Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-10-13
Silver Onca Moro.

We cannot let the two letters which We
published in our last issue on the silver
question pass without another word or two
of comment. The opponents Of silver
ignore the wrong inflicted upon tho debtor
class in 1873 and waste all their sympathies
upon the creditor class of 1891. They also ig-
more tho two facts--frst. that there cannot
DO depreciation in silver under the most
unfavorable circumstances of more than
about 20 per cent, and second. that such
depreciation would make business hum"
from one end Of the country TO the other.
and thus moro than compensate for what
ever bad results might follow. For thir-
teen ycars--ever since the passage OF the
existing silver law--thc predictions Of the
plishcd facts, but they cease never a mo-
ment TO repeat them. A monometailist
house-Messrs. HAMBLEroS 4 Co., OF Balti-
more--show, however, in their last circn-
lar that they know those predictions 10
have no foundation in fact. See how
coolly they let out tho truth as to what
could be effected by congressional legisla-
ton IN favor of bimetallism. We quote:
"Frce silver coinage has ceased 70 be as
turbing element from the simple fact that IL IS
generally believed tho subject Is dead, ana tha'
the danger is past. There Is no better evidence
OF this fact than Is contained In tho market
value Of silver bullion, which IL nov seiius AZ
about 81. IL there was the slightest chance Oh
the passage OF irec-s.lvcr law silver puiiion
would command tho attention OF spccuia'ors'
ana would be selling at considerably over ioo'
ana would be actively traded in. AS" IA i's
market value Is governed by the London price oil
silver bullion, and most people have ceasoo W
think and talk about FREQ silver
Are not these last statements trueF
Again. the same house says;
"There have been no important changes III
the financial situation this week. The most I'M
portsnt event WAS the heavy receipts OF goa
from abroad and tho announcement OF iurther
shipments. No one appears to apprenehd any
stringency, and the general impression Is tina,
later on money will become very easy
How long since the monOmets declared
that the shipments Of gold to England
were going to ruin us? How long since dis
tingusbed English statesman predicted
that these shipments must end III disaster!
This Is good reading" We will give
few more sentences Of it. We quote
"We are satisfied that E1rope need have no
fenr Of financial difficulties arising from gold
shirrncnts to this country. In the early months
OF tho wear when we were sending gold TO Eu-
rope the movement was skfully managed, and
whenever IL appeared that the exports were 20
large Us to cause alarm, they were suspended
until apprehension subsidized. So 1t will be now
when we are drawing gold from Europe. The
bankers on this side are as anxious as those
across the ocean that the financial situation may
not 10 disturbed. The gold will come TO US
gradually. and as soon as the funds sent West
and South shall begin to return TO the money
centres, the necessity for drawing gold from
abroad viii have passed and gold imports VIII
ceasc. In the mean time the great European
financial institutions, having accumulated large
reserves In anticipation of gold shipments to this
country, can afford TO spare the amount when
We will probably draw
"Up TO date there have been resolved ST.
ll7,Ogl, and s5,1(7,000 moro are now on tho
way. We con command any amount OF gold
which we may desire. but 1t viii be TO the adyan-
tage OF oil interests that VIC limit our Imports TO
our requirements"
What silvelto could employ stronger
words? I've can command any amount OF
gold which We may DESIRE" And did not
we tell you so months agoS
The fact is, as we have again and again
said. that there is no man living who can
tell how many millions Of silver dollars
can be kept at par with gold by the law
providing for their receipt by the Govern
ment. To-day thousand silver dollars
cannot be bought on Wall street for nine
hundred and ninety dollars in gold. Why
do not the monomets act upon their own
theory Suppose silver were banished
from the country. Where, then. would
the people get any real money? Nowhere.
A gold dollar Is too small to be used in
everyday business. What should we do
with gold pieces worth less than dollar !?