Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-04-22
WANT A BOND SALE.
RICHMOND BANKERS AND BUSINESS
MEN PETITION FORT.
They Think 1t the Only Means of RE.
Iieviug the Financial stringeney
and Restoring Confidence.

The subioined petition is in circulation
in the CITY and is being signed by bankers
and leading businessmen generally. Ii Is
probable that it will be presented to Pres.-
dent Cleveland by a special committee
which will 60 on 10 Washington for that
purpose. A copy of the paper will be
found at the otfioe Of MAJOR James II.
Dooley by those who have not yet signed
it but desire 10 do so.
To MS RrceUentV. Grorcr C'erednd, PTeSi0ent0 OF
ne United states:
The undersigned businessmen Of the city OF
Rchmond, State OF Virginia, respectfully repre-
sent:
l. That the long-continued stringency IN tho
money market consequent upon the cxtreofdi-
nary outflow OF gold TO Europe, which has a.
ready taken place at an unusual period VI the
year, and which Is expected 20 continue upon
even larger scale for sOmo months 20 come, ~
seriously affecting business and thrcatCns 70
produce disastrous consequences.
=. That tho want OF cOnldeDce which l. pro-
duced by this state Of affairs and the silence Ot
the government rs 10 what policy may or can be
pursued to relieve tue situation is aggravatns
the evil
While il may be true that large sale Of bonds
was first suggested by the needs Oi Wall street
IL has nov become the conviction OF business
men throughout the United states that such
sal Is necessary In order 10 relieve tho country
from apprehension and TO avert Impending
disaster
ENDORSED BY THE TOBACCO TRADE.
Yesterday a meeting of the Tobacco
Trade was held and the petition was en-
dorsed IN the form of the following resO-
luuons
R.sOuei, That the long-conilnued ssrneen,J
Of the money market Is caused by distfust all
apprehension IN the public mind concerning lhe
ability Of the government TO maintain gold pay
ment.
,. That unless conndenc, is speedily restored
the business Of the country ~ threatened Win
serious disaster.
3. That we recommend TO the government
large sale Of bonds as the only means witnin its
power 10 inspire renewed confidence aud TO re-
iieyo the approhensions which now oXist IN ihe
minds of the business community.
:. That copy Of those resolutions he sent TO
the President ot the United States.
The Grain aud Cotton Exchange will
meet this morning to decide whether they
will adopt similar resolutions.
THE ONLY REMEDY.
The present condition of affairs is an
inheritance from the previous adEnnlsira-
ton. Tho prevailing sentiment IN Rich
mond financial circles IA that the issue
of bonds as petltiOned ~ the only thing
that could be done 10 afford relief until
Congress meets and makes permanent pro-
vision for the restoration of confidence.
For q long time the balance of trade mas
been against the country, causing heavy
outflow or gold. Four million seven hum
drcd thousand dollars Will be exported
to-day. Another cause Of the drain ot
gold from this country Is that foreigners
who have invested here particularly
British investors have been sending the
securities of corporations they held back
to this country.
BANKS HAVE DEFN LIBERAL.
Tho banks have been very liberal in fur
nishIng this government with gold To pay
the balance against us, but the question ~
how long can they or will they continue
this policy IN the face OF the governments
policy Of depending upon them instead OF
! selling bonds. IL l. argued, therefore,
! tnat the government should make large
sale Of bonds, which would be taken up
abroad, and establish a basis OF gold credit
TO draw upon aud thus counteract the et-
| fects of the heavy gold draughts upon the
United States. # IS also c0ntended by
some that the gold credit resultant from
/ this movement would produce greater con-
! hdence in silver. stop the return Of prI-
vate securities. and give fresh impetus
/ 10 British investment IN this country.
/