Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-02-24

and withdraw a great part of the money
from circulation. IL was a proud day In
the history of the Democratic party
last week when the gold-bond bill OF
the former Sheriff OF the city OF Buffalo
was defeated. Its defeat will do more TO
restore confidence than anything which
has happened IN a long time. Silver
monometaIlism is equally TO be deplored.
The free coinage of silver is coming.
short-slghted bankers who take keyhole
view OF the subject. and are incapable
OF rising to n broad and true conception
of the definition and basis of money
may have a few spasms over II, but
they will recover. The Prcsiden. ~
BORROWING GOLD
at an outrageous interest. has put his
foot in 1t badly. and for one am glad
OF Il. The Republicans borrowed money
under the identical law at a little over
half the interest he gave. Why? Because
they did not discredit their own country
as the Buffalo Sheriff has done. The
bonds are in actual point OF fact gold
bonds" without discreditlng silver. Why?
Because they are payable in gold or In
silver bullionr The answer Is no. they
are not. but are redeemable In gold coin
or in legal tender standard silver dol
lars. The question is, Is legnl-tender
standard silver dollar as good as gold
dollar? It certainly is. Hence all this
stun and nonsense about the bonds being
redeemed i'm fifty-cent silver dollars Is
puerie because they never can be re-
deemed In silver bullion unless II Is
remonetized. The national banks. as
have often said. have a great deal 10 do
with this hue and cry about gold bonds
They were
IN GREAT PART
the true cause OF the present panic, and
have acted with not only singular want
OF patriotism, but with a sehshness that
borders on oriminality. Most people have
the idea that legal-tender notes alone are
convertible into gold; this Is not true. be-
cause national bank notes are convertible
into legal-tender notes, which are instan-
taneously convertible into gold. This Is
one Of the reasons why they have been
able TO loot the treasury OF It's gold.
use the word loot" with great unction
and satisfaction because IT properly ex-
presses the idea. The remedy is plain
and simple Confine the national banks
to legitimate banking. and make them
redeem their own notes. am not the
enemy of national banks; they are OF
but little value to the plain people Of
the country, among whom / live and
from whom draw my support, but they
ar OF great benefit TO that class who
have collaterally. 1t would be an eX-
cellent idea to popularize them by giving
them the right to issue notes to the
MARKET VALUE
Of their bonds and to take the tax en-
tirely off their circulation and to allow
them to use the first mortgage bonds oil
the trunk line railroads as a basis fo
their circulation in addition 10 govern
ment bonds. Indeed, ] was greatly strucl
recently with the speech OF Mr. NJ. I
ingalls, on this subject. He enunciateC
sound principles of finance. All tina
he lacks Of being a great financier IS e
become an advocate Of the free coinlg,
of silver. and being so thoroughly right
in the start | believe he will come 10 Il
/ am a Democrat intur ct in cute, but
cannot stand any more of the financierinl
Of Grover Cleveland or John G. Carlisle
1t would have been the best thing in th'
world for the Democratic party II Grover
Cleveland had been defeated. The Demo
cratic party is going to survive him, anc
will reform It's lines on the basis OF SOUND
banking and the free coinage of silver.
THE REPUBLICANS
who are growing in advance so Justify
over their coming victory must bear ir
mlnu the TACT tnat Grover CleNeland anC
William l.. Wilson do not constitute oul
party. on the contrary. some Of us have
bought both the Century Dictionary ans
the new Standard Dictionary in order Il
find words enough to properly denounc,
the present so-called Democratic Alumni
Speaker and its self-constituted leaders
but l am sorry TO say without avail.
/ close this letter by predicting a speedy
renewal OF business and a revival OF con-
ftdence owing to the fact that the gold
monometallist standard was hit a. blow
last week from which It can never revive
Unlike the ghost of Banquo, it can never
be recalled to life. The single gold STANDARD
Is as moribund as the ghost OF Hector
and equally as difficult TO revive.
CAMM PATTESON.
Sunnysde Place, Buckingham county,
Va, February IS. 1895.