Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-01-14
AS OTHERS SEE Us.
THE BRITISH AMBASSADOR ON AMERl.
CAN FINANCES.
Deductions m Presented to the
British Government.
(WashIngton Eyenlng star.l

Washington Evening Starr
or course. the United States knows how
TO manage its own business. We are not
seeking advice from foreign potentates
and powers about our tariff or our finances
TO any considerable extent. 1t is inte-
resting. nevertheless 20 know what they
think Of us. Few persons realize what
watch "a kept upon our motions by the
great nations who have close business re-
lations with this country. There Is no
move made in the legislative or executive
branches Of the government that is not
scanned for its possible effect upon our
business interests and upon theirs.
Great Britain is always on the watch
and yigllant 10 detect In advance any
action that might have an effect upon
her markets. her supplies, or her IN
Vestmcnts.
Sir Julian Pauncefote has recently re-
ported 20 Lord Rosebery, Chief or the
Hrtush Foreign Office. facts and deduc-
tons that sound as though they might
emanate from some Of our legislators or
statisuclans.
lie SAYS THE principal features OF the
last four financial years have been the
gradual shrinkage OF the surplus and the
increase in the government expenditures
I'm the spring OF 1889. when the Kepuph-
can party came into power there was
surplus IN the Treasury OF upward OF
500 90 900 Last year II was oafeIy
sl0.000000. This year It will hardly reach
5000, 100. and next year there VIII pfoDa-
bly, be deficit. ,.o
heen the extravaganza OF the Fitty-hrst
ton I'm revenues due 10 the Mckinney act
and the enormous increase IN the payment
Of pensions. ii.
"Tron 1872 20 1879 the sum annually
paid for pensions by the United Sta'cs
Government did not exceed $0,VO'Dl. IN
1891 1t had risen TO 1924, 1000 ana durlhs
the present fiscal year II reached to'ai
OF over $50, 100000. Fifteen years hIt'I
the war there were S250,s00 pensioners on
tho rolls. -Four years ago there were less
than $1,000 and this year ihere are O'er
100000"
THE FINANCIAL DEPRESSION.
Decidedly It would be no use Tor the
British Ambassador 20 aeek for stua-
ton % write campaign literature 'or ''S
Republican party
Her. ar. some more remarks on TIE
present monetary 81. L;ion N the Cnlted
States:
"Thc present fiscal year has been marked
by great financial depression IN he
United States. There has been vast
fan in all sorts OF securities dealt IN on
the New York stock exchange, amount
Ing 10 a dcpreciation OF TO less than
$40. OD.G1O Failures have been numerous
an over the country, the total liabilities
az an the failures which occurred during
tA1 first six months Of 1898 amounting 10
sizes. 600. against $G2,co)coO for the sans
re,.od I'm 1872 showing IN Increase or Sly1'-
Oo0.eO. ,.-
"Nanv western land companies have sus-
rcne.d. and their suspension has been Ioi-
lowed by the stoppage or innuiherapie
On al western banks which were DONG
business with too much credit ana TOO
little capital IN short the year mas peeh
most disastrous. .,.,,.
"a variety OF Causes haT brought ABOUT
this state Of affairs. \ short corn crop
o,d tha low price OF cotton last autumn
GU. down the railroad earnings ana caIaei
much loss to the cotton-mills. The iron
ord stoI industries became coneested'
owing to the sudden cessation OF railway
cAotUsion. -,
",Tbe farmers IN the west found II hard
IN meet their debts, owing 10 the 10"
ptjce Of wheat and money was needeu u
80 them relief. The balance OF iner-
cjan5ise trade .,.r the first time In many
yofrs began TO set steadily against tho
tinted states, gold began to be exported
I'm alarming proportions, ana inc bIel1
,tringency resulting thereirom loic.N
Thousands Of sp2culatins accounts ~
rou,6ation. But perhaps me cnieI ~
frrCanoental cause Of the depression naS
been the silver legislation OF ConS'e'''
SILVER LEGISLATION.
