Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-11-03


The effect of the final passage OF the
lnl 70 repeal the Sherman silver-law
,oems % have been "discounted' In New
York. To use a technical word. as soon
a. the action 81 the Senate and the House
~ Reproseutatives had indicated that
that I'm was about 10 become law.
Nevertheless. silver in bars sold in that
city ON Wednesday at siXty-eight cents,
and silver certificates at siNty-seVen cents.
Tho lowest figure. We think. to which
these certificates have ever fallen was
sixty-hve cents The silver In silver
dollar was on that day worth hardly
nfty cents In gold.
II has puzzled good many people to
understand how II would advance the
price of silver for the government to re-
fuse TO purchase any of that metal when
its action in purchasing 100000 ounces
Of II every month had failed TO raise the
price. The mystery Is not yet solved
We must be governed by the old motto
"At,e,npt the end and never stand to
doubt.
No,h,ng 30 deep hut search will find 1t
out"
But even II there were now sudden
decline In the value of silver as compared
with gold Il would not be charged to the
passage of the Voorhees, bill. IL would
he difficult for the wsest fnancier
10 answer the interrogatory as to- how
that law viii affect the price of silver
that IS. answer II with any considerable
1 has hsan
and over again remarked. the laws OF
finance are always operating just az the
experts In the financial world do not ex-
pcct them TO operate.
The closing OF the mints Of India to
free coinage on private account caused a
rapid and sudden decline IN the price of
silver. and so alarmed the President OF
the United States that he forthwith con-
Vcne1 Congress in extra session 10 con-
slider the propriety and expedieney of re-
pc1Ilng the Sherman silver-law. For his
part. he recommended the unconditional
repeal OF the purchasing section Of that
Law and nothing could induce him to
change ground and consent to any com
promise so far as that measure was con-
terned. He scored a grand triumph, and
a the hero Of the hour.
II the effect Of the repeal Of the Sher-
man slyer-law should be, as is not impos-
sible a stu further and permanent decline
Ia the price OF silver. we may soon look
for such "a clamor on the part Of the Popu-
lists as was never before heard on such
a subject. But that decline would not
argue that the President was wrong I'm
recommending the United States to stand
from under the burden of silver which
India was trying to place upon our shout
ders. but rather that his Recommendation
had turned ont TO be "a most unfortunate
one: for II looks now as IL the operation
Of the financial legislation OF this country
had had the effect Of keeping silver from
falling 10 the point 10 which the action OF
he Indian government would otherwise
ave caused II to descend
We draw the conclusion from the condi-
ion OF things prevailing to-day that moth
ne win save silver from becoming mefe
commodity and silver coins from becoming
mere token coins except an international
oimctalnc conference which by wise and
timely action shall proven, those results.
Such conference cannot BE- held too
oon
IL IS. Of course, not to be thought OF
hat gold can be substituted for silver
% he carried In pieces OF 81 or less. The
Fellow metal lacks the necessary bulk
and weight. Silver subsidiary coins would
seem 70 be indispensable.
However,. IL Ia evident that the whole
symmetrical world Is cropping In the DARK
N ths subject and that the wisest Of our
bHbsmen and the most expert Of our
inAneiers are alike al sea. but the voor-
iees bin has hf,ed this country out OF a
terrible quaginire. The United States gov
irninent Is now unshackled and free "a
10 In regard 10 silver whatever future cir
substances may seem TO demand.