Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-10-11
The GOLD BUGAB00.
mONoMETs POSING IN ATTITUDE OF
BlMGTS-FAiLING IN ARGUMENT.
Letter from Judge Robert w. Hughes De-
mandins Declaration Of Finan-
ciai Independence.
To ne Editor Of ne Dispa'cA .

o'"'es rs oiihets ana falling IN the argu-
ment. are depending upon the poltroon
tactics OF frightening the people ont OF the
demand for free coinage, by the bugaboo
OF a gold premium. The tactics have met
with some success, but only brief one.
The common sense Of tho masses il
always proof against devices contrived for
popular deception. MIR. John 5. Carlisle
says truly:
The average intelligence of the people,
the resultant wisdom Of the manv-com-
mon sense-that is TO say, what al men
think about their own business, is supe-
rior 20 the inspiration Of any statesman"
Deep in the minds and hearts Of the
people of the United States. though it has
been slow in coming, is the conviction
that they have been wronged in the mat
ter OF the secret, unnecessary. and fraudU-
lent demone.ization of silver.
The attempt now to brighten them from
a demand for a righting of the wrong will
fail. and fail miserably.
How silly to pretend that this country,
with Its vast, increasing and Immeasura-
bic resources. cannot establish and MAIN
tam any policy it may in its wisdom
choose to pussue in finance; especially in
substitution for the pitiabie system now
fastened upon us by the domestic agents
Oh IOielgn bankers and their class.
CRY OF WOLF.
There was great cry of wolf when for
SIX or eight months there was an OutgO of
gold from the country which grew IN the
aggregate to about seventy millions, as II
this great country could be seriously in
jured by a profitable sale of that much
metal. The mint reports show that 1t still
had left after that outgo nearly six hun
dred millions of gold and four hundred
and fifty millions Of silver. For six months
at least business was made TO stand still.
and ali enterprises held to a mark-time
step because ba.atclle of gold had
gone abroad. Money-lenders would not
lend, and mOney-emplOyeTs were
frightened from borrowing because
of these shipments of gold. What
false system OF finance did this experience
disclose. Why should our great indus
tries be objected to The control of financial
poltroonery like this whenever gold en-
barks on u brief trip TO Europe! The
balance of trade Is always in our favor by
nearly, If not quite, hundred millions
year. This balance will always give us
command in finance il America will but
discard the teachings to which she has so
long given ear and determine to control
the financial situation in subscrvicnce TO
her own interests and views of policy.
The silliest of oil fears is that OF any
sort of disaster from the free coinage Of
silver. SO far from Its being rash or
revolutionary policy. II would he the most
conservative and judicious that could be
adopted III finance.
ATTEMPT TO BRIGHTEN PEOPLE.
1t was predicted in 1878. before the re-
sumption OF specie payments on January
|. 1879, that such mass of green backs as
was then outstanding could not be pu: or
kept upon par with gold. and that every
dollar of gold paid III redemption OF the
paper would, under Gresham's law. leave
The country. We know that the predic-
ton WAS falsifcd by the result; although
six months before resumption there were
in the country. only seventy-seven
millions Of specie and the enormous
sum of six hundred and ninety
millions of paper. Contrast that state OF
aialrs with the present. when we have IN
the country thousand aud seventy mil
lions Of specie. of which five hundred and
eighty i've are in gold; and u less amount
Of paper mobey-that is to say, ten hun
dred and thIrty-two millions of bank and
Treasury notes and certificates The at
tempt to frlghten the people out OF their
lust demand for free coinage IN sucn
condition Of the country's finances Is
simple idiocy.
CURRENT PROPHECIES OF DISASTER.
Mr.. Tiiden was an earnest advocate or
resumption. holding TO Mr.. Greeley's
maxim that the best way of resnmlng was
was 20 resume lie had no patience with
the then current prophecies OF disaster
from the measure. Mr.. Hendricks. on the
contrary, was full of apprehenslons on the
subject. The two statesmen took ride
one day III New York TO talk the matter
over ON their return Mr.. hendricks
found himself strong and confident
friend OF resumption. Mr.. Iilden had ex-
planned TO him the power OF the Govern
meuts rat in this matter. coupled with
It's influence over finance by means OF liz
LARGE annual revenues. The Government
had the power 10 declare what should
be legal tender. Back OF tins preroSatve
was It's power to declare what money 1t
would receive IN payment OF the then
three hundred millions OF revenues u col
lected annually (an amount now grown 70
four hundred ml.lOns). The States cOuld
not do otherwise than u receive IN pay
ment OF the hundred millions OF revenues
due themselves the same currency whlcn
WAS receivable Ii payment OF the federal
revenues. Now" said Mr.. Illden. II
The mower to declare what shall
be legal-tender money, and what money
shall be receivable III payment OF between
three aud four hundred millions OF the
Federal and State revenues Is not sulhcleht
TO give the Government controi IN TINS
matter, let Congress place III the hands OF
the Secretary of the Treasury hundred
millions Of dollars to be used In putting
down all attempts TO deieaI RESUMPTION;
and the measure will be accomplished
without the actual use OF dollar OF ms
latter fund. Mr. Hendricks accepted MI.
Illleu'S views.
WALL STREETS TEACHINGS.
How different is this sort OF statesman,
ship from the present teaching OF Naii
street. The same Government when hau
power 70 keep at par III 1879 paper then
outstanding TO the amount OF ten dollars
of paper to one of gold and silver, mas ike
power TO keep silver at par now when the
stock OF silver III the country Is less ny
hundred million than the stock or gold,
VIZ. lo3,UOO,Sof Oh eiiNc' ~ ~o0i'o-- 70
gold. A.
mind and circ,lInsc ribes the vlsloD or the
class who engage III them TO sucn "a degree
as to dcaden their cOnceptIonoi the great
ness of our country.
Our American industries and interests
have come loftily to ogertOp those which
are controlled by the system or hnance
obtaining III Europe. We nave a risht 10
a financial system of our own. We sell 10
that continent. as well as to all
tine rest OF the world, largely more
than we buy. Every year we receive
more money by many millions thaii
we nav away. Yet We are made 10 s'ahu
in perpetual fear and awe OF the London
money market. We look upon every occa-
sIonai outgo Of gold with imbecile terror.
II is the teaching OF Wall street. wlose
masters In London survey our trepidat'oh
with lazy cOntumeIy.
DEMAND FOR FINANCIAL DRCLAEATioS OF
INDEPESUE SCE.
The American people are growing tired
OF the humillating spectacle IN which they
are made thus 10 figure. They desire
divorce of our national treasury from
Mall and Lombard streets and q declaTa'
tion of American independence III hnance;
ire treasury has been the principal
agency for ten years past In fostering TINS
foreign system of finance upon the couh-
try, and the popular determination now Is
that its powerful influence shall be e1er-
c,sed in delivering us from the pernicious
DOMINATION and III establishing hnanciai
policy OF our own.
Kuf the note intended 10 write you has
e.,(,y, INTO an eSslv and | must stop.