Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-05-26
unnla sam Sims Gold.

When we recall the predictions made in
1878 by the most distinguished monome-
tallist statesmen in regard 20 the results
that would fow from the passage OF the
BLAND bill we cannot but smile at the pre-
dictions which they make now az to what
will. as they claim, be the inevitable
consequence of passing law making sill
yer and gold equal at the various minis
of the United States. We recollect that
the New York Herald predicted in 1878 that
en- less than twelve months innumerable
evils would result from the operation OF
the BLAND bill. But, rs everybody knows,
these evils have already postponed their
appearance for twelve years and more.
However. we are not going 10 boast OF
the good the BLAND bill has accomplished
We are not confident that free coinage will
work as well for the country as did that
bill. We only hope that IL will operate
still more happily.
But we may well boast little on behalf
of the bimetallists when we read in the
weekly circular Of strenuous advocates Of
monometallism such statements as we are
about 10 give from last Saturdays weekly
letter of Messrs HAMBLETos Il Co., OF Bal
timore. This house we quote as follows:
ain the last three weeks we have shipped to Eu
rope s2O, 900, 600 gold, and since January Is
e50,0O0,0 900 Of the yellow metal have departed
from our shores. All sorts Of theories as 20 the
why and wherefore Of this large drain upon oui
gold reserves have been advanced, but the mos
reasonable explanation which We have seen j:
that gold is going abroad because we are In
debted 20 Europe and are called upon 70 pay oul
debts.
alt Is true that England needs gold, "a do othel
European countries, but except that we are In
debted 10 them they could not draw gold from us
II there were no Indebtedness on our part there
would be no demand for foreign exchange, and
81 the demand for foreign exchange was not suf.
ficient 10 raise the rate TO the shipping point
there would be no gold shipments. Dispatches
from New York speaking Of bills drawn against
gold shipments would imply that England Is
buying or borrowing our gold Thesituaton can
be better understood II we reverse the case and
say gold IL being RENTED against bills drawn
In other words the demand for sterling exchange
necessitates the shipment OF gold. Another
mystifying condition lie that sterling exchange is
below the shipping point and that therefore there
A a loes In shipping gold. This can DO explained
by stating that the Bank OF England has placed
small premium on American gold, which equal
ICES the apparent loss on exchange.
"The New York market has been depressed
and prices have declined, gold shipments being
the adverse influence. While these same gold
shipments are discouraging, the very fact thai
we stand the strain so well and that the whole o.
Europe is depending upon and being relieved by
our resources Is feather In our cap not TO be de
spised. No other nation on the globe is In as
good financial condition ana 80 able 10 render as
eistance as these United States of America"
England, France, and Germany have
obstinately adhered to monometallism.
They have challenged none of the OWLS OF
double standard. They have constantly
assumed that their policy would save them
harmless, whereas our policy would ruin
us. Yet now, when the United States has
been coming annually for twelve years
millions and millions of silver dollars, and
the other countries named above have re
fused to join hands with US in the effort
10 restore the white metal to the place il
occupied from the last century to the year
1873. or thereabouts, the fact stares these
monometallist nations in the face that
no other nation on the globe is in as
good financial condition and SO able tC
render assistance az these United States OF
America" Here is victory indeed.