Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-01-28
Tho Carlisle Loan.


remark.
The Carlisle Loan
Two of tho Virginia members Of the ma.
tional House Of Representatives-Mees
Edmunds and Wise-having declared them
selves opposed to the Carlisle loan, 1t may
be assumed that most II not all. OF the
other Virginia members are also opposed
to A. But their opposition will count for
nothing unless, as Mr.. Bailey seems to
mean, the House OF Representa-
tives shall take some action touching that
loan; for the Secretary has already begun
the work OF negotiating the loan. and In
vestors have offered to take all tho bonds.
Besides. the Carlisle loan Is Cleveland
loan-that is to say. is an ADMINISTRATION
measure.-and will have tho powerful In
fuence OF the President In its favor. We
suppose 1t may be assumed as unques-
tionably true that in this matter. az was
the case In regard TO silver. the moneyed
classes and businessmen or the country
ara on the side Of the Administration.
And as It may also be considered Demo
cratic measure. unexpected complications
may yet arise in regard to 1t. The sitting
Congress seems 10 be an unmanageabie
body.
What We now fear Is that the hfty-mA-
lion loan will prove to bs Inadequate to
sustain the credit Of the government.
That 10 a small sum OF money compared
with the hundreds Of millions OF redeem
able paper currency. and the many MIL
lions of silver dollars which the govern
ment has to carry upon its shoulders.
Again: How the coinage Of the seignio-
rage silver would tend to tide the gov
eminent over It's accommodating troubles
we cannot imagine. Silver was worth less
than G7 cents in New York yesterday
To food the land with deprecated silver
dollars would be to increase by so many
millions OF dollars the amount or the cur
rency which fifty millions OF dollars or
gold are expected to redeem or to hoid AZ
par.
The inpracticable schemes which are
proposed I'm this country In regard to Sill
YER are rivalled In Europe. where It Is
gravely proposed that the United states'
Great Britain. Germany. and France shall
cooperate for the purpose OF restoring
the monetary status of silver; tho means
suggested being that the United States
shall purchase 100000 OF the metal
yearly. and the other three nations COM
bIned about 100000, aggregating in ell
about sl500O,c00.
To Us In this country, who have tried
the experiment Of purchasing annually hfty-
four millions OF dollars OF silver. the Eu-
ropean scheme appears ridiculous and I'M
worthy of comment. The New York Jour-
nal OF Commerce. however. gives the Eu-
ropean scheme as we have given 1t. and
speaks Of It In no complimentary terms.
1t says:
'oThe authors OF this scheme may call
themselves bimetallistS, but they snow an
entire disregard OF the fundamental prln-
ciple Of imetallism,-universal free COIN
age. without that, there Is no possibility
of keeping silver coin on current parity
with gold coin, and none or Keeping silver
bullion on a parity with silver coin; ana
without those parties tneIc Cah 10 AN
possible restoration OF silver"
Tho Journal Of Commerce characterizes
this scheme as "arrant Stiffness" mot en-
titled TO n moments consideration but
"preposterous from practical as well as
a theoretical view"
What possible good result could follow
the coming OF the selgniorage of this
metal? How is it proposed that the gov
eminent shall weather the financial storm!
Whilst. as we have heretofore said, Mr..
Carlisle's proposition does not promise as
much as II did few weeks ago. II has no
rival. There is mo thoroughfare' In the
direction OF silver.
A new feature is added to the matter
by the resolution reported in the House
Of Representatives on Friday from the
Committee on judiciary denying to the
Secretary of the Treasury the right TO
sell bonds except for resumption pur-
poses. We have approved Mr.. Carlisle's
decision In the case because We know him
to be an able lawyer, but we must admit
that our own mind had originally been
made up that this construction OF the
resumption act was wrong.
What effect the reporting OK this reso-
luton will have we cannot foresee. We
take II, however, that the marplots Will
not be allowed to cause the Secretary
to resign or to retrace his steps and thus
damage the credit OF tho government, or
nj any ratio throw the silver question
open again. and possibly cause gold to
advance to high premium. We cannot
believe that the House OF Representatives
will pass Mr.. Bailey's resolution without
first amending 1t 20 as to convert 1t into
an enabling act. The country must not
be preclpitated into another money panic.
Heaven forbid such disaster.