Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-12-08
FINANCIAL DISSONANCE.
a FesV Opinions from, the Extremists in
Both PNrties

Both Parties.
Washington spsciallD Dec. 4. ! to Chic. Trihunel
Representative Keifer, of Ohio, who is
strong personal friend of President HAYES,
said to-day that the financial recommended
lions in the message would, if adopted, dis
rupt the Republican party beyond all hopes
OF recovery. 1t was the most unfortunate
ADVICE ever given in Presidents message.
"Mr. Sherman has diminished his chances
for the nomination for the Presidency by at
least 30 per cent? said Mr.. Keifer, ':by ask
ing Congress to take away from the green
backs their legal-tender character If that
issue had been made in Ohio this fall, MIR.
Refer thinks, the Republicans would have
lost by 10000 votes, and illinois would, on
the same issue, give Democratic majority
of $4,000. When asked if the
harm done by the Admins
tration was incurable, Mr.. Keifer replied that
what had been said could not be recalled.
Tho mistake had been made, the whole coun-
try has become aware of it, and its penalties
would fall upon the heads of those who made
1t. The Republican party is safe, he thinks,
only so long as it utterly disregards what the
President and Secretary Sherman have ad-
Vocated as the policy for the government to
adopt.
Mr.. Reed, of Maine, representative of
the extreme Eastern school, takes the oppo-
site view. The country, he thinks, is really
IN great danger from threatened imitation
OF the paper currency. No country had ever
yet tried the experiment of making paper
legal tender without encountering disaster
at some stage of it. If we escape it
we shall be tho only exception in thou
sand years. Now, he thought, is a good
time to retire that dangerous element of our
monetary system. "Frederick the Great
carried on war in comparison with which
our own was but fea-bite for four wears
without issuing paper legal-tenders. We let
60 OF sound money at the end of the first
year. We have been fourteen years in re-
Stunning. France resumed in seven.'' He
says he feels ashamed, whenever he compares
our country with France, that we, in spite
OF our advantages, should manage with 90
little judgment. The Greenbackers in
Maine had put to rout the intelligence
and the wealth of the Republican party.
How, he could not say. Their orators
we're tramps, ignorant, ragged and dirty,
and the people seemed to look upon them
as the prophets of old were regarded, with
~A' ASoSN
publlcans should not take this opportunity
OF financial prosperity to get rid of the
greenbacks.
The chairman of the committee on bank
ing and currency, Mr.. Buckner, says there
are two financial parties in Congress now;
the one wants restricted paper and unlim-
tied coinage of silver, and the other restrict
ed coinage of silver and unlimited paper
money. He belonged to the former party.
he wanted paper money restricted in VOL
ume, and, therefore, he would
not enlarge too much the power of the
National banks by retiring the legal-tender
greenbacks. His plan would be to allow no
issue of paper money beyond certain safe
limit, unless it is backed by an equal amount
of gold or silver bullion. This is the system
OF Great Britain, and it has been found to be
perfectly safe. Our present system allowed
the indefinite issue of paper based upon
nothing more Substantial than the public
debt. When asked if he thought the Demo
cratic party would be likely to split on the
financial question, he replied that he thought
not he felt confident that a desire to let the
greenbacks alone and go on with the silver
coinage would prevail.