The times. [volume] (Richmond, Va.) 1890-1903, 1896-04-24

after the passage OF the Bland-Ailison
hill had an extremely benefcial elect
upon the country and encouraged the
movement OF gold toward this country.
though IL was and still is bitterly de-
nounccd by "A large part or the same
people who are demanding the free coin
age OF silver. but as to the flow Of gold
10 this country the fact is that In twelve
years OF the Bland Allison act the mer-
chandise balances In our favor amounted
TO 81. 49,. 600 zoo, besides which We exported
net N25,Ooo,coO Of silver, and yet the net
imports of gold for twelve years were
only Sl66 100000.
In five years since the enactment OF the
sherman law the merchandise balances
in our favor have aggregated $oS6OVO,OVo'
and we have made "A net export OF siVV-
O0o0 900 Of silver, and yet we nave mace
a net export of $4,000 of gold. Inc
amount OF gold that we have exported.
or that was withheld from us, announced
i'm five years TO sS2G0J,00O. only MOD
crate part Of this can be accounted lot
by freights. profits. dividends, traVeiiers
credits. and like items.
ON 1900" continues the Denver address,
"vou heard the same things. but per-
ceivod no monetary disturbances uhtil the
Treasury Department was induced TO de-
fine coin to mean gold and parity
DEGRADATION" What was observed in
Denver we do not know, but the very
heavy depletion of the Treasury's gold
and the presentation Of legal-tender notes
for redemption was observed here and III
Washinrton some time before the panic
Of 1898. There are persons VINO can Ieei
nothing short Of an earthquake, but they
are not intelligent observers. me argu-
mont Of the Denver men Is refuted by the
fact that IL was the depletion OF the
poid reserve TO lower limits than it ever
reached before which led TO the event
we suppose they refer to, the announce
ment Of the Treasury that IL would re-
deem sherman notes in gold even after
tho reserve had fallen below 800 900.
We do not believe that the people or
Denver were told in 1898 that THE re-
peal of the purchasing clause alone stood
between YOU and reviving business" but
when n mans house IS on fire the first
thing 10 be done IS 10 put out the fire.
No one supposes that that will restore
the house 10 n habtable condition, but
that is the first thing TO be done. The
Sherman law was repealed; the silver
men have defeated all efforts to undo
what 81 had done in three years, or 10
repair the damage Of fifteen years OF
sensolcss silver legislation. and they have
kept ND a threatening agitation ever since
aimed at undoing the repeal Of 1893, and
sroino, beyond that and securing free coin
ace. The very winter after the sherman
law was repealed the House passed bill
10 coin the seignioragc: the Senate has at
the .resent session passed a free-coinage
bill and even refused 10 allow n def
cheney in the revenues 10 be made good
unless free coinage is conceded. and
part Of the country is predicting that
..affs Of no
.ions Of this year. This is quite enough
10 maintain a degree of uncertainty as
IN what Il dollar will be a year hence and
nothing can be more fatal than that 10
business Of every sort. We do not be-
Ueve. and the business world generally
does not believe that tho silver men VIII
succeed but the danger exists, and II Is
felt more abroad than here, and affects
the prices OF our securities there.
The cause of the panic Of 1898 was the
fear lest. the gold reserve being deplted,
the Government would have 10 pay out
silvor dollars. To make that fear fact
is the Denver idea of reviving business.
The warnings Of the sOund-money men
for the past eighteen years have been
verified bv the loss Of gold, the impaired
confidence I'm the stability Of the currency
and the manic of 1893. together with the
slow recovery from IL in the face OF the
continued agitation for free coinage. All
that the sound-money men feared in ls'S
ana fin 1890 has not come about because
the plans Of the silver men have been
partially defeated. Just so far as they
have been able to carry out their project
they have debauched the currency I'M
haired public and private credit, and
wrecked the trade Of the country. They
are stiu determined TO accomplish that,
the mere apprehension Of which caused
the disasters Of 1898 and the present dull
nose