The times. [volume] (Richmond, Va.) 1890-1903, 1893-04-22
THE JOURNAL OF COMMERCE On
THE SITUATION.

We print elsewhere an admirable ar
ticle taken from the New York
Journal Of Commerce. which dis
cusses the silver question most
LUMINOSITY. This article is a nota-
bic one for two reasons, first. in be-
ing a simple and plain. but powerful
discussion of the subject. and second.
in being a practical surrender of the
fight by the ablest champion that the
opponents of free silver have had. The
Journal practically admits that there is
but one solution of the situation. and
that is for the opponents of free silver
to abandon the fight. and let the silver
ties have their way to accomplish what
ever damage they can to the country.
The Times never fights such battle
as this. When The Times knows it is
right, as it knows 1t is right in this
matter, 1t may go down under the weight
Of superior numbers. but it never lowers
its flag. Its flag may be beaten down,
but is never taken down by The Times.
We believe ourselves. and have so
stated on more than one occasion, that
the present very bad situation Of the
country will probably become worse
than it is now before it will become bet
ter. But the contest must 20 on. the
country must suffer the losses which
wild men seem bent on bringing upon it,
Time and disaster will ultimately teach
them the folly Of the course they are pur-
suing, and then we shall have a cessa-
ton of efforts to make water run up an
incline. Meantime, by continuing the
contest, we may be able to saddle the
loss upon the Government which would
make all the people of the country share
it alike To surrender the contest would
be TO bring ruin and bankruptcy on
thousands Of innocent persons, and that |
should be avoided at all hazards.
The Journal Of Commerce treats the
case as though the ills of a drop to the |
standard of siXty-five-cent dollar would |
be all over in the readjustment Of affairs |
taking place by charging up a great |
addition TO the price of things. This is |
to take very superficial view Of the |
matter. That part Of the business would |
soon be disposed of. and we could go
on transacting our affairs on the new
basis Of siXty-fve-cent dollar lust as
well as we are now transacting them on
the basis of a hundred-cent dollar. Tho
English base their transactions on n coin
worth nearly five dollars, while the
French base theirs on a coin worth only
twenty thol
fairs Of this sort is a question Of divis-
ion-nothing more. The Englishman sells
horse for twenty pounds. the
freedman sells ole for five hundred
francs, the American sells him for 500
But each receives the same weight OF
gold in exchange for the horse. This.
then, is matter of nomenclature only.
But aside from the loss TO accrue 70
that immense body of citizens who lraw
their revenues from interest -bearin,, So
curities. the fearful disaster that would
come on the country from such a change
OF the standard would proceed from the
boarding OF gold and the calling in OF
olns by the banks. There are few r,en
In active business who can nav
all their liabilities at maturity without
extension If the banks called on them
10 do so.
The banks are naturally unwilling IN
lake payment in sixty-hve-cent dollar.
VII N they have loaned a one-hundred-
cent dollar. They will undoubtedly.
therefore. call on all their customers to
settle as their loans mature. These.
u course, Will be unable TO pay. for.
4 the bank, which is the quarter on
which they have relied for their supplies
u money. shuts down on them. they
nave no source of money to resort TO.
Ihe banks will, therefore, either force
mem TO agree to pay the debt in gold.
the fact that they win
nave TO receive all payments due them in
llVer or they must go to protest. IL
hey agree to pay in gold though losing
'ne-third of what is due 10 ,
mem by having 10 take it. in ,
iiVer, they will have their debts
increased one-third. II they refuse ,
o make the contract to pay in gold, they ,
VII be protested. and that means for :
hem. Liquidation. with the Wholesale sac.