The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-04
WILL IT BE REPEALEDf-CoNF1-
DFNCF.

| a., dollar There will be no parting or
r,avs between General Hunton and The
| Times on this point. Put silver enough
into the dollar to make II worth dol
lar AT all times, and The Times has no
objection TO free coinage. This makes
us hope that there is chance to save
even Major Daniel. He is no more firmly
/ set I'm his free silver ideas than General
| Hunton was, and he is no more tena-
c,ous OF his opinions than General Hun
| ION is. II we did not think they would
consider II disrespectful. we would say
that both are tenacious TO the point
Of obstinacy. But the inexorabie logic
| Of events has opened General hunton
| eyes. and we do not believe that Major
DANIEL can keep his closed TO 1t any
longer II he would.
| Senator voorhees,. chairman OF the SEN
ate Finance Committee, and heretofore
one Of the EXTREMIST Of free silverites'
said last week;
| .eThe condition Of the country certainly,
! 10 my mind demands very prompt anu
| decisive action. / have no DOUBT that
ne soon as Congress gets to work 1t VIII
repeal the Sherman act.
Quite n number Of other members OF
| Congress. who have heretofore been ac-
| five advocates of free coinage nave
snoken lust as emphatieally in favor
~ the repeal Of the sherman law. Alto
eether we feel that we can say there Is
a most excellent chance Of its being re-
| pealed.
Senator Cockrell. of Missouri. being
asked for his views, said:
"The fact Is, the men who are most
/ loudly crying for Congress TO 90 some
| ming are the men who made all the
trouble by predicting all sorts or disas~
ters for the country. They frightened the
| ueople. who then began to draw their
/ money from the banks and store 1t away
| under mattresses, in old stockings,
and safe deposit vaults. That's all there
is 10 the present difficulties. NO money
| has gone out of the country In excess
| 10 what has come in. It's all here. but
locked up where il can't be used.
| "The country is taking care OF Itself.
| and there's really nothing the matter
| with our affairs, except a loss OIL CONN
dence."
There f. a confusion Of ideas here,
which is very common. Mr.. Cockrell
| IS perfectly right when he says there
&c nothing the matter with our affairs
except a loss of confidence" but 1t Is
amazing to see a man of Mr.. Cockrelrs
| Intelligence declaring that the men who
are crying most loudly for congressional
relief made the trouble by pointing out
| the disastrous effects which our unwise
silver legislation was bound to produce.
This sort Of talk is absolutely preposter-
Gus.
You may start run on a bank by
making statements defogatory 70 its SOL
vepcy, because many depositors in a
bark are ignorant persons, AID many
| others are born fools. But the falsity of
these statements is quickly shown, and
tho old status OF affairs comes about
again. But foolish talk cannot produce
a tasting state OF panic pervading the
whole of a great nation When any such
copdition spreads all over sixty-fve j.
liops Of people and stays there, growing
worse every day, ii is jecessariiy because
there is cause for 1t. Talk cannot
produce such a result. There must be
facts at its bottom.
Mr.. Cockreil is perfectly right in saying
that the cause Of the present trouble Is
want of confidence, but loss Of conf
dence has come from the threat to pay
a dollar with a fifty-cent silver coin.
Mr.. j. Pierpont Morgan Of the grea
banking house of Drexel. Morgan & Co.
has just returned from trip to Europe
He stated openly in New York last weel
that money was begging borrowers ii
b London at three-fourths Of one per cent
interest, but those who had it would no
send dollar of It to this country.
We know the fact that diligent effort
have been made here 10 borrow money fl
e London for four to six months at ST
| per cent. interest, interest an
4 principal payable in gold col
c and first mortgage railroad bonds
y to be approved Of by Drexe
s Morgan & Co, and deposited with then
a 10 be put up as a collateral. with a lib
j. erai commission to the agent TO secur
o the loan. The agent canvassed all tn
s money-lendng institutions of London, an
= at the end Of three days reported that
$ could not get dollar. Why was this
s. The Englishman wanted the six per cen
= interest, and the proposition made h
L money perfectly secure-why would h
d not lend It'll Because ne reasoned
himself that American may promise
pay gold. but his Congress will pass
II law allowing him to pay in depreciatC
l. silver dollars, and he will take advantal
10 Of IT," So important is credit and con
e. dence. Our threat to pay dollars vii
m hfty-cent silver coins has demoralizt
e all Of our own people who own mono
~ and they have locked it up, and HI
10 made the rest of the world boycott u
10 Meantime, debtors here. whom their u
. wise friends were seeking to benefit, a
=, being ground TO powder.
-, This is what results from tamperii
with credit
SOME on ina MOI.i LAALTED q
y" lLIZAiION.