The times. [volume] (Richmond, Va.) 1890-1903, 1893-02-08
SENATOR HILLS sPEECH-REPEAL
Of THE SILVER LAW.

Sherman silver law Is a great disappoiht-
mont TO those who wish TO think well OF
him Its text is that he is in favor OF the
free coinage both OF gold and siiver
| Rut this means absolutely nothing IN
it's relation TO the matter as 1t now stands
before the people OF this country Inc
| question being discussed Is whether there
shall be free coinage of a AZ IL grain
silver dollar. worth only sixty-hve CENTS
which shall be legal tender Tor All oo-
legations to pay full dollar That Ia 'ie
issue between parties, and Mr.. hiil mas
g,van no intimation Of how he stands upon
u. There are very few monometaIhsts
| pure and simple. Almost all those VIM
oppose the unlimited coinage OF Az IL
| grain legal tender silver dollar FAVOR Tree
coinage OF silver II enough silver Is put
into the dollar TO make 1t worth dollar
What they oppose is the attempt to con-
vert sixty-fve cents into dollar by
! forcing creditors through statute law TO
| take II for a dollar, and Mr.. Hill leaves
us entirely in the dark as TO where ne
| stands upon that momentous issue. we
are sorry that 1t should be so. but his
speech will be put down TO the credit OF
a politician seeking TO effect straddie'
The country too, will be very greatly
| disappointed at the vote given by the
| Senate. This vote means that this Con-
gress certainly will not repeal the Sher-
man silver law, and it gives no reason for
hoping that the next Congress will.
Many prophecies OF evil fail in their re-
| suits. but It is certainly most reason
| able thing to expect a financial crash IN
this country If the purchase and coinage
OF debased silver dollars is continued
much longer. The latest official figures
| concerning the condition of the Treasury
is the debt statement issued by the Gov
eminent on the first day Of February.
This states that the gold in the Treasury
on January 3lst was sos, 16l, 13. which In
| cludes the 900 set apart as the
| greenback redemption fund. The Govern
ment. therefore. had on February LIST but
| sS1Gl 713 to meet all other demands for
! gold. and there has been expended since
about 100000 of gold. Now, the Govern
ment has out obligations amounting to
more than $3.50 100000 exclusive Of the
s34s. 900 900 Of greenbacks, which are pro-
vided for by the 500, OOO 900 special gold
fund.-, which have the right to call for
gold 1t is plain, then, that the Govern
ment is almost at the point where 1t
must refuse gold If demanded, unless 1t
sells bonds to provide gold, which would,
Of course. be drawn out as fast as it
came into the Treasury.
What would be the natural and legiti-
mate effect of a refusal by the Govern
ment to deliver gold for one of its gold
obligations? 1t would be, of course, to
put gold at a premium. whereupon we
would at once be upon silver basis
That is. all transactions would be based
upon a dollar worth only sixty-five cents
instead of upon a dollar worth one hun
dred cents. This would Immediately be
disastrous. Thousands Of millions Of dol
lars are due at the banks on call and
time loans The call loans would be i'm
mediately called. As the time loans ma
tured the banks would require immediate
payment or a stipulation that II the loan
was renewed IT should be paid in gold
| Those who submitted to the stipulation
would have their debts practically In
creased one-third Those who did not
would be protested. What would be the
countrys fate with general system Of
protest prevailing all over the land? II
property was put UP for sale there would
be no purchasers. because Of the guam
tity in the market, and of the inability
to get money with which to pay for it,
and general bankruptcy and ruin would
prevail.
We do not, Of course. anticipate the
general ruin that is the natural and logi-
cal outcome Of such a state Of affairs.
The country will find some means of ad-
justment short Of general bankruptcy.
We only point out the logical and natural
consequence Of this attempt to impart by
law a value to a commodity that it does
not possess Whilst general ruin will no
doubt be averted we shall be lucky in
deed if we can restrain destructiveness
to the limits that the Barring failure
brought on us in the fall Of 1890. The
whole country is still strewn with the
wrecks then caused, that testify in mute
but appalling eloquence to the disasters
that follow the commercial panics induced
by tampering with credit in any form.