The times. [volume] (Richmond, Va.) 1890-1903, 1893-04-23
rux EVIL DAY IL urux o..

event to do so safely and spicie pay
ments were resumed, Congress ordered
the collection in the Treasury Of fun'
| of 500, 900, 900 Of gold to sustain gold pay
ments In case the holders OF the notes
of the United States desired payment o
them in gold. That fund has been lyint
there untouched for fifteen years. addc'
to- constantly, during the period. by &C
cretlons from payment Of duties In gold
until some three years back II was nearly
$500, 000, 900. As soon as gold payments
were resumed, the country entered upor
| career OF unexampled prosperity. En-
terprises sprung UP in every quarter and
hourished. Trade expanded and all
branches of business showed quick and
good returns. The farmer. II Is true. did
not share equally In the benefits OF the
situation. The national banking law
from the nature of the case. stated in
commercial centres only, and, as their
managers were citizens OF these COM
mercial centres to whom the farmers
were personally unknown. they refused
to make any loans Of money to the farm
ers. These. therefore. were compelled to
conduct their business without any of
the necessary aid that comes from an
ability to borrow money temporarily.
They felt themselves to be unjustly dealt
with, and they naturally rebelled against
their unjust treatment. The farmers.
though, mistook the source Of their I'll
fortune. Instead OF demanding a repeal
of that national law which confined bank
Ing to cities and demanding liberty to
open their own banks to do business on
the credit that their solid agricul-
tural property gave them, they allowed
Themselves to be deluded by The specious
arguments Of owners Of silver mines in
the Pacific States who were seeking a
into a general demand for free coinage Of
silver into nominal dollars worth much
less than real dollars, but endowed by
arbitrary law with a capacity OF paying
dollars Of debt. They thought this would
make money much more abundant and
that that abundance would bring money
to them. They wholly overlooked the
fact that as fast as silver was coined
into these debased dollars. they would
be deposited in those same national banks,
which would refuse to lend them silver
dollars even though debased. any more
than It lent them gold dollars before.
The farmer mistook the source Of his
hard lot, therefore, and. in forcing on
the country silver legislation In the
direction OF a debased legal tender silver
dollar. he did what had no tendency what
ever to bring him relief, but simply de-
based the money Of the country. to bring
on it. with the unerring certainty OF fate,
all the Ills and evils that inevitably at
tend a degraded currency
The Times has time and again pointed
out what must be the necessary result OF
this legislation. What has heretofore ex-
listed as prophecy only is now passing into
the reality Of fact. The country has seen
the stock Of gold In the Treasury over
and above the 800, 900 Of reserve gradd-
ally but steadily disappear to be exported
TO foreign lands, taking along with 1t
all the regular Increases derived from
current collections OF customs dues, until |
now. the reserve stock itself has been
INVADED by the great drain OF yesterday
md that has gone down to 500 100000.
Bad as the drain OF yesterday was, II |
vas only one scene in the tragedy. |
H. l~.1 =.
hands Of a receiver on Friday Of the
Steel Company. The Penn
ylvania Steel Company was believed TO |
,e one Of the soundest institutions in
lid an immense business, and twelve
lours before II went into the hands Of a
eceiver Its stock sold at 100. 1t had an
bundance Of paying work and immense
property resources. But because of the
want OF confidence which the sixty-five
ent dollar has aroused, made moneyed
men lock up their pocket-books, II was
nable to secure the accommodations
for meeting its current liza
lities, and was therefore forced to go
protest. II worked 4,4OD men, VINO are \
IL cast adrift without employment. and
is immense property resources. valued
week ago at more than $4,000 must
ow be converted into cash at such price
s they will bring when there is no one
Tho will buy, and no money can be had
0 buy with. Here is an object-lesson
or the advocates OF a debased dollar
iere are the first fruits OF seed sown In
iolation Of the laws OF Nature What has
appened to the Pennsylvania Steel Com
any must and will happen to all indus
ries owing money. unless the source OF
ne evil is removed. There is but one way
D remove that. and that is to repeal the
lw for purchasing silver and coming II
ITO dollars worth only sixty-five cents
ut endowed by arbitrary law with the
over to pay whole dollars of debt. The
ase Is bad, very bad. but II must grow
orse until the source Of the evil is re-
loved.
IOW TO SPEND THE STREET FUND.
When the STRAIT Cornpntttaa