The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-04


present dispute over the silver question
is a Democratic party issue Mr.. Cleve-
land I'm opposing silver is fighting three
fourths Of his party.
'Wul the Sherman bin be repealed?'
probably. but before Il Is repealed
there are apt 10 be some warm express
sions Of oplni0n. / would not be sur
nrised II Some Of the Democratic congress-
mon and senators should consent 10 the
repeai Of the sherman act only on con.
ditiors that the administration might
no, favor In the silver States, and I'm
many other States. are congressman
whose constituents believe In free coin
age What will the administrator DO If
n free coinage rider be put on the ie-
noallng act? Down South they want more
money. plenty Of IL, and they are not so
verv particular as 20 what kind Of money
Il H. How will the hard-money Demo
crafts Ike II if the repeating act be
loaded p.ith q free State bank currency
amendment
"Thege are only couiectures as TO what
might happen, hut they indicate how the
Domocratte party stands on the monetary
question. The Republicans i'm Congress will
be IN the attitude 90 70 certain extent. 0f
suectators. but we will be in favor-with
q Few exceptions of good money.
81 think the Sherman law viii be re-
pealed. but the ~ IS that Congress
may go too far. fh0uld the clause pro-
,,5ipa. for the purchase Of 4t0Qe ounces
Of silver monthly be stricken out IL would
be well. But II Congress should go and
RENAL the clause providing the United
Sf,tes shall maintain parity between
gold and silver coins IT would cause wide
snread dlstrust. There IS in the Treasury
40 100000 Of coined silver dollars and
f5.O0O0)O I'm uncoined bullion. The legal
tender of these coins must be preserved
and their parity maintained. IL Is wen
well enough to stop the further mintage Of
silver. but that I'm circulation must be
maintained. Many newspapers seem 70
forget that for the bullion from which
the current silver dollars were coined
the Government paid only the market
price in gold at the date Of purchase, So
that these silver dollars coined under the
sherman act stand really on gold basis,
and the Government can redeem them all
I'm gold now with "a Joss OF only about
eight millions
What. I'm your opinion. is the remedy
for the present financial troUble2'
9TH, restoration OF confidence I'm the
commercial world. The present stringen-
CIV is caused by the apprehenslons Of the
mercantile and financial world that we
viii not meet our Obligations in gold. but
will pay in a cheap money I believe we
should have a sound, safe currency on a
gold basis No. / don't think the cessa-
tion Of silver coinage will bring gold
more into circulation, DO not think gold
Will ever again be so much IN circulation
II will be utilized as the reserve and basis
on which the circulating medium VIII rest
for security. ! think such a currency
feasible and / am OF the opinion that II
will be brought about. The action of In
dia with regard 20 silver is not conclu-
sive II IS IN the nature Of an expert
ment The law that the rupee shall be
worth iG pence IS I'm the nature Of fat
money legislation, and has no effect
here
Neither do l think the India Council
acted Ia aid Great Britain TO force the
United States on the gold basis All
the great commercial nations have tried
silver. and have failed at II. The United
States is the last Of them TO realize that
silver cannot be made the basis and
standard OF the worlds money. III the
coinage Of silver dol -s we're stoppFi
and the metal relegated 20 the position
OF subsidiary coinage. as I'm other ma
tions OF the Latin Union, the world
would know that we proposed 10 pay our
lrUl1 III LIt WOIll ilNifN- EUil anu
confidence would be restored. The ex-
portation Of gold 10 Europe Is brought
about by the balance Of trade being
against us. When confidence Is restored
the gold will come back. If Congress
acts conservatively and does not go too
far in radical legislation, all will be
well.
AS TO the future currency: well,
think the national bank system Will
lapse when our national debt shall have
been paid off. and there are no bonds
10 be used as security Of basis for bank
notes. / do not attempt 10 guess the
details Of the system that viii follow IT,,
but / think that no money should be al
lowed i'm this country which has not back
of Il the full guarantee Of the United
States Government. Treasury notes 10
be issued in such manner as TO meet the
needs Of the people would seem to answer
the purpose"