St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-16

1t is difficult to consider with patience
much of the senseless clarnor we now hear
on the subject of suspending silver coinage.
The advocates of suspension seem deter
mined to carry their point even if they have
TO precipitate financial crash I'm order to
accomplish their purpose. We are now
presented with the anomalous condition of
the national treasury being gorged with an
accumulation of silver and the national
bank vaults overlooking with gold, while
all through the country laboring men are en-
gagged In angry riots, fighting for bread, for
life, for existence. Why does this anom-
ally exist? What Is the relief for Il? These
are the questions that are anxiously per-
picking the nation. The cause Of 1t can be
traced to the combined efforts OF the brok-
ers and bankers of the money centers to
drive silver money out of existence. The
remedy is in a policy to be adopted
by the government whereby the vast accu-
mutations of idle capital in the treasury and
banks can be forced into circulation. The
volume Of currency In this country is not
greater than the demand. In fact II is not
equal to the demands Of our rapid growth
impending crisis lies in the power of the
money centers to accumulate and store
away in idleness the wealth of the nation.
There can be no objection to congress
passing law requiring a recoinage of the
silver now in circulation, increasing the
weight so as to make silver dollar equal
IN value to gold dollar. But further than
this there exists no necessity for currency
legislation unless it be some enactment
which will force the SIP, 900 of gold
now boarded in the New York banks into
circulation. Suppose that the money
sharks succeeded ia driving silver out
and reducing the amount of currency
in this country to gold basis,
what would be the result? Imagination
cannot conceive the universal, appalling
and destructive consequences Of such an
atrocious policy. Scenes of ruin, want and
wretchedness would ensue. The destruc-
ton OF values, the downfall Of business,
the loss of employment which would follow
such a course would be the greatest calam-
ity that ever befel any country. Suppose
that the circulating medium was reduced to
the amount of gold for its redemption, what
would be the effect on our Western farm
ers. One-half of them would have to
abandon their property for the non-payment
of taxes. Wheat would not be worth 30
cents bushel; butter 10 cents; good horse
would not sell for over $50, and other
things in the same proportion. The
only persons benefited would be the
holders Of gold, who would take advantage
of the diStresSes OF other people to
become the owners Of all the country.
We are forced to the conclusion that
there is settled purpose on the part of
capitalists to force financial crash, with
the hope of reaping a harvest Of wealth
from the wreck that will follow. That
they will be thwarted In their purpose is
our belief. The present era is one Of en-
lightened ideas and more than ordinary self
assertion on the part of the people. We
have reached a period I'm the worlds civiliZa-
ton when the tOiling many control and
shape public affairs for their own benefit,
and will not be ridden over by the few
who live in idle luxury. That the contest
is going to be a sharp one Is certain enough.
The power Of the banking interests Is great
The power of gold has caused the betrayal
of people in all ages of the world. 1t seeks
the same mission now. 1t will endeavor
TO divide and scatter the people by
raising up false teachers In their midst
But it will not win. The people realize
the Importance Of the issue, and they are
conscious of their strength. They are go
ing to stand together for the resistance Of
the merciless power which seeks to destroy
them. Nor are the people to be deceived
by mere names and definitions; they are
looking at the merit of things. So it mat
tiers not in what guise the gold kings pre-
sent their cause, the real meaning of their
aims and purposes will be detected and
overthrown. If capital forces the issue it
will only seek its own destruction. IL is
better that the contest be avoided. Better
for capital. better for labor. The country
does not desire it. We are doing well
enough if we are Just let alone. But we
will not submit TO any financial sculduggery.
The great conservative mass of the people
will not submit TO lawlesS rioting on the one
hand. nor to speculative robbery, under the
guise of law, Oh the other. The sooner
this fact Is understood the sooner will our
social and financial conditions adjust them
selves TO the proper basis.