A brief analysis OF the historS OF SILVER.
lee.a,ation is given Tor tie 'nICT'i'a'i' "a
ne. Matestv's Cabinet;
"rhe operations OF tho Jnltei o'"'cs
Mint commenced IN 1872 and from that
Tine 70 1873 the total amount OF slIer
IL lars coined was SS0i5,35S In 1910 lils
cotrace Of silver was stopped by ACT VI
C,,,.oress but I'm 1873 IL was resumed uhueI
49,. RIand act. by the terms OF which uio
cecretarv OF the Treasury was dlreclsI -
,,,,rct % and coin into stan1ari silver co'-
lars of n2il grains each, not less ' lll
q ono coo worth. nor more man 49,
go 1.ortb Of silver bullion each
north. Under this act the soNeIh'ne,'ss
cciued silver dollars % the aiioune a.
te-S 1ge 973. But the silver ad'oSd11' ,,i,,
c','aroea were rot satisfied WIN til'o
o. ormous absorption OF sHE'', IN Or
80 $50 the Senate passed n pnI .o'
a., nrostrioted coinage Of silver loI ~,
ai,.,d,,als into legal dollars at inc la 'a
- n 10 I and the issue OF paper yer VIZ,
- AGAINST such dollars. lheIe We "
|,,Te, probability that this bill wouiu 80
a., Io,.ar house. and as a comp JIM I'M
.,,ra the act of July II, 1890 was pasS,u.
Il' No.. rao,,ired the monthly purchase ~
NJ rr.asurv Department OF 4'JV,vV
oos of silver. and the coHaEe go,
- dollars. monthly. until jury l. "a
- ooo 900 ounces OF silver so Pe' ,hot
t,a coinage Of silver dollars Che
date being left TO the diA'ie'''
Secretary OF the Treasure. ,bis act the
"Irnder the operation o. 80 80 200 ounces
Treasury has purchases 80 ~, rca
~ silver. at a cost OF >lfoo'it,od TITO sill
Oh - sl.' ,,,is there has been coined mo ~
- 2n0S7.Oi0 ounces, mahiiis - -
yer 1't,,as,e of silver dollars uhc'uuu,S
NoV"I ...t,,o,,e Of trade dollars mo =
thS soI,ara1 from February ~ Ie'o, ~
80 - I 1sg3. sA9.332,3C 800 COR NOR 5,,r,re,
JIM he 90 much as was coin'n ou'Il t
t'iIVo .,.,o,s ner4od Of eighty-one yet-iS,'
~ IN the Treasury l23.yll'4o' ou''SN'
., 0ne silver uncoined. g.. -, Iune
AZ the market price or sllV+r IN - %
800 N3 cents per ounce tno ...,r-
.,,is bullion so purchased py .i'' - s,s coz
Int amounted on that Gay - INV
A. the present moment par silsS anins an
-'.c~tb n cents per ounce eh-a ~ GOV.
" sI,,Ionol loss Of sA,5SS,lS2 upon the eo'-
eminent"
THE SHERMAN LAW.
Ctr Julian comments on the pine" 90.
Oh i,.,ncs ~ the late Sherman act mus
am navment Of the silver purelaseu e. a.
A. tbe sherman act the government -
80 notes payable in coin. Inc ".,,
Sou,eyer requires the government III
Maintain the parity between Soil anu ,,''s
yer and in order to comply VIZ, Tie
,'ro,,,eion they are forced to redesn - VIC
notes In gold or in an amount OF s ptb
.o,,oI 70 their face value In soiu Io''
,bo Republican and Democratic $50,
tar,es OF the Treasury have so lhterpIe,ea
tLa act. and under this intefpree.i-Ioi,
the silver purchased by the government ls,..
canrot be used in redemption Oh the com
notea A statement issued by MI. oaI-
i,sls Secretary of the Treasury GOVERNS
eleven months. shows that during ua s
,ir,s the silver bullion purchased amounted
10 nearly SO.OO0,0O0 worth, and all out
about 100000 Of this was pau
FOR in gold. while the bullion itseil Is
stored IN the vaults OF the Treasury ara
cen neither be sold nor used for the pay
ment of any kind OF obligation II hes
Idle, and Is Of no practical value as an