Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-01-08

York, OF Who expect 10 learn financial
science from books. Wall street pradzoes
finance. 1t does not care TO know tho
theories Of the book-worms. nor the arru-
mcnts by which those theories are at
tempted TO be sustained. In word. what
Wall street does not know about money
matters Is not worth knowing. Itpredicted
twelve years ago that II the BLAND bill be-
came law silver would within few
months displace all tho gold in this coun-
try. and the United States would become
monometaliic centre the one metal to bs
silver. and not gold. The prediction
proved 70 be utterly false. but Wall street
was totally indifferent as TO its falsity. and
has never condcscended TO attempt any ex-
planation Of the fact In fine, Wall street
has public opinion of its own, and 1t Is
40 impossible for new financial truth to
make It's way there as IL Is for Republic
can malignant TO believe that the negro's
best friends are the white men OF the South
How did Wall street receive the news OF
the substitution Of the bill 70 provide
against contraction Of the currency for
the force bill? Our Geographic columns
Of yesterday contained the reply to this
question. Wall street held that there had
been coalition" between the Republic
can siiverites and the Democrats and now
holds that these coalitionists intend topass
a free-coinage act. The bears attempted
TO pull down the prices of stocks, and sue
cceded TO q certain extent. But when we
find silver quoted at only l0314, as it was in
New York on Tuesday, we know that Wall
street does not fear that free-coiDage act
will be passed at this session Of Congress.
or else does not believe that its passage will
make silver rise much. Wall street has
evidently not become frightened. Possibly
it relies upon veto.
We gave yesterday some interesting
figures bearing upon the silver question.
We ought TO have repeated that nobody
knows how much silver coin our Govern
ment can keep at par with gold by making
the former legal tender and receivable
for all sorts of taxes. A bank that redeems
its notes in coin can safely issue three dol
lars Of paper for every dollar of coin which
II has in its vaults. The total revenue OF
the United States Government for the year
ending June 80, 1889, was 1887 ,05o, 05S.s4.
1t would seem. therefore, that UNCLE SAN
ought to find no difficulty in keeping
three times that amount of silver at par
with gold-say twelve hundred millions of
silver dollars. The BLAND bill mas been in
operation for many years. the minis
have coined many millions CT silver dol
lars every year since that bill became
law. and yet a thousand dollars in gold
even in Wall street will buy only thou
sand silver dollars. although silver bullion
is far below gold.
We have said that possibly Wall street
relies upon veto from the President of
the United States. If MIR. SHERMAN were
President he would veto the free-coinage
bill. But Mr.. HARRISON will probably side
with his own people in Indiana and signit.
We are confident that he has given no as
surances on the subject to anybody. Wall
street may think as it will. 1t is none of
his concern. When the bill is presented to
him he will decide whether to sign it or
not. II will not be safe TO bet upon what
his decision will be.
To make the coinage of silver free would
be to put I'D lions of dollars into circula-
ton. II would open tens of thousands of
stockings and throw their boarded silver
contents into the channels of trade and
commerce. II would create demand tor
all kinds of property. Numerous results
would follow which nobody can foresee.
We trust. therefore, that nobody will be-
come alarmed if that bill should become a
law. Be sure it will not prove to be an
unmixed evil.