Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-01-02
SArURDAY......JANUARY2, 1886.
The Point.

The Point.
A distinguished congressman is re-
ported to have said that the reason why
Mr.. CLKvELANp's treatment Of the
silver question in his annual message
has made 30 little impression upon the
members of the House Of Representa-
tives is that . majority Of the people are
icfavor of the continuation Of silver coin
age. That congressman told the truth,
We suspect. II the members Of the
House Of Representatives could in any
way be made to believe that . majority
Of the people were monometallists it
would not be long before the United
States would come down to single
standard Of values.
There Is much Of dogmatism in the
utterances of the monometallists, but
there is nevertheless at the bottom Of
their theories q foundation strong
enough to give them reasonable sup
port. Discussion will enlighten both
bimetallists and monometallists. How
tree il Is that even bankers need in
formation on the questions involved in
the silver problem, and on other ques-
tons connected with their own calling,
is we'll exempliied in the conduct Of
the bankers of New York at the time
when the present system Of national
banks was first authorized by act of
Congress. Read the following extract
from the report of recent interview
with the venerable JOHN THOMPSON,
president of the Chase National Bank,
Of New York, who, in conjunction
with SALMON p. CHASE and JOHN j.
Cisco, established the present national
banking system and the national-bank
note currency Of America:
/" When l was working tooth aud
nail to get our present national banking
system established stood alone there
was not another banker in New York
who would have anything to do with
ii. Again, when organized the First
National Bank Of New York no one
would touch the stock, and WAS forced
to take 1t all in my own family. Ny
self and my two sons and son-in-law
held the stock, and we brought in one
outsider with ten shares to give us the
five directors necessary to organize.
So il was when we issued the first ma
tional-bank note; again stood alone.
The New York clearing house held a
big meeting to talk over the matter,
and after full discussion decided not
to have anything to do with such money.
They said that no one but scalawag
would touch it. They have changed
their minds since them"
"They have changed their minds
since then" That tells the story Of
what they will be compelled to do again
when in another instance, as in that,
they I" learn MORE"
The only doubtful question involved
in the silver problem has been repeated
" mentioned in these columns. 1t is
stated again, and in few words, in the
New York World of Thursday-as fol-
lows:
Sup to the present time 1920, 900, 900
has been coined. How much more can
be coined before it will affect the stand
ard is question which good many
minds are studying over"
That's the point upon which the whole
difficulty hinges. How many silver
dollars can the fiat of the Government
keep at par with golds This question
was most ably argued several years
ago in the Westminster Reriep. The
grssabacks xrs kept at par with gold
by the promise Of the Government to
redeem them whenever presented in
sums not less than SO many dollars.
The silver dollars are kept at par with
gc,d BY what Is in effect their redemp-
ton by the Government. That is to
{, cay, tho Government needs several hun
dssd nillions Of dollars Of revenue every
rear, and in collsctine this revenue re-
csives silver dollars and gold dollars as
Of equal value. They are, there.