St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-12-09

sign of congress on this subject have made
careful and earnest endeavor since the adj
journment of the last congress. To this end
/ delegated gentleman well instructed in
fiscal science to proceed to the financial CEN
ters or Europe and in conjunction with our
ministers to England, France and Germany
to obtain a full knowledge of the attitude
and intent of these governments in respect to
the establishment of such an international
ratio as would procure free coinage of both
metals at the mints of those countries and
our own. By my direction our consul general
at Paris has given close attention to the pro-
ceedlngs OF the congress of the Latin Union
In order to Indicate our interest in its
It may be said in " hrief
as the result of these efforts, that the attitude
of the leading powers remains substantially
| unchanged since the monetary conference Of
1881, nor is to be questioned that the views of
these governments are for instance sup
ported by the weight of public
opinion. The views thus taken have, there
fore, only more fully demonstrated the use
leseness Of further attempts at present to
arrive at any argument on the subject with
other nations. In the meantime
WE ARE ACCUMULATING SILVER COIN,
based upon our own peculiar ratio. to such
an extent and assuming so heavy burden to
be provided for in any international negotia-
tions as will render us an undesirable party
to any future monetary conference or ma
tons.
1t is significant fact that four of the five
countries composing the Latin union men
toned in our coinage act, embarrassed with
their silver currency, have just completed an
agreement among themselves that no more
! silver shall be coined by their respective gov
ernments, and that such as has been already
coined and in circulation shall be redeemed
| in gold by the country of its coinage. The
resort to this expedient by these countries
may well arrest the attention of those who
supposed that we can succeed without shock
or injury in the attempt to circulate upon its
merits all the silver we may coin under
the provisions of our silver coinage act.
The condition in which our treasury may be
placed by persistence in our present course
A MATTER OF CONCERN
to every patriotic citizen who does not desire
his government to pay in silver such of its
obligations as should be paid in gold. Nor
should our condition be such rs to oblige us,
| in prudent management of our affairs, to
discontinue the calling in and payment of in
| terest-bearing obligations which we have the
right now to discharge and thus avoid the
payment of further interest thereon.
The so-called debtor class, for
whose benefit the continued compulsory
| coinage of silver is insisted upon, are not dis
| honest. because they are in debt and they
| should not be suspected of a desire to jeop-
ardiZe the financial safety of the country in
| order that they may cancel their present
! debts by paying the same in deprecated dol
| lars, nor should it be forgotten that it is not
the rich nor the money-lender alone that
must submit to such readjustment, forced
| by the government and their debtors. The
| pittance of
THE WIDOW AND THE ORPHAN
| and the incomes of helpless benefciaries of
| all kinds would be disastrously reduced. The
depositors in savings banks and in other
| institutions which held in trust the savings
q VIII
| are scaled down to meet the new order of
| things, would in tn ir distress painfully real
| ize the deuson of the promise made to them,
| that plentiful money would improve their
| condition. We have now on hand all the sill
| yer dollars necessary to supply the present
needs of the people and to satisfy those who
| from sentiment wish to see them in circula-
| ton, and if their coinage is suspended they
| can be readily obtained by all who desire
| them, If the need of more is at any time ap-
parent their coinage may be renewed
| That disaster has not already overtaken US
| furnishes no proof that danger does not wait
! upon continuation of the present silver
coinage. We have been saved by
THE MOST CAREFUL MANAGEMENT
and unusual expedients. by combination of
| fortunate conditions and by a confident ex-
| pectatiOn that the commerce of the govern
/ ment in regard to silver coinage would be
| speedily changed by action OF congress. Pros
| perity hesitates upon our threshold. because
| or the dangers and uncertainties surrounding
this question. Capital timidy shrinks from
| trade and investors are unwilling to take the
| chance of the questionable shape in which
| their money will be returned to
them, while enterprise halts at risk
against which care and sagacious manage
ment do not protect. AS necessary conse-
| quence labor lacks employment, and suffering
and distress are visited upon portion of our
fellow citizens especially entitled to the care
| full consideration of those charged with the
duties of legislation. No interest appeals to
US more strongly for a safe and stable cur
rency than the army of the employed. rec
/ ommend the suspension of the compulsory
| coinage of silver dollars. directed by the law
| passed in February, 1878.