The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-05

MILLIONS OF dollars. II at is. II Is Ike tie
~. ~ . man who has one hundred
dollars while only $40 OF II III S"'e''
rlese same banks had s1iS,eio.Wo OF gold
and notes convertible into gold. though
~ ev hardly ever get any deposit Of either
n, these. The Chase National Bank OF
Now York had assets amounting TO more
tran sixteen millions OF dollars and My
$50 600 OF them was silver. This Is Ike
the case OF a man with slD
Of which only about 10 cents
IS silver. But we must bear In
mind that almost the only money these
banks see is silver coin or silver acrtih-
Gates. Almost all the rest OF the cur
rercy is boarded and storec away. The
bulk OF the deposits that they receive
every day are in silver. Any one can
satisfy himself about this in a moment.
Let him look at the money in his pocket
and be will find nothing. or but little,
except silNe r coin and silver notes This
Is now almost the only money that Is
seen
Naturally, therefore, instead OF having
this trining amount OF silvr on hand
the banks ought TO have q very large
proportion Of their assets in silver. There
must be some reason FOR this strange
state Of affairs exis ing in exactly the
same state at the same time In New
York, Boston, Philadelphia and Chicago.
! There can be but one reason for it. The
/ silver dollar is intrinsically worth forty
cents less than the gold dollar. IT has
been kept up TO a point that makes 1t
exchange for a gold dollar by reason OF
the fact that the Government receives 1t
as a full dollar for all taxes collected
by 81. But the men whose business 1t is
10 deal in money are very shrewd. and
watch closely everything that affects it.
The Government has issued so many or
their deprecated silver dollars that these
men doubt the Governments ability to
| continue to absorb all Of them with It's
annual collections. They fear they may
be caught with a lot Of them on their
hands when the time arrives that the
| Government cannot absorb them all, and
they know when that time arrives that
no one else Will take them of their hands
as full dollars. They receive them on
deposit, because they are the only things
their depositors have 10 bring them. but
| they get rid Of them as quickly as posi-
BILE. That is. they pay every check on
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retaining In their vaults everything else.
| And this IS why the banks have this
trihing amount of silver. They are deter
mined to have as little silver on hand
as possible when the crash comes
This exhibit Of these banks contains a
| lesson Of the deepest moment. The adj
yocates Of free silver ought to know that
what the managers Of these banks do.
all other men who deal in money will do.
Consequently, If free coinage of silver
dollars worth less than gold dollars is
persisted in. all the gold dollars and all
papers dollars nat are redeemable In
gold will certainly be locked up.
The free coinage men say free coinage
will make a great deal more money. II
must make much less money until the
| minis turn out a great quantity Of silver
| dollars. or until the Government buys an
immense stock Of pig silver and issues
its certificates against IT. Blu what must
| happen when that great quantity OF silver
dollars or silver certificates is issued?
All gold will hav disappeared through
being locked up by those wicked bankers
who. in spite OF their duty TO sacrifice
themselves. insist on doing all In their
power to protect themselves. II Mr.. Pow
derby or the Chicago C~onvention4o could put
a lever under silver and prize IT up until
42 IL grains OF II were worth as much
as a gold dollar, no harm would come
from this. But no one believes they Will
be able to do this. -Four hundred and
twelve and a half grains OF silver. that
being the amount in the silver dollar.
will be worth no more when they have
put that immense quantity Of dollars into
circulation tina they are worth now.
So that all the currency Of this country
will be silver dollars, and each Of those
dollars, instead of being worth one hun
bred cents, will be worth sixty cents or
something less.
How have we helped matters by that2
II will not make sixty cents buy any
more -four and bacon han they Will
buy now. Nor Will any OF these sixty
cent dollars be given to the farmers. They
will have TO bring forward some farm
products to exchange for even these dol
lars 10 get any OF them. But all men
who owe money Will be destroyed. Banks
and other creditors will force men to pay
up before the time comes when they Will
be compelled TO receive deprecated dol
lars. and this will sacrifice their property.
The laborer will be paid in cheap dol
lars at old rates for labor. TO pay enor-
mously advanced prices for all that he
buys, and the whole country will come
down 10 the financial level OF Mexico and
the Argentine Republic.
Sick Babies Need Help.
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