The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-11


sequently. for all OF 1t that they need.
and no other financial agencies can DID
against these. They consequently secure
all OF 1t that they want. denuding all
the rest OF the country. II takes an enor-
nous sum TO satisfy them because they
have an enormous clientage always at
hand to borrow II from them at the best
rate money will secure. They are the
centres for speculative trading In stocks
and farm products. There is always
host OF gamblers In stocks and farm
products around their doors ready to take
from them every dollar they VIII lend,
with the stock warehouse receipt or bill
Of lading put up as collateral for the
loan. Grain has been steadily declining
in value for some time back. The gam
blers who bought for a rise twelve months
back have been faced with steady de-
cline. None OF these, therefore, have
sold who have been able to hold on.
Thousands Of others have been con-
stantly buying for a rise since, as 1t has
been always confidently predicted at each
fall that grain was so low II had touched
It's lowest point. Nevertheless grain has
still declined. But no buyer that could
hold has sold. and the buyers always in
crease with each successive drop in the
price. The consequence Is, that there Is
an enormous quantity of grain held by
speculative buyers which they have been
unwilling to sell and face the loss. Dur
ing the present year these people have
exercised a great influence upon the ex-
port Of grain. The exports have fallen
off immensely. Our imports must be paid
for. AS the exports have decreased from
this cause, gold has to be sent abroad TO
pay for our imports. This part OF the
expectation OF gold l. due directly there
fore to the National Bank act.
We have therefore now before us occu-
lar demonstrations Of how laws founded
upon erroneous theories must sooner or
later work out disastrous results. The
law for making cheap dollar is driving
our gold away as fast as it can. and 1t is
most ably seconded by that other vicious
law which deprives men Of their natural
right TO issue their promissory notes TO
such persons wish TO have them. The
latest commercial reports extract from
the great mass Of injury that these laws
are doing us one crumb of comfort, how
ever, 10 go along with the general move
ment toward the bad. r. G.. Dun & Co.
in their report OF yesterday tell us that
the general stringency which the cheap
dollar has brought about has forced the
gamblers TO sell great bulks Of their
grain. which has come into the natural
at the normal price of grain. This brings
wheat down TO the lowest price ever
known, It is true. but II sends out Of the
country something besides gold, with
which TO pay for our imports. 1t is a
temporary relief, but one that will last
no longer than until the accumulated
stores Of grain held by the gamblers are
disposed OF. when the old causes will
commence operations again.
This is a curious illustration Of how
bad laws work together for common
Injurious end. The bad National Bank
law, while depriving the country at large
OF its currency, causes great accurnila-
tions OF grain for speculation. This ar
reefs the export OF grain 10 pay for our
inn crts and sends our gold abroad for
that purpose. The law providing for the
clear dollar undermines confidence and
thereby forces the Spectator 10 let go his
locked UP grain. which is a point gained,
II is true, but this throws so much grain
on the market at one time that the price
goes down to a point that appalls the
farmer.
And so It goes on. Each additional bad
law Is a stone thrown at a man strug-
Cling under heavy load. AS in all other
relations Of life, there is but one principle
for the extraordinarily and justice.
Laws should not be dishonest by repre-
senting that sixty-fve cents are a dollar.
nor unjust by favoring one set Of men and
denying To another their natural right TO
issue their promissory tss. When built
upon either principle they will surely
work out evil; when built upon both the
Devil himself could not improve upon
their faculty for harm.