The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-19
WHAT AN ENGLIsHMAN THINKS.

That the threat OF the United States to
pay existing obligations with a greatly
deprecated silver dollar is the cause Of
that loss of confidence which has pro-
duced the existing financial distress, IS as
clear to our mind as the MONDAY
sun 10 the physical eye. Nevertheless,
the inquiry made by the Washington
Post day or so back shows the i'm
portance OF demonstrating this to the
public mind and we therefore lay before
our readers this morning evidence In our
possession. which. to our mind. is most
powerful in its tendencies.
We mentioned several days back case
within our knowledge where a gentleman
IN Richmond oatled a friend In London.
with large financial connections. asking
him TO see If ne could borrow for him
there 10000. He offered to pay 6 per
cent. interest, with liberal commission
interost and principal TO be paid in gold
coin. and first mortgage railroad bonds
to TO approved OF by Drexel Morgan 4.
Co. OF New York. TO be deposited with
that house as collateral security. The
gentleman In London, after taking three
days. cabled that he was unable to get
the money. He has since written, and
We ara permitted to make some extracts
from his letter. He says:
On receipt OF your letter did all I
could In the matter. but could not get
any one TO entertain the business am
told that u very large amount OF English
capital has been sought for by Ameri-
cans on far more favorable terms.
hvo-ything here Is upset by this silver
business. The uncertainty as TO what the
United States will do keeps every one in
state OF nervousness. II seems to me
your Government is reapng what it has
deliberately sown. but America is so rich
that perhaps IL can afford TO fight Europe
and get along with the dollar al about
half the value of what it purports to be-"
The writer in this letter has been much
interested in our affairs in connection with
the public debt of the State. lie adds:
II see parties who hold the States
certificates can get their new bonds I'm
Richmond. Heaven only knows how
long we will have to walt here The de-
lay is most irritating. The distribution
mas come AT the worst possible moment
i am quite prepared 10 hear the United
States have adopted silver standard,
and the bonds are worth one-half of what
they now are"
The whole tale is told here. This Eng
lishman, after having had his bond scaled
by the funding act of 1871, then by the
McCulloch act Of 1879. and finally by the
Olcott act of 1891. thinks he VIII lose
one-half OF what is left through the Gov
eminent adopting the debased silver dol
lar as its standard OF value. What this
Englishman thinks all other Englishmen
and all other foreigners think. They are
selling everything American that they
have. and they are refusing 20 buy any,
thing American except our breadstuffs.
We are boycotted by the rest OF the
world and our own money owners have
locked up their cash. This is what II is
10 tamper with credit. 1t is idle 10 tell
foreigners we will give them securities
payable In gold coin. We have Unmarried
their confidence in us. They say lyon
VIII promise TO pay gold. but your Con-
sress VIII pass a law allowing you TO pay
silver. and you will take advantage OF
st."