Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-01-24
.s93S,O9s,jlO
Total ......... .
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than one third Of the currency Of the
country. If for ACKNOWLEDGEMENTS cur
reney another can be substituted equally
good, equally safe, and equally salts
factory to the people, the loss of ma
tional-bank notes soon will be forgot
ten"
The other cause Of apprehension
moves all New York. IL the wise men
of that commercial centre would let
the currency alone and attend to their
business. leaving Congress to attend to
its business, much trouble would be
avoided. They are, it would seem,
about to bring upon the country the
very evils they have so long lived in
dread Of. Instead Of aiding the Gov
eminent to have stable bimetallic
currency, they have for seven years
been depreciating silver coins as = buzz
zard dollars" &C., &c. and their
teachings have at last convinced the
public that silver money is not as good
as gold money. Now, if they can keep
the public up to this belief, it
will not be many weeks before
silver dollars, which are intrinsi-
cally worth eighty-four cents each.
will be selling lower than greenbacks,
which have no intrinsic value--a most
ludicrous spectacle which will be due
entirely to the unwisdom of New York
financiers. Think Of it seven hundred
millions of dollars Of grcenbacks and
bank-notes, having no intrinsic value
whatever, standing higher in the opin-
ion Of New York financiers than one or
two hundred millions Of silver dollars
worth intrinsically las old silver five
sixths Of their face value! IL that isn't
logic run mad, we don't know what
would be.
But we shall be told that the Gov
eminent has made provision for re-
deeming the greenbacks and bank
notes. Very well. 1t would seem,
then, that all that is necessary for Con-
gress to do is to promise to redeem the
silver dollars in gold. AS nobody
wants the gold for the greenbacks, no.
body will want it for silver.
We say New York is about to bring
trouble upon the country, as the fol-
lowing paragraphs from the Times
show:
The process by which silver is re-
placing gold in our metallic currency
goes on quietly but steadily.
The other day attention was called to
the fact that silver certificates were sold
in New York at slight deduction from
their face value.
The proportion Of silver certificates
in the receipts Of the Treasury Depart
ment for customs increases, while that
Of gold diminishes. The available gold
balance IN the Treasury accordingly de-
clines.
The longer we continue the compul-
sorry coinage Of silver dollars, and the
issue Of silver certificates receivable for
dues to the Government, the more sure
ly We are approaching this point. That
is the time when We shall be compelled,
IL called upon to redeem the Govern
ment notes, TO redeem them in silver.
Il is proposed, both in the House and
in tho Senate, to stop the coinage Of
silver dollars. Every person, officia
or otherwise, whose experience snt
knowledge and character give authority
in such matter, is convinced that thi,
measure is not only expedient but ne
cessary.
We should do much better to make
up our minds whether we want q cur.
rency of one metal, and that metal sill.
yer, or whether we do not want it, and
act accordingly. In the former case We
have only TO 90 on coming silver; in
the latter ease we shall have 10 stop it,
The advocates Of silver money are
thus TO be held responsible for none.
tsry crisis produced by metropolitan
Hnsnciers.