Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-12-04

glance ~ indicated. ~ We shouis D.. Il
heved from maintaining a gold re....'.
under c0noit'cns that constitute ~ =,
barometer OF cur solvency. and n -.
Treasury should no longer be- tho sooi'.
purveyor OF gold for nations abroad
Tor speculation and boarding BY orr 49,,
gems AZ home ! should expect IN IL. ,..,,
resume ~ natural and normal fsn,,',.l
n the business affairs OF the cognfr, LII,
cease to be an object attracting fh, ,..-..
watch Of our people and excIfIrs r
sensitive imaginat0ns.
STANDARD SILVER DOLLArs
l do not overlook the TACT ,s,..
cancellation OF the Treasury-no,o. If.
under the silver purchasing art
would leave the Treasury In tho ..
ownership OF sufficient silver. ir,..,
seigniorage. 10 coin nearly SIS aso -,
standard dollars. ~ IS WORTHY of
sideration whether this might n,,
unl' 10 time, oe converted rfo rs.
iais or fractional coin. and s'av,, ...
in'o circulation. AZ IN tho judgment !,
the Secretary Of the Treasury tha ...
sl.ics Of the country should reor...
FACILIs DEsCENSUs. rrr
Whatever Is attempted should II.
tered upon fully approaching r.
that, by careless. easy desceu, a..
reached dangerous depth. lana
our ascent will not be accomplish
out laborious toll and struggle. v.
be wise II We realize that We are e
cially ill, and that our rnsio-,,...
health may require heroic treafr...
unpleasant remedies '"'
In the present stage of our l.H..,...
is not easy 10 understand how. fnr ,.....'
Of
It. The important question 'q -,. b.
quantity OF money received ir -,...
payments, but the kind OFF mona.
maintain. and our ability to rort-..
sound financial condition We sr. ..-
sidering the government folfir.. 4.
gold as related 10 the s0unlrlss ~ an.
money and as affecting our rsH.-.,
credit and monetary strength
II our gold reserve had never boon .
paired II no bonds had ever boon I.....
to replenish f.. II there had been PHI, ....
and timiditv concerning our ahlf.
continue gold payments. Dr. ans r.-t b,
our revenues We're now paid n erf ,..
If We could look 10 our COLL RESENT. .,
means OF maintaining "a safe ra,er,.
the amount OF our revenues vnsf l
an influential factor 100 the problem h.
unfortunately. an tho circumatanc.e tf..
might lend weight to this cons.lera.,.
are entirely lacking
REVENUES NOT IN GOLD
I'm our present predicamer 10 Gold .,
received by the government m uatr.r..
of revenue charges. nor would f..r, Dr..
II the revenues were increased The .r
ceipts Of the Treasury when nor In .
yer certificates. consist OF United 9rr.
notes and Treasury notes. issued f.
silver purchases. These forms ~ mono.
are only useful TO the goferrm.nf r
paying It's current ordinary expense. and
its quantity in government possession
does not in the least contribute toward
giving us that kind of safe fnIr..
standing or condition which s hIf rr
gold alone
II IL is said that these notes. f t.f be-
the government. can Boo used io Obtain
gold for our reserve. the answer s s...
The people draw gold from the rffa....
ON demand. upon United States notes and
Treasury notes. but the proposition us.
the Treasury can. on demand draw 81.
from the people upon them would he
garded I'm these days with wonder ami
amusement And even if This could
done. there is nothing 90 proven. fhn.
thus parting with their gold from regain
ing it the next day or the neN' bon.
by the presentation of the notes nI
received in exchange Tor g.
MAINTENANCE OF PARITY
The Secretary OF the Treasuy ms..
use such notes taken from "a slr1.lf
revenue 10 buy gold in the market O'
course. he could not do this wtn0a. raf.
ing a premium Private holders nf gold
unlike the government. having no parity
10 maintain. would nor hn RESTRAINED
from making the best bargain possible
when they furnish gold 10 me n a.r
bul the moment the Secretary 0i t'
Treasury bought gold on any terms ato'
par he would establish q general and 0r.
versai premium upon 10. thus hreak'r-
down the parity between gold and silver
which the government Is pledged to NAM
tain. and opening the way 20 Now ari
serious complications.
In the mean time the premium would
not remain stationary. and the absurd
spectacle might be presented of "a dealer
selling gold 20 the government. and VIII
United States notes or Treasury notes Dol
his hand Immediately clamorins for s
return. and q resale st "a higher premium
II may be claimed that large reFenl.
and redundant receipts might fHF'fanf
affect the situation under discussion m
anordlng an opportunity NJ retaining
these notes In the Treasury whom ~.
celved. and thus preventing their prcser
tation for gold Sucn retention. i)
useful. ought 10 be az least melsuf1o.
permanent: and this is precisely Wh1' '
prohibited. so far as United states n1'''
are concerned. by the law ~ lsiN. fofni
ding their further ..tiremont. Tho .nff
in so many words. provides thar ih'
o.
and belonging 10 The United state fi
be paid out again and kept DOB Di,la'
ton"
1t viii. moreover. be readily s0' nf
the government could not refuse o pay
out United states notes and irei'l.
notes IN current transactions when '
manded and insist on paying olt W
alone, and still maintain the party
tween that metal and the currency rl'f
senting gold Besides. the ac umlfl.
In the Treasury Of currency of any h''
exacted from the people through tlA'l'
Is Justly regarded as an evil. aii i pm.
not proceed far without flgofl ls '''
against an unjustI1abe retention
money from the business NJ tte colN.
and dcnunci7fion of n scheme or iiA'.
which proves itself 90 1' unjust
IL takes from the earnings ana income
the citizen money So much Il rh.
the needs ~ government snpInr,
large sums can be gathered AMI h'.
I'M the Treasury such confi poo
tofore. IN times OF surplus rf'Ni'
the government 10 restore curr''
the people BY the purchase oi N'
maturod bonds at a large premium.
by large increase of if den'
national banks, and We easily gem
that the abuse OF Treasury acrum
has furnished most persuasive fffi'
In favor Of legislation radically i'ia.'
our tariff taxation.
INCREASED RENEN Us
Perhaps d Is supposed that
revenue receipts would boz a scni
way improve the situation, ot
confidence en- our solvency ana a.'
the fear Of pecuniary exhaustion.
yet. through all our struggles '
tain our gold reserve, there h.f..
hen any aurrahfual0u as 90 OUT