Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-09-10
Tia CURRENCY FAMINE.
How Not ~ Relieve It-2spsai Must In.
tensify aud Can't iisl,eVsI:.


TO the Editor of tAe D.s0G'ch.
In 1s72-l37l the American owners Of sil.
yer bullion were denied the right OF carry
inc it to the American minss, of having it
coined INTO the constitutional money OF
the United States. and Of putting 1t into
circulation. This made 1t necessary to
ship and sell their silver abroad. and 1t
was oil sent to France and India, where
only it enjoyed tire privilege of the minis.
similar policy IN Europe so crowded the
French mints that France, about 1877 or
1873. had TO close them TO all silver except
what was owned by her own people. Thus
American silver bullion could find 70
place of coinage except in the royal
| minis of India Qa.ely closed)
American silver, sent through London
| TO India, was subjected 10 London TO so
great "a SHAVE thatthe American producers
| OF the metal insisted upon some measure
of protection from Congress, VINO had de-
| med them tho NIGHT OF tree-coinagc. Con-
gress accordingly, IN 1890, enacted as Q
make-shift for free coinage Il think the
| Democratic platform calls 1t base make
SHIFT the Sherman act.
THE SHERMAN ACT.
This act provided for the American own
| ers OF silver bullion q artial home mark
! OF for their metal. IL directed the pur-
chase by the Treasury, at tho market price,
OF four and half millions OF ounces
silver q month, ffty-tour millions year
| IL directed that payment tor 1t should be
made in Treasury notes, redeematle IN
| gold or silver. The act was distasteful to
| the advocates of silver money, because 1t
! still denied the RIGHT OF free coinage at
! the minis. and only substituted the PRIyI-
LEGE of selling limited quantity OF THIS
| money metal tor what II was worth merely
as a raw article OF commerce. But the
| act, while perpetrating tho wrong, was OF
public service in requiring the monthly
| issue Of something less than four and o
half millions of dollars of money currency:
The gold powers concentrated IN Wall
| street have never liked this Sherman law,
miserable dodge and make-shitt as 1t was.
They did not like its furnishing even so
limited home market as 1t did tor the
silver which ii was their policy to pro-
scribe. They did not like its increasing
the volume If American currency by as
much as four millions of dollars month.
! They objected to the elasticity In the
currency OF the United States which this
monthly issue of new currency gave, and
which bad so strong en- influence IN
preventing CORNERS IN the money ana
produce markets.
4 REPEAL BOBESEkN.
! There has been continual agitation
against this Sherman law ever since tie
enactment. During the last SIX months
it mas been clearly demoEstrated that the
ACT would be repealed. All the eastern
newspapers and most of the western; ali
the Chambers of Commerce IN the North,
Fast. South, and West have been induced
10 pronounce against the act and finally
Congress has been called into extra session
for the especial purpose OF removing the
foredoomed law from the statute-book.
The natural effect of this concerted and
universal agitation. ana OF the certainty
of its repeal. has been an alarm about cur
reEcy, and fever for boarding 1t. Cur.
I reney, in view of the prospective stoppago
of the monthly replepishment of $4,000.
900, has been hiding itseltaway for several
months. and thereby causing the suspsn.
sion OF many solvent banks oil over the
country. Tie misfortune Is that bank
ruptcy has thus been forced, not only
upon banks undeserying OF confidence,
but also upon banks in much larger nun
beers that were solvent. aud were OF great
value and indispensable use 20 the country,
The currency famine resulting from the
apprehended cessation IN the issuing OF
? 81 GOO of new treasury notes per
month is the WHO that has killed cock-
robin
rouR MILLIONS MONTH.
We are expecting much general benefit.
considerable ease IN business, marvellous
restoration Of confidence. from the repeal
of 9 measure that GIVES IN roCs MILIxons
or cpRgxscy pm MONTH IN cvkRxKcx
FAMINE. My own opinion Is that the cut
ting of of this supply will increase the
currency famine now prevailing.
How shall the fifty or sixty millions OF
silver bullion which we have each year 10
| sDara Ia uffitxa3 for this eurr6HoV n0ada
OF the American psopls2 A naked repeal
Of the sherman act cuts ~ on from nifty
millions Of currency, vhichiis absolutaly
| necessary to tho business needs Of the
country. II this currency is TO be denied
US. manifessly the nurplae siiver e repre-
coinage. yours sineasslx
AnmoDex. slss Augusk. tssA
Old pspess g ~ \ ~ "a, : ts9eel