The times. [volume] (Richmond, Va.) 1890-1903, 1895-01-22
TT WILL CERTAINLY RUIN US IN
TIME

! A dav or so back we pointed OUT now
| tsurone's anprehension that We are going
to change our dollar to a silver dollar
worth only fifty cents, had caused 1t 10
force rs 10 redeem in gold some $4,000
600 Of our securities held there, WITHIN the
twelve months ending December 81, 1874
| The New York Journal of Commerce mas
made an examination of the state Oh our
account with foreign countries for hVe
years before the Sherman law was passed
and for the period since it was passed,
and we don't think we can do anything
more satisfactory TO our readers than
to sun ender a considerable portion OF
our editorial space TO it's article, premis-
ing with the remark that 1t shows con
clus'vely that in the five years prior 10
the passage of the Sherman law July
H., $780, we increased our borrowings of
foreign capital by 900, and we in
creased our stock of gold by $lj000O.0OO
while in the four and half years since
the passage Of the Sherman law Europe
has forced us TO redeem in gold 1891, tO0,
900 of our obligations held abroad, she
has drawn from us all the 100000 of
the gold which our mines annually yield
ed, about Sl3j, 900, 900, and she has drawn,
besides, on our old and accumulated stock
of that metal TO the extent of at least
$50 200 more. Every one should read
the journal of Commences article, which
is as follows:
When the silver act of July IA, 1890
was passed, we had outstanding about
800 millions of standard silver dollars.
That circulation had been arbitrarily
coined under the various compulsions APP
piled by the silver faction in politics.
large majority of the people had distinct
ly disfavored the coinage: but, as the
country was supposed TO hold a stock of
about $50 millions OF gold, the policy had
not then become an element of really pro-
nounced distrust When the Sherman
act was passed authorizing the purchase
OF 100000 ounces per month, positive
dlstrust Immediately set In For a time
our own people were disposed TO put some
restraint upon their missivngs; but Eu-
rope from the beginning, construed the
new law as fraught with the utmost dam
ger To the future of our currency system.
Both at home and abroad the distrust has
steadily increased since the Sherman
notes came into circulation; and, although
the authorization TO purchase silver was
repealed in 1898, there Is no confidence
among European investors and fipanciers
that free coinage may not ultimately gain
the ascendancy We propose 10 estimate.
so far as statistical data may permit,
the extent to which this foreign distrust
has affected the status of our credit
among European investors-a matter of
no small moment. since our foreign in
debtedness is varously estimated at from
! 500 10 1000 millions of dollars. A COM
parison of our trade and gold movements
in connection with other nations, before
and after the enactment of the Sherman
law will enable us to reach approximate
ly accurate conclusions on that question
First. then. we present the following
figures, showing the imports and exports
of the United States of merchandise I'm
Guiding silver and OF gold coin and bull
lion. for the five fiscal years ending June
80. 1890 or up 10 two weeks before the
passage of the Sherman act: