Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-11-24

Inc hlANtE OutiiVA 4u0t0tRAr 49,
from London are pronounced BY Mr..
Ernoat sasd, lifetime dealer IN bullion
there. and one Of the ablest writers on the
subject Of the money metals that ever
put hintself in print, TO DO more mon
stroup than ANYTHING known IN the history
OF economical And Mr.. Mulhail,
distinguished mcnomst, and the highest
living authority IN statistlcs, himself
Isopdoner, after setting out an overwheinl-
ing array OF facts and stating summary
OF data establishing the truth OF bis posi-
ton, saws ia his History OF Prices pub,
lished In 1895 II the metals gold and
silver were regulated In value by existing
stocks the price Of silver would be l02
pence (204 cents) instead OF ~ pence US
cents per ounce. India and China have
absorbed more than tho total product OF
the silver-mines OF the world since ICY.
| Here tho highest English and LONDON
authority In statistics, 40 able monomet,
] declares the intrinsic value OF an
ounce OF silver 10 be 204 cents, which
10 equivalent to saying that the intrinsic
value OF tho quantity Of that metal con-
tanned in an American dollar (ratner less
| than four hfths of an OUNCE IS los cents.
| The London price now of en- ounce is only
% cents, and of dollar rs to 80 cents. Could
there be furnished more severe condeH-
nation of the London quotations OF the
/ metal or more humiliating rebuke OF
/ the seryillty of those financial classes else
where who accept those quotatohs "
mandatory upon the worldY
Let us consider the reasons OF these cow
nous quotations.
nEM TAsoAM AcU.
The Empress Victoria has two sets OF
mints-one of them ia England coming
/ cold as the only legal tender; another IN
India coming silver rs the only legal ten
/ der.
In the dominions of her Imperial Majesty
| there are two kinds Of h-onest" money !;
and. presto, two kinds Of dishonest,
In England gold is honest and silver dls;
reputable; in India silver is honest ana
gold q mere metal. Inc price Oh sIyer
| metal for tho world, including poor
| cockney ridden America. is fixed IN Lon
| don. The Indian coin called the rupee
! has legal-tender value in India OF about
| as cents. England buys American SILVER
| metal 10 London at her own price, when
| has sometimes been as low as 81 cents lOr
| the weight contained IN q rupee. Uehe-
| rally OF late the price OF this much silVer
| In London has been about 81 or IS cents;
| This quantity of silver, which England
takes up in London at 80 to 50 cents, she
sends to India and coins into q rupee,
| worth in legal tender there 48 cents
TIE RUPEE CONES TO THE FRONT.
| The English merchant who wants to buy
| Indian wheat, cotton, or other product
| Gets silver funds In London at the rate OF
| "a TO 8s cents for as much metal as rupee
contains; exchanges 1t at the Indian mint,
| where free coinage prevails, at the rate OF 45
| cents, and pays the legal-tende- coin TO
| the ryot for wheat. cotton, or other product
at the legal-tender rate. This wheat ana
| cotton he imports into England in compe-
| tition with American wheat and cotton
| this wheat and cotton bought IN lndla
| with silver chespened at will by the brokers
| i'm London who control the silver quota
| lions in that city.
| Does II take even the most consummate
! idiot IN America very many moments TO be-
| come aware that the occult powers IN Lon
| don who fix the price Of silver III that mar
| ket really thereby determine the price OF
| American wheat, and TO some extent, also,
| the price of American cotton In the mar
| ket Of that thrifty realm -.
Such is the situation. No other civilized
country ia the world IS Interested IN the
| depreciation of silver; England IS intensely
| so. all her importatlOns from her zoo, 0OO, 900
| of Indian subjects being dependent IN
| their cost to her upon the price nxed Tor
| silver in London. The English fake IS to
make silver cheap and dishonest money
] everywhere else in the world except IN
India.
| Did it ever strike the much-coddled In
! tellect of the American banker that the
| free coinage of silver in America would De
| n tbing no more iniouItous than the free
| coinage is of silver in India Did the idea
ever occur to the h-dropping financial
dudes of Wall street that the best way OF
| breaking up the mOnstrous" fraud or
silver quotations in London would be by
| freely coming our American silver, do with
| II ourselves what England does III India
with what she gets hold of III London at
her own price?
yREE COINAGE IMMENSELY PROFITABLE IN
INDIA.
How much is England interested in pre-
venting the free coinage of silver In
| America She makes on every rupee
| which she coins III India from metal ship
| ned from London ten to sixteen cents,
| either i'm cheapened wheat or cotton or
| other Indian product. Between 1873 and
| 1884 later statistics are not at command at
| the moment of this writing) the specie i'm
ports of India-nearly oil silver-were the
| equivalent OF 1896 100000, or double that
| amount of rupees-to wit, 7yO,OOO,OOJ
averaging sixty millions OF rupees an
| nually, The profit of England on this
| annual sum at only twelve cents per
rupee in cheapened importation OF Indian
| products is $7,200,0O0 annually How
! many officials, writer's, lecturers, and
organs OF public opinion in America Will a
| tithe of this sum purchase each Year,
When the silver manipulators OF London
resolve to buy up an American bimet they
| require him to take the side-track OF oppo-
| sitiOn to the free coinage OF silver. Ihey
| allow him then to preach bimetallism until
| his throat grows sore. Whit care they
| Their sole interest is TO prevent free coin.
ace here. which would destroy their pres
| ent monopoly of the operation IN India
| What a most of model American statesmen
and fnanciers and editors are giving them
aid and comfort IN this anti-Amerlcan
policYl
! Another side-tracking device is the ad.
monition TO postpone American Tree com
| age until common ratio or weights be-
| tween gold and silver shall have been
| agreed upon 10y international commission,
| That dodge has been successfully en-
| ployed for fifteen or twenty years. Eng
| land does not intend to agreeto common
| ratio. and the thing Is as impractlcable as
| yolapuk and quite as needless. Our ratio
| of 16 to keeps the United States from be-
ing made the dumping-ground OF Ger,
manic silver; the BRITISH indian rauo o.
IS To makes India the dumplng-ground
and the French ratio OF l53 TO 10 satls-
| factory 70 all Europe. A common ratio Is
needless, and England's pretence that 1t Is
is only another device she uses for bam-
| boozling Brother Jonathan.
The United States have nothing 10 lose
/ and everything TO gain by themselves re-
suming the policy of free coinage. Neither
France nor Germany, nor the Latin States
| of Europe are at all interested in prevent
| ING American free coinage. Whence comes
| then. this war upon the policy here, and
| what is the motive2 Is there IN all the
States of this Union q man so infatuated
with English ideas about silver as 10 pe
incompetent TO answer this question in the
| ligbt OF the facts relating to legal tender
In India and to the disreputaele market
| quotations of SILVER in London that have
| been above exhibited? And Is there IN al
| the financial circles of our beloved coun
| try Lamb" 80 hopelessly asphyxiated
| by London quotations as 70 believe thai
| the silver in the American dollar is not IN
| trinsically worth more by half than the
oheuqiers djnd,tstrie who decree the quota
tions of silver in London publish as III
| yalue2
| 1Dropos of silver in London straight
Jackets, is there not similar occult IN,
| fluence engaged in depreclatlng our whea'
| in England OF this very timer The failure
] of crops and scarcity of breadstuns II
| Europe are such as have always, until
| since 1873, put up wheat to % ousne
| and more. Why does wheat fail to rise III
price now? There is q millstone on 1t OF
some sort, and the feil-weiight WI con,