Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-09-17

creased in a much greater ratio. aud they
now hold four times as much silver a.
gold.
What a comparison with the Bank Of
France. which holds 40 per cent. more gold
than SILVER, which they have considered
I desirable. IL not necessary, Much OF the
gold held by that bank was purchased of a
premium. whereas our government pur-
sued the opposite policy OF disposing of its
gold for the purpose Of purchasing its
bonded debt not yet due. Qt was said for
the purpose OF saving the little interest,
bnt ! have always thought II was done TO
make political capital with the people. FOR
the praises of those in power were loudly
sounded when they were reducing the
bonded debit Had this gold been held
for the purpose Of redemption Of the paper
issues Of the government the country
would not be in us present embarrassed
condition.
TIRE UsEMPLoYKp.
Our workmen have been thrown out OF
employment, and they and their wives
and children not only need bread, but
they Will need fire 10 keep them warm dur
ing the coming winter. IL Is only those
who have been sufferers from cold and
have felt tho pinch of hunger who can
fuliy appreciate this state OF things. This
has been brought about not because there
was not a demand for the productions, for
our country was never III n more prosper
Gus condition than IL IT was six months
ago. but since then our farmers bave had
TO sell their wheat. corn. tobacco, and cot
ton al rulnous prices and our manufac-
turers have had 10 close their shops be-
cause they could not get the money to
pay thor employees and buy material, for
the want OF confidence caused our people
TO withdraw from the banks during the
last six months over 500, 600, 900. which
has reduced their deposits 80 much that
under the law they conld make no new
loans aud had 10 equlre the payment OF
the old ones as fast as possible.
The banks have done nObly, and espe-
cially those of New York. who have issued
over S37. 900. 900 clearinghouse certificates
and bought IN Europe over $40, 900. 900 of
gold at u very heavy loss 20 them. and
nave thereby saved many OF their custom
ers from bankruptcy.
But why should we Teview the past. ex-
cept 20 show the cause Of our trouble?
The question now IL. What is best to be
done 10 remedy this great evil?
REMEDIES.
First. Repeal the Sherman bill for the
purchase of silver.
Second. RECON- our silver dollars on a
basis Of twcnty-four for one. This will
cost the government $17j, 900. 900. But
what OF this, when the depreciation in
NAINtN AAAN b'NA ONAl H. tlpuNdllN HAillltlN
IN the last SIX months! This will force the
E%aropean powers and Mexico TO recon
their silver on the same basis, or adopt ap
internatiOna agreement for free coinage
on a basis of twenty for one, or less. If
these powers refuse TO do this Il silver
dollar Will become the trade dollar or all
silver countries. and thereby so inceases
It's circulation that we will be strong
enough 10 stand free coinage on q much
lower basis than twenty-four for one.
Third. Allow the national banks 10
issue currency to the par value of their
bonds. This will increase the circulating
medium over $50, 900, 900 in sixty DAYS.
Fourth. The tax should be taken OF
state bank issues, provided proper safe
guards are thrown around. so as 70 make
them good aud uLdOubted under all cir
cumstanccs.
II the above suggestions are carried out
| believe we Will see q degree of prosperity
never cqUalled in this or any other
country. Since the vote on the repeal OF
the Sherman bill in the House OF Repre-
sentatlveS by nearly a two-thirds' majority
"a little over two weeks ago confidence has
been greatly restored, and those who
boarded their money are deposltlng it in
toe banks, and thereby assisting them IN
moving the crops.
i repeat, should our senators retard the
vote upon the repeal bill the people will
hold them responsible, for within fifty
years there has not been as important II
measure as this before Congress.
Yours very respectfully,
JOHN z. BRANCH.