Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-09-27

he uC&GAtC8 t3tt ttoft1 W H~s''f 49,
the IDIOTS or towards whom alcne they
say they expect to gains" Mr.. Dunlop
closed amid great applause, and Messrs.
Chichester and Moore made well-timed
and excellent addresses.
The Leader Of the nBtmesalifsssSpeaks
iOr HIMSELF
New York Tribune OF saturday.
Congressman A. j. Warner, of Ohio,
has been in the city comforting with
bankers and businessmen in reference
10 silver measures in Congress. When
asked about his proposed ssal, ne SAID
TO Tribune reporter:
II have prepared draft, but have
not wished to give it to the public, be-
cause it is subject to changes which may
result from criticisms passed on 1t by
prominent finsnciers, Treasury officials
and others. None Of the details OF my
plan will be held 70 tenaciously. 1t is
| the principle only that | an particular
about. The question must be taken up
by the next Congress. There will be a
strong pressure, no doubt, to step abso-
lutely the coinage Of silver. The east
ern press clearly enoul, h indicates this"
"Will il be stoppedg"
IL do not believe it will be, with
out substituting something else in Its
place. That issue involves the whole
question of bimetallism. Stop the
coinage and the last link that holds
silver to its place as a money metal Is
gone. Bimetallists understand this
perfectly we'll. Nobody who does not
expect to get q commission to 60 to
Europe believes that stopping coinage
here will force other countries TO JOIN
us in fixed international ratio. AN
that is a delusion. In fighting for the
present coinage law, therefore, silver
men know perfectly well that they
are fighting the battle between BIZ
metallism and gold recommendation:
Stop the coinage Of s2,Ooo'oOo
silver month here and Sill
YER bullion will Immediately fall. ANY.
BODY can see that. The next step will
be to limit the legal tender of the pre-
sent silver coins, and make silver mere
" subsidiary money. All silver metal
then, except that now in the form oil
COIN. would be excluded from monetary
use. Where, under such condition,
is the money supply to come from!
With no silver made into money, the
gold-mines yield no more than is re-
0uired for the arts and dentistry.
Hence to exclude silver entirely is alb
solutely to cut off all supply Of metal
lie money. Our population may double,
as it will. in about thirty years, but
still, having locked out silver and used
up gold for other purposes. there will
be no more money for 100, 900, 900 than
at present for $4,000, 900 Of people.
"But that is not all. If the metallic
basis is narrowed paper money must
be narrowed correspondingly. What a
prospect for the next quarter OF CEN
fury that would present as compared
with the quarter of century from 1850
10 1875. During that quarter Califor-
MIA and Australia added So, $50, 000,0 900
of gold and about half that amount of
silver to the worlds stock of the two
metals. More than $4,000, 900, 900 of
this supply went into money. What an
era that quarter Of century was Now
reverse all that and for the next quarter
of century give us no money supply,
and what can we expect! 1t would
simply be turn to the dark ages.
Think Of abandoning silver entirely and
reducing the worlds stock of money
from gold and silver to gold alone, and
changing the standard from bimetallic
TO single gold standard, in the face of
overwhelming national. municipal, cor
porate, and private Indebtedness. Such
a step would work Unreasonable and
incalculable wrongs. This country will
never submit to that, and do not be-
lieye that Congress will take the fatal
step that will lead to such result.
1.-The practical question then is, Is
there basis on which the silver ques-
ton can be settled without overthrow
ing the principles Of bimetallism? |
think there is, and to reach such set
Element is the object Of the bill re-
ferred to. The ground principle of the
bill is this Stop the present coinage,
and in lieu Of that issue certificates on
the deposit Of silver bullion at its mar
ket value or actual ratio to gold at the
time Of deposit. In other words, it is
to make the use of silver as money con-
form to the actual market or CONNER.
cial ratio between the two metals.
said we have been trying to secure con-
currence Of leading nations on fixed in.
ternational ratio. Now there is always
an international ratio between the two
metals, which is fixed by the commerce
Of the world. If, then, we can tie sill
yer to this ratio, it will accomplish thu
same thing for us precisely that would
be gained by an international concur
renee. That is just what is proposed
in the bill | have prepared. This car
only be done by issuing certificates OF
bullion. This ratio of silver to golC
may be determined for each calcnda,
month by the Secretary Of the Trea
sury by taking the average sellingprict
of silver bullion in the open market il
New York during the preceding
month. Or the price or ratio to golC
may be determined for each day by TAX
ing the mean selling price in the opel
market in New York city on the proceed
ing day. In this way certificates woult
issue always at the gold price of silver
The certificates after being issued cal
be kept at the same level by beinl
made redeemable in lawful money, or
at the option Of the Government, il
! silver bullion at its market price at tn
: time of redemption. Thus the quantit,
Of bullion multiplied by its price woul
determine the quantity Of money cert
: ficates that would grow out Of the de
!, posit of the bullion. But once issued
!, their value would not change any NOR
( than gold or greenbacks change"
: "How about support Of the bill?"
Extreme gold and extreme silver
!, men generally oppose the bill, but a
. who believe that growing countr
: like ours requires an adequate none
' supply, and who believe that the metal
. ought to 60 into use on common level