Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-01-22

Of the two metals has rapidly widened,
till traders in America have come to
suspect silver as deprecated and liable
to be demonetized, while bankers are
boarding gold, not lending it lest it
should escape from the country. I en-.
tirely concur in this view Of the Bland
act, but it can be said that as time
passes it is remedying itself slowly but
steadily. He proves with great clear
ness that the contraction Of the currency
has greatly fostered Socialism in its
worst form, because it has operated to
lower the price of labor. OF all the
members Of society the laboring man is
more injured than any other by the
contraction Of the currency. AS gold
becomes scsrcer the entire sys-
tenn of credit begins to contract.
Thus in two ways it forces down prices
by increase in the power OF purchase,
and by contraction Of credit. As gold
becomes scarcer it seems to get cheaper,
the bank rate of interest falls a: this is
not a mark of abundance; it shows
that trade and enterprise are collapsing
and money is a drug. 1t is so far from
being sign of excessive supply that
it denotes an absence Of demand. lie
says, speaking in round numbers, that
the 81, 600, 900, 900 Of the public debt
of the United States in 1867 was less
burdensome than the 81, AGO. 00, 600
to which it is now reduced, because in
1867 eighteen millions Of bales of cot
ton would have paid the whole of it,
while it now would take thirty millions
Of bales to pay the smaller sum.
Is not this illustration absolutely
unanswerable lie predicts with great
confidence that Germany will shortly re-
monetize silver, and he shows that If the
United States stops the use of silver
she will certainly give to India the con-
troll of both her cotton and wheat. lie
closes his long and able article with
the prediction that the railroads now
being built and contemplated in China,
with her population Of 100000. 600
one third of the entire human race-will
cause a demand for more silver China
being silver country than the world
can probably furnish, and if this be
true silver will 60 up with leaps and
bounds" He proves from the language
of the writer himself, the celebrated
Mr.. Jeddus, the distinguished mono
metallist, that he was very doubtful
about his own suggestions, and that in
fact he admitted that in theory the
bimetallists were right. The article will
we'll repay perusal. If he is correct,
and have not doubt Of it. there ought
to be free coinage Of silver in the United
States. OF course it would never do to
stop the coinage Of 100000 per
month, as half loaf is certainly better
than no loaf; but if our lawmakers
could rise to the measure Of true states
manship, free coinage of silver would
be an event of the near future. 1t
would be difficult to overestimate the
advantages to be derived from it. Per-
baps the most eminent financier this
country has ever produced is Mr.. Hugh
McCulloch, and he is a firm advocate of
bimetallism, and have the highest re-
spect for his opinion; but, paradoxical
as it may seem, he advocates the
stoppage of the present coinage of
silver. saying that the United States is
being made the pack.hOrse Of silver for
the other countries Of the world. His
mistake, think, lies in the fact that
he attributes to the Bland act greater
effect than it possesses, because if his
premises are correct his conclusion, it
seems to me, is obliged to be wrong.
If | understand him correctly he would
not advocate a free coinage Of silver
until a great majority of other nations
agree TO it. This to say the least is
not practicable. There can be no
doubt that the Bland act is good as far
as it goes, and | can safely say it has
never had a fair trial. All Of our
Administrations have fallen under
the shadow Of Wall street and Lom-
bard street, and their most earnest work
has been devoted to the purpose, not Of
carrying that law out and enforcing it,
but Of evading and multiplying it. The
present Administration is following in
the footsteps Of its predecessors, but
the enormity of the evil has become so
great as to call the attention Of thought
full men of all parties and all classes to
it. and the present discussion in Con-
gress is likely to do great good.
If the Democratic party shall be
able to bring about free coinage Of sill
yer in this country it will be entitled to
the lasting gratitude Of the whole
world, and its power ought to be and
perhaps would be perpetuatsd for gen.
erations yet to come. 1t is earnestly
to be wished that our statesmen may
rise equal to the occasion.
CANIM PATTESON.
SWnngside Place, buckingham cOuR-
~, Va., January 10, 1856.