the universal
coinage; gold is the coinage of the few"
What Mr.. Manning may think Of the
scheme does not yet appear; but we
are confident that General Warmers
proposition is move in the right di-
rection, and that, subject of course to
modification and amendment, it will be
accepted both by the Administration
and the people as the basis Of salts
factory and advantageous adjustment
Of one Of the most perplexing and i'm
portant questions Of the day.