Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-12-08


plenty OF silver, | will sIye you 81 yer
for them? This would have been a set
back and rebuke to those avaric!ous capt
talists who were draining the Treasury
of gold by these notes. with vie" or
h arding and compelling the government
TO issue bonds. The paying Of these notes
I'm silver would have stopped the drain
OF gold the parity Of silver dollars would
have been maintained, and the crehit
of the government would have been In TO
sense impaired. | ask If sOl.cnt ner-
chant. I'm good credit. having purchased
a bin OF goods on the option of paying
cash and taking discount, or giving
ninetv-day note for them, chooses the
latter. does II hurt his credit How
much more would 1t not have hurt the
credit OF the government, which is wen
known to be unquestionably solvent?
CAUSE OF THE PANIC.
~ the governments credit had been In
teopardy Il would have been hurt when
The act was passed, and the notes would
have been discredlted when they were
issued. so il is puny argument TO
cav. when the notes are due, that their
face-contract is not to be carried out, ana
II was a censurable example for the Pres-
dent OF the United States to approve
the deliberate breaking Of the law upon
a
dent and others seem TO dread that
our securities would be returned to
this country in large quantities TO sell
at panlc-prices. Those who really be-
lieye this must think that the capitalists
OF Europe who are the iinanciers or the
world do not understand their business.
Ii is very likely that capitalists in TINS
country would like their European friends
To do this, as they are quite able 70 meet
such an issue and take in bargains when
offered. Notwithstanding, most OF these
Objectionable notes 20 Mr.. Cleveland and
other capitalists have been outstanding
for thirty years, without creating any
distrust: have done splendid service. and
saved the country more than 3500oO,cO
I'm interest alone; yet, because he had
not backbone, or he desired favoring the
capitalists, he has done every hing pos
s'ble lately to discredit them lie adj
m.ts that they caused no depletion Of the
gold until April, 1898, and II he had acted
lawfully the gold trouble would have been
ayerted.
The immediate cause OF the panic we
had in 1898 was the extravagant Repub-
/ ucan Congress, which determined to make
! the charges on the government funds
! so large that the incom ng Democrats
/ could not reduce the tariff TO the extent
which they had said was their intention.
At this same period many people were
/ in debt, through the real estate boom
/ which had collapsed many months be-
fore New York and New England capt.
| talsts took advantage Of this situation.
and, through the papers OF that section,
assailed the government purchases Of
silver with such persistency that they SO
exercised the country as 10 bring on a
/ panic. which caused so many financial
wrecks, and which has crippled the cOun-
try ever since, and, though the pur-
chase OF silver had been going on from
! July, 1890, they had caused no trouble
UP TO that time and would not have done
so then but for the agitation Of the great
capitalists.
PREDICTIONS NOT FULFILLED.
Mr.. Cleveland and most people pre-
dicted at that time that Immediately
after the silver purchases stopped con-
fidence would be restored; but such has
not been the case Capitalists. aided by
Mr.. Cleveland, again began TO disturb
the finances OF the country by Withdraw
| ing gold, not for the only needs Of ex-
porters because during the year ending
June 1895, there was withdrawn from the
Treasury sll7.O000o0. Of which only
S65O00,000 were shipped; so that Sl,cO'Mo
were unnecessarily Withdrawn cInost .
tirey by New York and New England
capitalists. and at time when the peo-
/ pie had unbounded confidence i'm the
country and the greenbacks. These
Withdrawals Of gold assumed only small
proportions until the capitalists found
that Mr.. Cleveland was a willing tool
in their hands. for II was April. 1893
before the 500 900 OF gold thought me-
cessary to hold was broken into. During
the next nine months. up 20 February
I 81 s.uff.
balance In the Treasury of sCj 1887 IN
gold. when S50O00.oOO OF bonds were Is
sued. which sold for s5s633,295 which
brought up the gold in March tc
sl07. ii6 SOP. The capitalists took courage
al their success and withdrew more than
si2.0oC000 during the next five months
when another sale OF bonds took place IN
November. by which the amount OF gold
In the Treasury was again brought uT
in December. 1894 to slll1i2O2i The cap
italiss. elated by their extraordinary sue.
cess raided the Treasury again. and IN
about two months. more than 500 OO0 O0C
were withdrawn Then Mr. Cleveland
says his eyes were opened, so that he
saw the game which was being played
so he and Mr.. Carlisle made arrange
ments for another bond issue. with Other
bankers. The last Arrangement was a
per cent, but II was agreed that II
Congress would alter the word coin
and state that the bonds would be PAID
in gold. the rate was to be reduced to
per cent This would. I'm practice have
made all our obligations payable in gold
Mr.. Cleveland urged Congress 10 d.
this. and save more than SIC 10000 ir
Interest I'm thirty years. Congress de.ib
erately refused TO do this. and Mr.. Cleve
land the bankers. and capitalists wer,
again reminded that our OBJ igations wer,
payable In either gold or silver. Still n
The face Of this. Mr. Cleveland ignore.
the law and terms OF payment. an(
authorizes gold TO be paid when desired
upon the coin-bearing obligations A,
Congress and the country could not b,
forced into endorsing Mr. Cleveland
and the capitalists gold terms. and tn,
country began 10 show signs ~ seriou
disapprobation with their methods. whicl
forced the free coinage OF silver ide;
ahead they apparently thought II bes
TO desist until they could try the tempe
Of the present Congress. who, Il Is to b.
hoped. will rebuke the President and hi
allies and ignore his recommendation 4
destroy the present note issue. an,
issue 0o.0o000O OF interest-bearini
bonds instead. at an annual I'm
terest cost OF $4,000 o0O or more
The three Issues of bonds in thirteel
months cost an annual interest OF s..
10000 which the President and capital
lists desire 10 Increase.
NATIONAL-BANK NOTES.
Mr. Cleveland recommends that smal
increase of the nat'onal-bank notes issue