Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-01-15
An Ex-Congressman OIL Finance.

10 lHt EullOl " az
The old men who took part in the war
struggled through reconstruction, ana
remember the oppression, corruption, and
plunder Of ''carpet-bag and scalaWaS
rule. and can read the recorded evidence
OF the approval by the Republican party
of that misrule and corruption from
which we Of the Confederate States
have escaped. are prepared to main
tain that the success OF the Demo-
cratic party in every State that
resisted the formation of the Republican
party, and still refuses to bow the knee
10 this Baal, is essential 10 the peace,
welfare, and prosperity OF our people.
The preservation OF Democratic rule in
our States is first and imperative, and
then in the Federal government greatly
promotive of our prosperity.
Any sensible Southern man looking at
the political condition OF affairs, and the
financial status must be concerned, and
should be alarmed. We are told that
foreign countries are pressing our govern
ment toward bankruptcy by a continued
demand for gold, and that moneyed men,
capitalists here, are aiding In the raid.
We are told that our government must
rave gold even IL 1t has TO issue bonds
and sell at a discount. and to wise men
- iOOho that way ObA bpftA III Naih
not afford to have its credit besmirched
by a refusal or inability TO give
gold, the money OF the outside world. for
all its obligations. We must pay. and we
must pay In what foreign nations recog-
nize as legal money. We may not be
impoverished: We cannot be coerced by
force; but our credit Will be destroyed,
our prestige gone; a nation OF regulators.
SO much for the Federal aspect. How
are our people affected locally? Under
the present banking system - the only
means for distributing currency among
our tradesmen and manufacturers-fur-
n.shing II for the people to move crops
and carry on manufacturing. the circula-
ton of the country is centralized and
New York has the control of IT. IL the
local capital Of our cities could be used
for local needs there could be no suspen-
sion. no Observation-Disclosures could help
n%eighbor. This was proved in the last
depression. II would seem that II the
United States Treasury could receive
steadily a supply Of gold sufficient 10
NEE: all the demands that foreign holders
or specializing citizens could make there
could be neither danger or trouble. To
do this the President and Sec
rotary Of the Treasury sold
bonds at a discount. Is there
fny otneE OF DetteT way! II foreign
nations will receive only gold, let them
pay only in gold. Can this be done? 1t
was dom by the Republican party n
successfully when the custom-duties
under the Morrill, tariff were required to
be paid in gold. Foreigners are de-
handing gold and foreigners are sending
their products through our custom-houses.
Let them pay gold duties Oil their goods
and receive gold for their demands. The
outflow Of gold "at the spigot' wiz be
supplied by a revenue tariff at the
"bung." Were the Republicans up to
1879 wiser han the Democrats Of 1886?
VIII not our local trade and our people
he ruined by this gold standard? Not
II they are permitted to use their local
capital for the benefit Of local trade.
The truckers money at Norfolk and the
apple money at Charlottesville prevented
any depression when our other citiea