The times. [volume] (Richmond, Va.) 1890-1903, 1893-05-31

try Just az certainly as tha' ""'ei Va"
IN, aoun an incline. abandoning the en-
tire field OF the cheaper. when VIII ihoho-
poIize all the functions and duties OF
money. This is a law OF nature as iAs"
and irreversIble az that which annuany
carries the earth around the sun. ana
when we set n dollar worth only sixty
ava cents nj large TO compete with
dollar worth thirty-hve cents more our
statesmen ought to have known that the
oheap dollar would certainly drive the
dear dollar away We see the process
now going on which our public men should
have foreseen would 30 on when they
launched their cheap dollar on us mis-
sion Of destruction A year ago 1t was
estimated that we held in this country
about seven hundred millions OF dollars
of gold, which was a large part OF the
money In the country. We saw very little
Of It. it Is true, because men never make
much manual use Of coin where none
tary system is perfectly sound. for the
reason that paper representatives. OF
money are handled and conveyed with
much greater convenience, and, when they
know they can convert the paper into
coin on moments notice they prefer TO
have the paper. The gold coin was here,
however, playing its appropriate part In
our monetary system in the way Of bank
reserves, etc. 1t was ready for use when
needed. But that gold coin is now going
out Of the country, or has gone into hid
ing in the country. II refuses to stay out
in the open field to take its chance Of
being COMPOUNDED with silver coin worth
much less than it is, the owner Of the
gold coin TO be fiim-fammed and hocus-
Focused into exchanging the one for the
other.
& comparison Of the media In which
payments Of the public dues were made
three years back with those in which
they are made to-day reveals the most
startling evidence of the truth Of this
remark.
The Sherman silver law was passed in
July, 1890. During the month Of January,
1890. the customs receipts at the New
York custom-house averaged 92.5 Ia gold
| or gold notes. During April they averaged
s5.4. during July they averaged S53. As
soon as that act was passed receipts of
| gold began TO decline. In October, 1880,
| they fell off to sos; in January, 1891, to
| SS.5; in April, 1891, to 40; I'm july 1891,
to lL9; Ia October, 1891 TO 1913; in April,
| 1892, TO 149; In July, 1892, to 1873; in Octo-
| Der. 1892, to &c; in January. 1893. to SO;
in April, 1898, to 30; and in May, 1898,
hardly a dollar Of gold coin or gold notes
| were paid. When, therefore, the Sherman
act was passed. the currency was on a
! good basis and men for some reason that
we do not perceive, preferred to pay Gus
toms duties in gold. The Sherman act
has forced the silver and gold coinage
into equal competition and absolutely no
gold IS now paid for those dues. This
fact speaks more than volumes Of essays
can.
II this were the only form In which the
public was made to know that It was
losing its gold the result might not be
| disastrous. But this same insidious opera
ton Of the cheap dollar has filled the
minds Of all men possessed Of money with
alarm. They all fear that they may be
forced to exchange their good dollars for
the bad.
Ask any merchant, ask any business
man that you meet, and he will tell you
that his business is seriously hampered
and embarrassed because he can get no
money. The free silyerite replies, though,
that money can be borrowed in New York
on easy terms. But how? Upon ne
gotiable collnterals that can be sent into
the stock exchange and converted into
cash on a moments notice. II can be
borrowed there thus, but in no other way
What would the country come TO If no
money could be borrowed except upon a
narrow line Of first mortgage railway
bonds2 The great bulk Of the country's
business is done upon the personal credit
Of business men. These keep their money
actively circulating in their business
operations and could not think Of locking
it up I'm railway securities. They are
therefore, wholly destitute Of what New
York banks call coliaterals The business
men then. being foreclosed in borrowing
on their credit. and having no collaterals
are cut Off from their supplies Of money
or forced to reduce the amounts used "a
a point that cramps and retards their
business. All this is the direct result OF
the attempt to force people to take sixty
five cents as the equivalent Of one hun
dred cents
The sherman bill should be repealed as
quickly as possible.