Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-09-01
SILVER QUESTION.
THE COMING VICTORY OF SILVER
BY Mr.. CAMM PATTESON.
A Strong Article Showing It's Importance
as n Circulating Medium and It's Re-
1ations with the Government.
No. V.
rFor the Dispstch.l

virginia, through her great Demo-
cratic Convention, makes the complete
reconciliation and the free coinage OF
silver part Of the Democratic platform.
Let her representatives in Congress take
warning that this is the beginning OF
fight with gold monometallists which
will be fought to the end. 1t Il the III
anguration OF an American policy and an
American system OF finance. II the farm
ers of Virginia knew or could be made to
know its supreme and commanding I'M
portance to them-if they knew that
gold monometallism has in the last six
teen wears reduced the price OF every
bushel of wheat, corn, and oats, and ev-
cry pound of hay and tobacco, fully 40
per cent. and every acre Of land outside
Of the cities more than 80 per cent, and
that this depression still continues and
is likely TO grow greater, they would we'll
nigh be prepared to take up arms against
those enemies OF the human race who
have under the gnise of hypocrisy and
for purposes of selfish greed impover-
ished and wel-nigh enslaved one fourth
OF tue civilized world.
Vas there ever seen such spirit OF
discomfort and unrest as exists IN Nir-
GINA to-day? Did any man now living
ever see such gloom and dependency IN
the rural districts? And yet 80 great Is
the power OF capital that four tifths OF
the newspapers of the country dare not
advocate an increase Of the metallic cur
rency OF the world. Well, indeed, might
that great writer Thomas Darlington
Macaulay say, as he did in his famous
letter City years ago. that he did not like
the United States of America, because
: from the very nature OF its institutions l.
was bound to be the easy prey OF mo-
nopoIies that its government was not
strong enough to prevent it that in less
( than q century from the time he wrote
/ there would be men IN the United States
worth not n million, but a hundred mil
lions Of dollars that the great public do
main of the West would for q few years
absorb the emigration from Europe-and
cause what would be false and not
true prosperity-but that when this was
( settled up the combination of capital
would 80 Cypress the masses OF the pco-
pie of this country that the cry OF bread
or blood would be heard in the streetsot
our chief cities. Fifty years have passed
/ by and how truly has this memorable
prediction been verified The country
/ is in the hands of an oligarchy OF CAPT.
tai. But even the great Nacaulay, with
all his ken OF prophetic foresight. could
never have believed nor foretold that
silver, the great master metal OF the
world would have been degraded and
demonetized by the country which OF all
others was its chief producer
We boast OF our intelligence as O peo-
pie and yet this great crime was com
mittel in 1873, aud done 80 secretly that
il was not even known to more than a
dozen members Of Congress at tho time,
anil not known TO the President himself
until months after it was done. And yet
there are many apolOglsts to be found
to-day who are willing to condone this
dot stable act. Is it not singular that
reputable men can be found who Will
endorse a crime committed under such
6iscraditable circumstances? Look Mt
the result. 1t was natural and inevitable.
Suppose q country of 100, 600 people has
$50 per capita OF money circulation
that is. 5000. 0O0-and one half OF
il is absolutely destroyed by order
Of the Government. 1t follows as
n necessary consequence that the
price OF property OF all kinds IN
that country. both real and personal,
including labor, will in the main as q
general rule fall 80 per cent. The money
that is left will appreciate greatly IN
value, while everything else will de-
crease. There IS nothing occult or diff
cult about this no political economist
ever has or ever will deny 1t. 1t Will be
rendered twice as easy for the holders OF
money III that country to put prices
of any article they choose. The de-
struction of the money will to great
extent destroy competition. The pur-
chasing power OF money IS greatly IN
creased. On this account It IS 1ndustrl-
ously dinned into the ear of the labOrer
that though he gets less money for his
work, It's purchasing power IS so
much increased that no IS rs well
off ms before. This is a fallacy, because
the destruction of the money absolutely
destroys many enterprises and indus
tries, and tho laborer on that account
for q great part OF his time cannot get
work n ami price, and suffers almost az
much as The producer. When silver was
demonctized in 1873 the per copta CIR
culation OF money in the United States
was about S36-nOw 1t IS Sl729 seven
teen dollars and twenty-ninc centsl. Ine
events that have since occurred demon
strate the truth OF the illustration which
las lust been made. Every commercial
businessman in this country looks eager
" each Saturday at the bank reserve in
the city OF New York, and to cOnslde-
rable extent guides his business by 1t.
What did he see last Saturday? The
) astounding statement that the reserve
was less than 3 GOO, coo. For the next
month the demands of the trade Of the
whole country will increase every hour,
d and our sole reliance to prevent great
, financial disaster is the hope that the
= Secretary of the Treasury will sell the
} bonds Of the Government at an cnor
nous premium This is exactly the
, state of things that the capitalist wishes.
, Nv it he has often been able to force the
interest on money as high as h1J pcl
d cent Il doV. This has repeatedly hap
penel in the past and will happen II
| the future as long US gold monometallisu
; continues. What pItieble spectacle Il
this The larger our crop Is the more
certain we are TO have financial dis
aster so small Is the volume
l of our currency that every article O
: primo necessity is made the subject oil
l infamous trusts and moAopolies Nc
one ever heard of this sort Of thing
prior to the dcmonetization Of silver II
= 1873. and it would be rendered, # mo-
impossible, certainly far more difficult
if free coinage was established and the
-honored relation of ~ to ] man
tanned France is a model OF tinancia
| Success. Within twenty years she has
) tided successfully over two unparalleled
e periods of financial dislsters-the wal
3 indemnity, amounting to one Thousand
= millions of dollars, paid to Prussia Il
a 1S7O-'7l and the recent great Pana
= ma Canal collapse. How was /
done Mark the answer. France