Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-01-14
of the United States has been against her

or the United states mas Dech "ba"i9N "S'
for the year
"And. lastly. tho enormous sums OF
money spent annually by Americans
abroad and sent home by servants END
Immigrants must be taken into considera-
ton. Mr.. Foster. the late Secretary OF
the Treasury stated, on February 18th
last. before the ways and Means Com
mlttee Of the House Of Representatives,
that he estimated the amount spent an
nually by Americans abroad ut sl2O'OW'-
go. and the servant girl fund sent abroad
at sia000,0o0 Add 20 this the large sums
sent home from the United States by the
Chinese and Italians, and nearly Slb,-
100000 Of the annual gold exports from the
United States will be accounted Tor.
Moreover. these exports are more likely
10 increase than diminish in the future,
and tr~y should not, therefore. be over
looked IN speculating on the reasons for
the continual outflow OF gold from the
United States"
Sir Julian states the amount OF money
in circulation per capita, showing an IN
crease from tlS03 in 1873 10 S23.SS IN 1888.
These figures would seem 60 prove
IL the comment on that Increase, that
abundant circulation does not necessarily
bring about great prosperity. From 1879
to 1888 the United States enjoyed the most
prosperous times OF the last twenty years.
and the average per capita circulation
during that period was s20.6l. From 1880
20 tho present time. a period OF great
monetary stringcncy and commercial &C.
preston, the average was f23B5.
Cold coin and gold certificates In circu-
lation decreased I'm the last year $500
$50. while silver dollars. silver certificates,
and Treasury notes based on silver IN
creased IN the same period $ll,2lS J02. lie
gold receipts OF the government, which IN
July 1890. amounted to over % per cent
OF the total receipts from customs, have
fallen to less than 1 per cent
This substitution OF silver for gold
has been the principal factor In bringing
about the existing depression. for II fas
produced a thorough distrust abroad, and
among businessmen in this country In the
ability Of the United States TO maintain
gold payments, the result Of which Las
been the sale OF an enormous amount or
American securities held by foreigners,
and n contraction Of credits, and a gene
raj dlelnclnation 70 undertake new busi-
ness enterprises IN the United States.
On examining the results OK this silver
legislation It IS difficult 10 see what bene-
nt the siver-mine owners have derived
from IL. for, although its purpose has been
10 maintain the price Of silver its effect
has been to depreclate II. Notwithstand-
ing the enormous purchases OF silver an
der the act Of 1890. silver has fallen from
q cents an ounce on April !. 1899, 10 q
cents an ounce at the present time, and
haa been as low as g. cents an ounce.
Moreover, tho stock Of uncolne1 silver
stored in the vaults OF the Treasury,
which represents tho product OF all tho
silver mines I'm this country for the past
two years, Is a continual menace to the
market.
Every ounce OF silver stored Increases
the visible supply Of the commodity, and
depreciates the price; and II Congress
should direct that II De sold. the fact that
this huge quantity was for sale would
cause further serious fall In prices"
COMPLIMENTS FOR COCHRAN.
II is n question whether our statesmen
Ike 70 be admired by Great Britain.
Doubtless they prefer the approval q
their own consciences and murmurs OF ap-
probation from satisfied constituents, but,
whether he likes II or not, Mr.. Cochran
has ELECTED a note OF admiration from the
British lion.
Sir Julian Pauncefote quotes his
financial utterances:
"AIr. Bourke Cochran, one OF the most
able OF the Democrats leaders IN the
House OF Representatives. says: Economic
laws are not the product oc legislation;
they are the result OF forces which no ono
country can affect. end which the con-
tnual legislation Of all nations could not
permanently control An attempt 10 COM
promise an economic law IS about as in
telliccnt q proceeding as an attempt to
compromise the state or the weather or
the course OF the seasons. There
IS no sensible middle course between the
FREQ coinage of silver and the total de-
monetiZatiOn Of silver"
The Ambassador concludes. however.
that all may yet DO well with the Sher-
man act repealed.
should Congress determine upon gold
standard It IS certain that the United
States will hold very strong position, for
she il not an exporter Of Injuries, but
necessarios. The things which she has 10
sell are essential To the support or life.
Whatever may be the prevailing currency
Of the world large proportion OF II must
necessarily AOw - her sAcles.'