Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-05-26

lie puts the dollar away In his pocket,
and. knowing that the remaining nine
must have II at some time In the future.
he demands twice as much In value OF
their goods as ii would have bought when
1t first went into his possession. What are
tn remaining nine 10 do? They are COM
'pletely at his mercy, but this Is the only
money in the community. as il were, and
this must buy it, for "a cannot do
without his meat, and the haberdasher
don't want his children TO go without
shoes.
Now, this is the situation we are in
to-day. All OF the money in the country
is redeemable in gold. ana the gold Is
locked up. During the last session OF
Congress the Secretary OF the Treasury
deemed il necessary TO request a commit
tee Of the Senate 70 keep a proposed bond
issue secret, because II IL were known,
TO Use ms own language, "sqeculators
will lock up the gold in ord to make
a profit out of those who are expected
TO purchase the bonds"
Gold has been locked up before in the
history OF the country. on the 2ith OF
September, 1862 the spectators in wan
street got control OF 1t, aad ran up the
price from IA 20 l6S IN a few hours. The
most intense excitement prevailed, ana
wrecked. Fisk and Gould. who had been
the prime consplrators in the movement,
found II necessary to fly from the ven
geance OF the mob. a great panic was pre-
vented by General Grant, then President.
who directed the Assistant Treasurer at
New York 20 sell government gold in the
open market.
ONLY last winter We had TO pay an
English syndicate 100000 for a promise
TO let our gold reserve alone. Three or
four months ago We sold $O,CO).voO worth
OF bonds to Increase that reserve 10 about
$3.50 700, and already II Is down again
20 about s95,000,0o0. What has become OF
this influence OF Piarpont Morgan q Co..
for which we paid the &.0oO00O?
With these experiences before them
those who are in favor Of the free coin
aee OF silver believe that it is not the part
OF wisdom to adopt as a standard-a single
standard-a coin that can be so easily con-
trolled. and make Il our only money OF re-
demption. They demand that all of the
paper-money OF the government, including
greenbacks, national-bank notes, and coin
certificates. shall be redeemsble in gold
or silver at the option of the govern
ment. and not at the option OF the
holder. and that the minis OF the coun-
inv shall be thrown open 10 the free
.
government might pay gold at the request
of the paper-holder whenever IL Is possible
10 do so, but II would put II out OF the
power OF any class OF men 70 throw US
| into bankruptcy by making such de-
mand upon us when II is impossible for
| us 10 comply. 1t would put It out OF the
power OF spectators 10 lock up our re-
! demption money, rendering II year after
/ year scarcer and dearer.
There Is not an Intelligent advocate OF
1 the gold standard in the United States
J who does not know that II Is impossible
| for the United States to redeem all OF It's
money In gold. Their theory Is that II
we once promise gold no one will want Il.
! III every gold dollar was a red-hot stove
experience has taught us that there are
speculators In this and every other eoun-
ny who would take them and lock them
up. II in 80 doing they could extort proit
from the public.
CONSTITUTIONAL COIN.