Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-02-01
JrDGE R. W. HUGHES.
A Letter from Him Discussing the
COuntY'S Finances.
clyFR THIS MONEY or THE NlSSES
IT. Remedy Can TO Supplied Only
sy tho Cooperation OF Great
Britain and Germany.

l,,rsl. municipal corporate anu nae
thor than private, amounted to
,.i,, total Of thirty-fve thousand mil
..f dollars 200, 1000.
I'' ,.s.r Tnr WORLD now OWES.
a.lsst twenty years the world has
Ia general and prosperous peace.
..,.,5 has witnessed the greatest and
.,..3 development Of enterprise, in
.. Industry, and commerce ever
q. LA, been q period Of unbound
......va ld adventure; and the bonded
..,,r. oi she world must have in
'-3.~ the last SIX years TO forty thou
..a..-. q dollars. The interest on
.',, rer aanum, at the average rate Of
.-. ts sixteen hundred millions Of
-. f.- the annual payment of which
-puta, and industries OF the world
..-...r or INTTETST TEE WORLD PAYS.
-....,rert Of this vast amount would
..,-, not bee very depressing but for
.--.gm,tances. One of these is
,srg q the bonds bearing the
-, were originally put ont for not
...r s,vprtv-6ye cents IN the dollar.
....- .ir.um.:aucc Is, that the great
.t.l.se bonds arc held in countries
.......i isl the only legal tender; while
tx Oh. rest, though PAYABLE where
s..r,,tL. sole tender. are made pay
.....-.,l .ntheirface. The third ciroum-
=. 81. that. under the influence of
.........f things. which creates a
..r.--l demand for gold. that
'..t..l..r for nearly twenty years at q
.,. f.utuai!nc somewhat, but now
.5,,. 81 about 20 per cent. above the
i,.--- .,.- ,s prcos. which Is the real
:. .. f-.e that market reports and
..r.faI % show this premium and
.-.3 sstie standard Of prices, and
~. ,.a rr.ces Of silver. OF staple pro-
| "a. ,riot general properties at rates
..-t.l'. below the actual par, put ms
| ..... ..rrprti0nalsm NJ the banking
b.. 4el though DISCUSSING does not
| ... tsa fact that gold u az q premium
| .,ts,.-ral prices of all other things
.t. Business Of the world is paving
....... interest 81 some sixteen hun
~.,.rs q dollars on bonds for many
s...t q, ..vri only sey enty-fve cents
..fr.~. aud l. paving IL in gold
.-..... . premium over the normal
1 .-.r.-ai properties and products
....,'-. .t-I pcr cent. Here IL one OF
,..r.-.r- II present finance which
,-.-.-....e iatOreTs, property-holders,
a.. I...,a-.-raeu ot the world.
U.-.--..- however, IS this burden ls,
t.... t.-f-l,p consists in the necessity
.-.-. ur.G the public at large of
..--.. r-.,ate debts 10 banks IN funds
..- this premium on gold.
s--,r. 4. Az INpTRIAL PRERoGATIvE,
--.,. another condition not less Sc
-. s.v-',l.Us estimate the pOpula-
-.tt. v.-.I at l,0jOoOD.oOO OF souls.
l-r.s. 1000 are n countries IN which
r.l.al- legal tender; $4,000, 900 are
..--r,s where gold and silver both
A. ..-s money. and 772.OO0,0OO are in
,.--r,- where silver alone Is the money
III. Inhabitants.
>- therefore, is the money of the
.,... ., Irtries holding nine hundred
g. ,1.r millions a people OF the ten
..-al a1i It,y millions that constitute
t-...lat.1l u the earth. Thus Is sill
y-r'. ..assal emphasis and imperial
~ .tv-. the money Of the world.
--,l.t is that the value and prices
O. property. 90 products. and OF labor
r.,.s..-- 81. retain their original re,a-
.. u'l silver, they remain with silver,
.rs $50 themselves automatically on
g.. .l,, o, silver Is metal. Silver, the
o.. -rI -s metal. = the worlds money.
8. i.l.s iaarl about the "demone-
i...r" ut silver But this metal cannot
N.- r-"7'I IL Is not in the power of
] o. legislation % effect such a purpose.
,s.-e .-- provided this metal as the
.., o. -. convenient for the use OF
--'tlt.. % the human race. The
I.-.t.s = mankind at large forbid and
I.r-'i'- Generalization
I.v gle ya.ues of all properties and
T. ....-a. labor stlll remain and rest on
i--.,c4. i.s's - silver Is obvious. The
tF ..t"- ~ commerce. embracing
--', It agriculture. Of mines, and
O. 90 SO. come chiefly, in many cases
T money countries Wheat
-'.-l. from India, from Rus
g. .'i'-g AmerIca-all Of them silver
'". t'-a-- where II ls bought at
i.-t ir.- Alike Is the case with cot
-t- '..0 u. AID OIL, OF nearly oil, OF
--. staple products. SO that
4. t..r4 fact u.s. that our properties
g. --...-.s- 4,l their products rest on
Owe: ,-- a-d are graded on the old
h.- . property We receive silver
.' -..r l1or We receive wages at
--. r'e. The money Of the Million
I-l prices, while the money
.-tic classes demanded for
% bonds, L. at premium OF 20
ru' RIAL SITUATION.
i-- ',a1 isttc second condition which
-'- Gle world; industries and pro-
.r iilg the old normal prices,
.- -lA interest with "a money
-o per cent. OF premium;
'- 'H U.s. %. enormous. The burden ~
.i4t Protests widespread and multi
''. a-t,Lst TINS predicament OF
i,-Gl.us. Mankind are in bad
- >.f.r5 are gong on everywhere.
TOP 0vr country Farmers Alliances and
--,.l-,ous are IN general eoseUte
Sons sweep the whole coun-
- legislatures and Congress are in
NY d.saard. II IS only the be-
- t-.,s relief Is devised these
'.ri . run on, and on, and on,
e' t..ly
'F LfNTpT HARD TO YIyD.
-iy De- as difficult as the disease
'.--.l' The fres coinage Of silver
~ -.s the United States Is but one
e'-ary measures OF relief; but
Ifaclaut. II would not be
'-- ~ ole. Il would operate as
.--.' a' s-y local measure IS capable
g.. '' egg down the premium on gold,
, .. our times. But complete
o. l supplied only by the CO.
W pfe-t Britain aud Germany,
g- -i'e- holding the great bulk
81 ia' world. Those are the true
Elective relief. Full and final
h. .'-..' he obtained in pernanency
4ttrcs cease 20 demand gold
49, .-i lhc.r dues and consent 10
~, te i.rm and proportion the
"s..l measures the wages of the
'r products Of tho industries,
properties Of the Million.
NHAI sAYs ENGLAND?
...is ' % present probability that
D.. loars VIII make any conces-
a.. +. ',-si .esa rights. The last utter
C. t..t-. ai bntain on the subject was
"-'.h a the Royal Commission,
t..- -,y made exhaustive INQUIRY
...t .--.eci and took proof mountain
...... re necessity Of abandoning the
.-.., policy. That declaration was
o.. 80 .See page 20. part second
i.,,, .- -.' ue remembered that this coun-
h..l .ey creditor country of debts
e.... foid AID any change which
e. i. - '.,e "a the price Of commodities
q, - Vat y 70 say, a diminution Of
g, 49, -gpoWeT Of gold, would be TO
b-i.f p---' aAtage." Two thirds OF the
.'..i m, a.. '4'l@mett are said 20 be recalci-
n. ~ lle s0Ydld policy tbns iust;6ad,