The times. [volume] (Richmond, Va.) 1890-1903, 1893-05-06
FURRY AMONG SPECTATORS

pie. and 10 sometimes happens that tney
bring punishment upon themselves. 100
often they bring 1t upon innocent persons
also.
Whilst the controversy about the cur
rency rs going on. and new torin lcslsia-
ton Is being talked about, II is 70 ne OK
pected that business men VIII exercise
caution I'm their traneacuons' Dut. lheie
IS no excuse for alarm. and IT IS TO be
bonod that all who contribute 10 dis
turbcd feeling will be made 20 suffer.
II may be depended upon that all that
the administration can and should DO
win be done 20 prevent Wall street from
further injuring the business or the
country.
The New York banks are In q sound
condltion-indeed, have fortified them-
selves for an emergency-and are dlsposeu
10 pursue a conservative course. Inc
s.,,c NAV he said OF the Richmond banks.
and luckily. too, for us, our brokers are
not gambders. as so many Of those in Ne"
York are. -
The bond-and-stock list has been
squeezed very hard during the past rev
weeks. but as soon as the unlucky VIC
Tins OF the crisis are pushed out OF lnc
exchanges. n better feeling VIII pItly
surely prevail.-Dispatch editona Oh yes
terday.
II the Dispatch were not free coinage
Journal and bound. therefore TO 90 an
that It can 20 divert public attention from
the debased silver dollar. the true cause
OF the crisis the country is now IN we
should feel compelled 10 say that the
foregoing was a cruel article.
The unfortunate New York firms that
have failed have been in no way what
ever engaged in any attempt ITO get up
scares and pull down other people
They were doing the perfectly legitimate
business Of buying securities for custom
ers and borrowing from the banks on
those securities as collateral the money
necessary to pay for them. The debased
silver dollar with which the Dispatch and
it's free coinage friends have flooded the
country has upset confidence to that eX-
tent that the banks from whom these
parties borrowed the money called on
them 10 return IT. Confidence being upset
all around. they were unable 20 borrow
that money I'm any other quarter so that
their securities had 10 be thrown on the
market and sold for what they would
bring. and the securities were, therefore,
sacrificed for but a small part OF their
value. All this has been precipitated
by the attempt TO force men to take
dollar. worth only sixty-hve cents, where
a whole dollar was parted with. These
unfortunate men have had no more 20
do with bringing about the state Of az
l. n
money, than they had to do with the dis
covery Of silver mines or the demone-
tization Of silver by Germany and France
They, with many who are 10 follow, we
fear. are the victims Of that mad political
theory that believes it possible for statute
law TO convert an apple tree into peach
tree. or for a man TO hold himself out
OF a third-story window by his own coat
tail.
The Dispatch says "the New York
banks are in a sound condtion-indeed,
have fortified themselves for an emer-
gency" This is only too true Wall
street and the New York banks can be
relied on to protect themselves whenever
the centre OF financial information, and
they have their fingers always upon
the arteries through which money flows.
1t has gone out 10 the world that the adj
ministration is determined 10 let the
present craze run its course. that the
people may have knowledge, by actual ex-
perience. Of what it is TO tamper with
the public credit.
We have no censure for the administra-
ton in determining on this course. 1t
might. by heroic measures. palliate the
evil, but it IS powerless to eradicate IT,
That can come from the people alone
The New York banks have accordingly
taken the administration at its word
and have prepared themselves for the
storm. They have called in their money
from ali quarters, and are perfectly able
to protect themselves. But what is 10
happen to the rest Of the country. de-
prived thus. while the New York banks
are putting themselves Unto sound
condition" Of the resources on which they
have been accustomed TO rely?
Let the Dispatch ask this question Of
any man in any department OF business
in Richmond, and it will get the answer
II will be told that the banks an over the
country are drawing in their resources and
narrowing the credit they give. II Will
be told that business will be stagnated
and Frustrated and that business men
generally are now engaged in securing
themselves 10 weather the storm. The
Dispatch may talk Of furry among
Spectators" Of "scares and attempts 10
pull down other people" and of bond
and-stock list squeezes" 10 its hearts
content. But the attempt of its free
silver friends 10 force men 10 take sixty
five cents when one dollar is due them.
has produced the effect which all such
attempts in the history of the world have
heretofore produced, and which all such
attempts must hereafter produce.
If the evil effects OF the teachings OF /
the Dispatch or its free silver associates |
could be confined TO the unlucky vic
tins OF the crisis. who are to be pushed
out Of the exchanges" we could bear the /
curse OF such quicksand hnancierins with .
more composure. but the curse OF it .
comes home to every merchant. manufac- /
turer and builder right here and many I
a worthy workman Will lose his job and /
turn mournfully TO look for work because 7.
common sense and common honesty have f.
been outraged 10y the sixty-hve-cent dol /
lar.
TILLNAN'S LAST ACT. |