Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-03-08
New York peaes the Law.

| The following very temperate article
is from the Washington Post Of ycster.
day:
The SILVER ScARE.--The Clearing
House Association of New York has
issued circular-pamphlet relative to
the silver coinage, and obviously la
tended to encourage its demonetization
by pointing out way 20 the banks for
evading the law with regard to its cir
| culation.
The object seems to be to separate as
far as possible the transactions Of the
banks from those Of the Government.
and upon the somewhat violent assump-
ton that the admission Of silver into
the channels of trade as a measure of
value in commercial transactions must
Of necessity work serious disturbance
| to the currency of the country.
1t is proposed, therefore, that in their
exchanges with the Government the
money received by the clearinghouse
from the Treasurer, instead Of being
merged with the money passing between
the banks, shall be set apart as special
fund, to be paid over in the same coin
or certificates as received. In other
words, silver, though recognized as of
the same value with gold by the Gov
eminent, shall be treated with the same
contempt by the banks as though it
were deprecated currency only to be
handled on sufierance.
Or. as is further suggested, "the
Treasurer may withdraw altogether
from the clearinghouse, and leave the
banks to make their payments to each
other in gold. as they have already
agreed to do"
While admitting that no harm might
ensue from suspending the coinage Of
silver temporarily and thus opening the
way to negotiations for the restoration
of bimetallism throughout the world,
as proposed by Judge Buckner during
the late session, aud alluded to as
possibility in the late speech of Mr.. A.
s. Hewitt on the subject. We very much
question whether the coinage of silver
is being carried so far beyond the wants
of trade or the range Of exchange with
gold as to threaten any material de-
rangement.
We also question the wisdom of the
Clearinghouse Association in advoca-
ting a practical negation Of the law and
conspiring to create feeling of popular
distrust, in which the most prolific
germs of panic invariably consist.
Were it not wiser to take the other
view, as stated by leading Philadel-
phia banker, that &" if this rage for de-
monetizing goes much further there
will not be gold enough to 90 around,
and the results to the business of the
world be disastrous beyond computa-
tion?" Here is where the real danger
lies, but it is not so immediate or
menacing that the whole country should
be thrown into uproar and confusion
during the interval between now and
the meeting of Congress in December.
The New York bankers, brokers, and
millionaires can undoubtedly do i'm
mense harm to the country if they per-
sist in violating the law. They may
somewhat discredit silver if they will
persist in denouncing it as unfit for
money. If the New York papers and
bankers had for the last ten years been
denouncing gold as they have been de-
nouncing silver, gold would have been
by this time out of favor with the
wiseacres who get their financial wis
dom from New York.
The Philadelphia banker spoken of
above has more sense than the whole
tribe of sharks in Wall street. He says
truly that if this rage for demonetiza-
ton goes on worldwide disaster must
result. This country will be ruined
along with all the rest.
Demonetize silver and the conse-
auences will be so disastrous that
greenbackism and fiat-moneyism will at
once be invested with new life. The
contest will then be not between silver
and gold-not between coins of the
precious metals-but between worthless
paper money and recommendation. 1t
will require sll the wisdom Of the
country, as it required it all eight years
ago, TO keep the nation from demand
ing fiat money by the hundreds of mil
lions Of dollars. Rag money will drive
out all money Of real value.
The moneyed men Of the North have
forgotten the gulf they escaped so re-
Gently. Like JEsHuRUN, they have
waxed fat, and kick. No wonder CAR
LYLE said that the people Of Great
Britain numbered so many millions,
"mostly FOOLS" Blind leaders Of the
blind are these Wall-street money grab
bers. They will all fall into the ditch
together if somebody else's good sense
does not counteract their folly.
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