Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-07-02
SILVER QUESTION.
MAJ. pooLeY DISCUSSES THE CLOSE
OF THE INDIAN MINIS.
The white Metals Monetary Position
Repsal OF tho sherman Law Almost
Certain-Eiastio Banking-S Needed.
correspondence Of tho Richmond Di,Datch.l

rr.orresnondenee OF the Rich mond Dfspatch.1
SrAuyroN. Va. July l.-Major James H.
Dooley, who IL spending few days Ia
Staunton TO escape the heat oil Richmond
was seen by the DISPATCH correspondents
here to-day. The question OF the enect
on our financial system OF the close Oh 'he
British Indian mints to the coinage OF SILVER
was preached. Mention was also made
of the probable easct of England's action
in India as touching the question OF an
extra and early session OF con
eress Major Dooiey always eA'
Interestingly and pointediy on wei t,ose
topics, which are of such grave puo,'S
concern. he smoke this morning win
such clearness and with such eVlusht csIe-
fully dipe.ted thought that your CORES,
pondent believes this interview VIII % Va
public interest for the facts ana hxuIes ~
contains, even If IL was without the GU
dorsement of Major Dooley' "hose
opinions are sought and vaiueu IN H.
mercial and financial circles. botu tno
GOLD. bug ana the worshlpper OF the Wni'e
idol will be interested in this interview.
"Of course YOU have read the news c0u-
cerninr the closing of the minis In lhuiu'
What do you think of it's effect upon tno
finances of the United States " asked tue
DISPATCH correspondent. .,;od
To answer fully such question. repiieu a
Major Dooley. would require more spaeo
than Is usually accorded 70 ne ,S9e,, ia
interview. All that can do at present ~
10 suggest some o. the most obvious re-
sults The United States and lndia are
the two countries of the whole world which
occupy the most important relations 10
silver. The United States IS the greatest
producer. India ~ the groatest consumer
of the white metal. The total annual pro
duction of the world IS generally sup
nosed 10 be about 150,000,00O ounces, Oh
which This country is believed to produce
one half. The annual Importations or ST.
yer into India amounts to between fo'ooO'-
900 and so 900 900 ounces.
The whole of this vast amount goes INTO
consumption-that is to say, II ID either
coined or used for making ornaments anu
utensils. The United States, uhder tno
operation of the Sherman law. buys "a 'OVO'-
900 ounces per snnum; but tns ulotni 81
purchased does not go into consumption
IL is neither coined nor used In the arts.
II remains in the form OF bullion, ana Is
stored in the government vaults.
TEE EFFECT.
We being the great sllver-miners OF the
world. taking out of the ground annually
75. 600 600 ounces, and India being, you
might sav. the chief If not the sole marker
for our surplus II Is easy TO see What euect
the closing of that market must have upon
our product The immediate result nts
been the fall in price TO about seyenty-hve
cents Ter ounce which makes the intrinsic
yaIne of the silver dollar less than htty-
IF care deprived of the principal mar
ket for our surplus the probability IL that
there will be a farther fall IN It's price uh-
| iii we may see our silver dollar worth less
| than fifty cents. -
What effect will this have upon the
prospects of free silver coinage III TINS
| country ~:
There are three classes of people in this
| country who advocate free coinage.
/. The miners and those who are specu-
?. Those who have been in favor of a
| CHEAP currency, thiaking that II would
| enable the debtor class TO pay us debts
more easily in deprecated money.
3. Those who honestly believed. as do,
| that the demonstration OF SILVER was
! terrible blow to the producing classes OF
| the whole world, and who honestly be-
! lieved, as do not and never did, that the
| United States could. by its own unalds1
resources and efforts, right the great
wrong which had baen committed.
| As to the first class they Will continue 10
advocate that the government shall 0uy
| their product and support It's market
price at the cost of the balance OF the
/ people.
| The second class that is, the debtors
are rapidly learning that the fear Of coming
| to a silver basis and the consequent
| strinpency in the money market instead OF
helping them is likely to crush them out
| of existence.
The third class are being forced by the
| logic Of events. the most potent OF when
! Is the suspension of free coinage IN INDIA
| to recognize that in attempting single
| handed to restore silver to lts former posi-
| ton az money metal we are playing the
| role OF Don QuiXote amongst the nations
THE so-E COUNTRY.
Mexico is now the solo country in the
world IN which free coinage OF SILVER Is
| permitted. and il IS we'll known that NeXl-
| co does not pretend 10 MAINTAIN Silver Oh
| parity with gold.
The honest advocates of free coinage
who have no personal ends to serve by II:
promotion. like Major Daniel, IeD. Vance,
| Senator Ransom. and Others, Will see and
admit that free coinage on basis or 10 &c
us utterly lnpracticable unless they de-
sire TO bring dire disaster upon their coun
| try. Indeed, 1 have been credlbly In
| formed that Senators Vance and Ransom
will vote for repeal OF the sherman law
| | have heard that senator Daniel bad told
| friend tina. If silver went much lower II
price he would cease 10 advocate free com
! age on the existing ratio.
REPEAL CERTAIN.
There is no question that the prevailing
| stringeucy IN the money market and th'
| immense expectation of gold has already
| changed many votes III Congress. j thini
| that the closing Of the minis IN India VII