The times. [volume] (Richmond, Va.) 1890-1903, 1893-05-09
rar DISPATCH AGAIN.

snss,,ai Wv the clouds which now
threaten 10 ruin the country. nay an
tbou,It mouth Ill rant as wen as ,nou-
TN. r.onIa haze all the time sided with
,ha .rver,fes, they will do 80 again. we
fear that they will go 10 eH're'n =,
We do not intend 70 be reihoF ~ lIo.'
our own position. We fear Tree eolhass.
because wall street ana us sihes naNe ;.
a.. IT. now " TO create panic AT almost
III a". 49, we made this remark two
a"y 70 THE panic which we forecast
w. 800 And the sharks try 70 lay IL
~ a. ,nen whom their Vaccinations
~" 'su,iyh ruined. When Congress
nav &c Wall-streeters VIII sing
e,,, "a the voice OF the people VIII
~ heard dispatch editorial OF sun
day.
.t.o- the above the Dispatch may de-
r,,ch as II chooses to state its
e.,.,o. -, free coinage. We know where
q stands. None but free coinage jour
nal could have put forward the above
az an editorial utterance. Inc Dlspatch'
:. &c THE Times Is concerned, is 1.-THE
A., .daer which will not listen to the
charmer, charm he never SO wisely
We desnalr. therefore. OF ever bringing II
around 10 the true views OF this most I'M
portant public question But we com
r,ord n II our editorial OF Sunday. con-
tanning Lord Macaulay's powerful ana
most delightful treatment Of the subject
Con well what that great writer mas
said of the impossibility OF Parliament
making the Kingdom richer by calling
croun a mound. any more than II can
make Il larger by calling furiong
mile. And we recommend that the DIS
patch shall mediate well upon the eA-
perlence of the boy, who, when ne ioulu
that his piece Of leather cut In TOUT
ouartcrs would not cover his ball, cut
It into five quarters (as he called thefp'
but still found the same quantity OF the
balls surface uncovered.
our neighbor must pardon us for saying
that when it joins in the popular clamor
that Wall street is one great conspiracy
against the rest OF the United STATES
1t takes part In a clatter that Is unWor-
thy OF it's intelligence. Wall street is the
abode of bankers and brokers, each one
of whom is striving with all his might
TO out-trade each Of the others. There Is
absolutely no union or concert OF action
amongst them. The hand OF each one
is against every other We hear 1t SAID
ev. ~ day that the banks of New York
are making money as tight as they can,
so as to force the Government to sell
bonds for gold. Yet how preposterous the
statement is, If any one will only sit down
and reflect on It for a moment
Why should the banks of New York
wish the Government to sell bonds for
gold? OF what possible advantage to
those banks could such a sale be? If
they wished TO become the purchasers
of them, there would be excuse for the
claim. But every mans common sense,
II he will exercise 1t. must teach him that
the banks OF New York would not think
Of buying these bonds. The bonds would
pay three per cent. annual interest. But
the banks can make much more than
three per cent. on their money by lend
ing IL out In the regular course Of bust
ness. They cannot afford, therefore, to
lock their money up in securities that pay
only three per cent. They are all retiring
their note circulation now, because when
they issue notes they must back them
with the Governments bonds, and they
cannot afford to have their money in
vested in securities that pay so little. 1t
is absurd, therefore, to say that the
banks Of New York are seeking to force
the Government TO sell bonds. No doubt,
many of them think it wise for the Gov
eminent to sell bonds for gold, rather
than to suspend gold payments. But
they think this as a wise measure of
political economy, and not that it would
bring any especial adv Vantage to them.
1t is currently stated In the press that
people think the worst of the crisis is
over. We can only hope so. 1t is true
that the most disastrous effects Of the
crisis have so far manifested themselves
In what are called the industrial stocks,
and that these seem now TO have touched
bottom. But these stocks represent capt.
talization Of power TO earn, rather than
OF invested capital. 1t was to be expected,
therefore that when a crisis came they
would yield 10 pressure sooner than other
securities. because their value was neces-
sarily more or less speculative, and they
lacked solid foundations to stand on.
But the crisis is not over because
"cordage" has ceased to fall and sugar"
shows an upward incline. The wind and
water have been squeezed out Of them.
and that is all the significance there is
In the second breath which they are
catching
Still. however the banks refuse to lend
their customers money Business is par
alyzed. merchants can get no new dis
counts. and payment Of notes is being
pressed.
The rally which the "industrials" have
made has not in the slightest decree
tended to lessen the construction Of money.
Why is this? There can be but one an
swer The attempt TO force men to take
dollar worth only sixty-five cents,
when they parted With a Whole dollar, has
upset confidence and introduced the order
OF ''sauve qui peut." There can be no
real improvement in this condition of
things while the cause for Il remains
an operating cause. The condition must
continue to grow worse until the cause
is removed, and the cause cannot be re-
moved until the Sherman law is re-
pealed.
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