Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-09-20
wheat 70 pay TIE remainder Of shs dsbt
than Il would have taken in 1867 to
pay the whole debt. Hard times, in
deed
CLAW silver Hurts Cotton


This is the heading Of an article in
the New York Herald Of yesterday.
Having joined hands with the mono
me,allists of this country and England
in denouncing silver for the last eight
years, and having succeeded in re-
ducing the price Of the bullion in q
silver dollar to so cents, the Herald
now pretends to deplore the results OF
its own work of folly. To prove this,
we need not quote any other words
than are found in its own article. Read:
"a deep impression was made upon
businessmen generally yesterday by
the Herald's cable dispatch intimating
that the depression in English indus
tries, due to the fall in the value OF
silver, is likely in the near future to
seriously impair the American cotton
export trade. Especially in the Cotton
Exchange was the strong language of
the dispatch earnestly discussed. AL
most every cotton exporter agreed that
the depreciation in the value OF silyeris
likely to hurt American interests to a
greater extent than the pro-silver
fanatics will admit. Five eighths
of the cotton crop Of the United States
goes to Europe, the great bulk Of
it being sent to Liverpool. The cot
ton-men know that England's great
trade in manufactured cottons is carried
on almost entirely through the medium
of silver coin. AS the value of silver
decreases the English manufacturers get
less for their products. To the Ameri-
can cotten-raisers and brokers this sim
ply means that the English manufac-
turers will not be able to pay as high a
price for American cotton as heretofore.
That the great English trade in India
and China becomes profitable or disas-
trous according to the value Of silver is
regarded as the strongest warning that
can be offered to the dull men who in
sist upon putting America in exactly
the same position by flooding the coun-
try with silver"
Note the admission that as the value
of silver decreases the English manu-
facturers get less for their products.
But who has caused the value of silver
to decrease?
Note, particularly, the further adj
mission that the great English trade in
India and China becomes profitable or
disastrous according to the value Of
silver. Why? Because in China and
India, the currency is silver, not gold.
When silver runs down, the prices of
cotton fabrics run down in China and
India and then in England, and then
cotton falls in the United States. But
who has caused the value of silver to
decline? Do the nincompoops expect
to make silver rise by demonetizing it?
Why, they are the very men who swear
that the coinage Of silver keeps up the
price Of silver, and is therefore sdvo-
Gated by the silver kings.
Which side are you on? Do you
want to see silver run down to such
point that India and China will not be
able to buy cotton fabrics, England
cannot make them, and the cotton
planters cannot sell pound Of cotton
Are you ready to ruin the cotton
States?-and with them the business of
all the world?
We quote the Herald again
"'The great strikes at the Oldham
and Bolton mills are simply the result
of bold attempt to discount the effect
Of the inevitable fall in silver said Mr..
Thomas A. Perkins, prominent cot
ton broker"
Bat who made silver fall? Again:
" The manufacturers said that some
thing had to be done to meet the loss of
income, and they tried to fight it by
ordering reduction Of 10 per cent. in
the wages of their mill hands,
But who made silver fall? We quote
the Herald once more:
"lf silver goes down again there
may be other and more general reduc-
tons, followed by great strikes. A
rise in silver would mean the raising of
wages upon the same principle that the
reduction was made"
All. A rise in silver would cause
wages to rise. Who caused silver to
fall, and whose course would make it
rse--that of the monometallists or that
of the bimetallists? We quote the
Herald finally:
THE fact that English industries are
so badly hurt by fall in silver shows
clearly that this country ought not to
put itself in the same position. Mr.. p.
S. Gallatti, Of the cotton firm of Ra-
leigh Brothers, said that the fall in sill
yer would not probably lessen the bulk
of American cotton exports to Europe,
but that it would very likely lower the
prices paid by English manufacturers
for American cotton"
Just so. The fall in silver would
cause fall in cotton, and mean ruin to
thousands Of cotton-planters and cot
ton-factors and cotton-buyers.
Go on with your work, and let us see
how low you can bring silver, and
whether or not you can bankrupt the
cotton States? Is this the entertain
ment to which Wall street invites the
South?
New Books.
4 Model Wife. 4 novel. By G.. |.