Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-12-24
GRoEsHECK's GAS.
One of the Commissioners to the Steer Con-
Cention Tells the Result of HIS Vfsit to
P01{s


ce'ation Tells the Result of HIS Vfsie to
Parts.
Interview in Cincinnati Enquirer
In answer to the question to how the re-
suit Of the conference met his anticipations of
what that body would do, Mr.. aroesbeck said:
THE result was in the main satisfactory
more so than I anticipated. We adopted e
declaration which reversed that made at the
conference held in 1867. You are sware that at
that conference, in which America, as well as
all the other great nations, was represented, a
declaration was made fixing gold as the single
standard. Now we have reversed that and de-
clared in favor of thedouble standard-in favor
of using both gold and silver
Reporter-What do yon suppose will be the
effect of that declaration, Mr. Groesbeck?
Mr.. Groesbeck-Just at present hardly care
to express an opinion that point, though
am free to say that think the effect of the
declaration q viii be a good one. Although we
did not succeed in fixing on any international
scheme for adopting the bi-rnetallic standard
still think that our declaration will have
good effect. You see the times were not ripe
for the adoption of any plan such as allndeto
Aeporter-In what way do you mean that the
times We're not ripe?
=
nations represented at the conference was un-
favorable. Germany il just at present chang
Ing from silver to gold standard: Russia has
suspended specie payments, and is not likely
to resume within my lifetime; Austria has sus-
pended, and the date Of her resumption is far
away; Italy has suspended, and may not re-
sumo for a long time, and Spain has also sus-
pended, and-well, no one knows when she'll
be able to resume. You will observe, therefore,
that the state of affairs with all these nations
was unfavorable to the adoption of any scheme
for general return to the gold and silver
standard. think. however, that the general
opinion among the nations represented was
against a one-metal standard. They seemed to
feel that one metal was not enough to make
the currency STANDARD. /.
Reporter-What are your own views on that
matter, Mr.. Groesbeck?
Mr. Groesbeck-I am opposed to discriminate
ing against one metal in favor of the other. l
believe In good money and an abundance of it,
want to see a gold and silver standard, and
see money plentiful.
Reporter-Weih have had good deal OF legis-
lation lately in regard to the finances
MIR. Groesbeck-Yes there has been great
deal OF financial legislation, but I think the
way to settle it ali for the benefit of the coun-
try is to make silver az well as gold the stand
ard, and adopt system of free coinage.
Reporter-You are then in favor of free coin
age of silver?
Mr. Groesbeck-Yes. want to see the doors
OF the minis thrown open to silver as well as
gold, without restriction. There is not too
much silver in the country Let Congress fix
the value of silver, and let its coinage be I'M
limited, and it viii no longer be merchandise
Gold is not merchandise, its value does not
iuctuate, and l will explain why: Here are
the minis Of the United States, of England
France, Spain, Austria and ether nations
thrown open for the coinage of gold to an un-
limited amount. Surprising I, man has q
quantity of gold; he knows what it is worth.
The law has said so many grains of gold make
dollar, and knowing how many grains he has,
he knows what it is worth. Ii is different with
silver. A limit is fixed to the coinage of that
When that limit ia reached any further produce
ton Thrown onthe market, and its value de-
pends on the demand there is for it, 1t may
be worth one sum to-day and another to-mor-
row. You will observe then that if, like gold,
its value was fixed by law, aud free coinage
was authorized, there could be no such auctua-
ton its value would be fixed.
Reporter-Would not the adoption of free
coinage law have the effect of giving an impe-
tus to the working of the silver mines IN the
country?
Mr. Groesbeck-Supposing it should; there
is not too much money in the country. People
talk of their being too much money and say
that when money is plentiful dollar will not
buy as much as it would if money were scarce,
and argue from that that there is no necessity
Tor more money. l argue differently When
money is scarce there is not SO much enter
prise In country as when it is plentiful
When there is plenty of it mems ingenuity is
exercised in finding new channels to put it in
circulation, business fourishes andsevery tn ng
IS IN better condition. I say, then, that am
in favor of an abundance Of money. but I
want good money.
Notwithstanding from your remarks, then,
you are not in accord with the cry that the
adoption of silver with gold standard is {.
return to barbarism?
MIR. Groesbeck--No; nor can see any reason
in such charge. Silver was the standard of
Germany until 1871; silver was the standard of
russia until she suspended; it was the standard
OF Austria until she suspended; of France and
SPAN, and none OF these nations were in q
state of barbarisrn at the time they used it as
such. No, indeed, 1 do not think return to
q silver standard Is a return to barbarisn1 and
think our reversal of the action of the none
tary conference of 1867, making gold the single
standard will have good effect
Reporter-Do you think that in the near fu-
adopted for ratifying tho declaration Of the
last conference?
Mr.. Groesbeck-on that I can not speak de-
cidedly. There is one thing, though, that
will say, do not believe that America should
walt Tor any such international action. I think
America should be more independent than to
wait to see what this or that country in Europe
IS going to do. | don't believe in standing
here and looking across the Atlantic waiting
for the nations of Europe to adopt monetary
nation, and should take our own course with
out waiting to see what other nations are going
to do.
Reporter-On your trip to Europe, Mr..
Groesbeck, how did You find the state of
tn there compare with these in the United
hir. Groesbeck-What saw had the effect of
making me think more and more of America.
The condition of things here is better in every
way than IN Europe and the prospect is better
We are now at the turning point, imagine,
and there are splendid times ahead We have
the balance of trade in our favor, and are COM
peting now with the oldest manufacturing
countries in Europe. We have become eco.
nomlcal. too. and unless we get extrayagant
and begin Importing more than we export,
there is glorious prospect ahead. Our popu-
latlon is Increasing, our people are industrious
and our resources Infinite, and I think we are
now emerging from the disastrous condition of
al1alrs we have been laboring under into more
prosperous times. You could not realize how
much better the condition OF the people of this
country Is now to that of the people of Euro
pean countries unless you went over to Eu-
rope and saw the state Of affairs there.
PRACTICE BETTER THAN PREnrpr
Ho,0 the Southern Courts 49re Working out
the Purposes of the Btaine Incestiga-
ton.
philadelphia Times.l
While all this talk has been going on in
the Senate, the United States court for the
district in which the most important of the
alleged election frauds occurred, namely,
South Carolina, has been at work in q bust
ness-like way, sitting the charges and at
tempting to find and punish the guilty par.
ties. Thirteen cases were considered before
Judge Bond, Republican, and grand and
petit juries largely Republican and in part
colored, at Columbia. In NOT q SINGLE CAGE