Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-02-08
WEDNESDAY. FEBRUARY 8, 1893.
Predictions of Dire Disasters.

Whilst advocating tho repeal Of the
6HrKMAS law, we have never given our
readers any reason to hope that IT would
be repealed by the present Congress. But
as We took occasion to say yesterday. we
had not expected the silverites IN the Sen
nte TO show the strength which they
showed on Monday.
What will result from the refusal OF the
Senate 10 repeal that law One result will
be that the antis silver mems predictions
ss TO the dire disasters which are TO come
upon this country as result OF the opera
tion Of the SHERMAN law will be tested IN
o way that will leave no place for theories
and guesses on the subject. We recollect
that predictions of the same sort were
made fifteen years ago when the BLAND
bill was pending in Congress. The COM
try was declared to he right over the pit
Of the single silver standard of values, and
the most terrible forebodings were in
dulged in relative 10 the consequences
that would follow when the United States
should fall into that pit, as 1t was predict
ed il would do Just as soon as the BLAND
bill should become law.
The predictions of the silverites have not
been few as TO what would result from the
repeal of the SHERMAN law. These predic-
tions will not be put TO the test IN the
same manner that the predictions of the
anti-sllverites will be. But the upshot of
the matter will be the same in effect; tor
IL the forecasts of the monometalists shall
be realized the world will need no further
proof that the theories of the bimetallists
are wrong. Mr.. TELLER. OF Colorado. SAID
In the United States Senate last week
that the men who repealed the SHER-
MAN law-if 1t should be repealed
would live to regret 1t. He added
that il would not be possible to repeal 1t
without bringing disaster upon the land
and practical contraction of the volume
of circulation by S50.O00,00O a year He
added, furthermore. that the refusal OF
Congress TO repeal the SHERMAN act would
compel England TO take steps TO ward on
the evils that must come upon her in case
fhe shall continue to cast in her lot with
that of the monometallists.
In arguing that the silver legislation OF
this country had not iniuriously affected
the nations credit. Mr.. TELLER said that
United States bonds are the gilt-edged
paper of the world" They are of the class of
securities which. when Europe needs gold
she can convert INTO that metal without
1oss and without delay. challenge any
man." continued Mr.. TELLER. Ito support
by the slightest evidence the statement
that there is in Europe any distrust of
American securities"
The international BImetallic Conference
Is TO meet again in May next-that is, if
the refusal of the United States Senate TO
pass the bill repeating the SHERMAN act
shsll not have knocked the bottom out
of the finances of the world before that
time. That conference at IT'S first session
did "a great deal of good" The leaven
of bimetalism is working. The late Chan
cellor of the Exchequer of Great Britain.
in speech which he recently made at
Manchester, declared that all over Europe
the best intellects are enlisted on the side
of bimetallism. So says Senator TELLER.
who adds that outside OF the United
States the great teachers OF political econo-
nv, with rare exceptions, are bimetal-
lists" I'VE know that the two most pros
porous countries in Europe-Holland and
France-are bimetalhsts. and are having
the benefit and advantage of the bimetal-
lie standard"
Capital is timid. Nothing is 80 timid
M million of dollars. except two mil
lions" said q United States senator once.
But capital is also obstinate-as obstinate
as a mule. Money declines to do what the
financial prophets declared beforehand 1t
is going to do. The BLAND law refused to
operate as the monometallists or gold bugs
predicted it would operate. So with the
SHERMAN law. which il the gold bugs"
had been prophets would have ruined the
country ere now.
Let us hope for the best and do all We
can to ward Of the worst.