St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-02

criticise him harshly. The punishment he
has received in the action of the
house is deemed all sufficient criticism.
He has the substantial backing of Wall street
and eastern banking and financial interests,
and it is predicted will not swerye from the
line of opposition to silver which he has
chosen. In TALK ng with bankers here only
one opinion is expressed, namely
THAT SILVER MUST GO.
John Jay Knox, the old comptroller of the
currency, now president of the National
Bank of the Republic, said tonight: ''The
relative value of gold and silver are con-
stantly fuctuating. What is called double
standard is nothing more or less than an al
tentative one. When silver is over-valued in
its relation to gold silver coin will circulate
to the exclusion of gold and vice versa gold
will circulate to the exclusion of silver where
ever gold is over-valued. France is said to
have a double standard, but she restricts
silver coinage. The amount of her silver
coinage has not been increased for years.
am in favor of stopping the coinage of
silver. hope the new secretary of the treas
ury Will maintain the present
GOLD STANDARD
and save the country from the disgrace of
doing business on silver basis. Our credit
as nation will be seriously impaired if we
seek to pay the principal and in
terest of our debt in anything
else than gold. If Gov. Cleveland has pluck
to carry out his announced determination to
advocate the cessation Of silver coinage he
will have the support of honest. intelligent,
upright men everywhere without regard to
party.
Judge Burke Of Cleveland is very clear
that he has panacea for our financial ills.
In chat with him to-day he said: 1.-THE
starting point in finance is that you can't
have but
ONE MEASURE.
There can't be but one yard stick, one
foot rule, one peck measure Gold is that
measure in the financial world and will re-
main so until the people of the earth dis
cover that there is enough of it for a univer-
sal unit Of value. But it does not follow
that We should have another medium of ex-
change of which silver is the chief and should
be the chief. If could plan legislation
would remove the small paper from circula-
ton, increase legal tender circulation to
$500, 900, 900, that is by 1854, 900, 900 of adj
ditional issue, although I am
A GOLD STANDARD MAN
and not bit of a Green hacker, and then
pass law that silver either coined or in
stamped bullion should be legal tender for
all debts under 500 or $50 at the market
price on the day of tender. The market price
will always iuctuate just as with wheat and
corn. Ny plan preserves the gold as basis
of calculation, gives full suf1iciency of me-
dunn of exchange and leaves with the
government the benefits and profits arising
from the destruction of currency in
process of circulation. I presume S50,000,-
600 Of the currency so far issued by this gov
eminent will never be redeemed. 1t is fair
that since all benefit from an easy medium
of exchange all should alike benefitin its loss
or destruction"
William Dowd, president of the Bank of
North America, said: ''My fear is that if
coinage is not stopped silver will become a
much
MORE DECEASED COIN
than it is. It may be bought and sold as
such at bullion price. The banks can get
along, but the poorer classes among whom
silver is now in circulation will be
the sufferers. 1t will be easy for persons
to buy up large quantities at reduced value
and pay it out in small amounts to employees,
who are unable to refuse to take it at It's face
value. Silver really ought to take the place
of the one and two dollar bills, but the coun-
try favors paper for convenience. Our
customers are annoyed when we offer them
gold in any amount"
Ex-senator Jerome B. Chaffee of Colorado
said: "The country has been saved from
GOING TO THE DOGS.
England will now see that we propose to use
silver well as gold for money, and she will
be obliged TO fall into line. 1t is only ques-
ton of time when all Europe remonetizes
silver. 1t would be sheer idiocy for us to de-
preciate our own product of silver in which
we lead the world, when by contrary course
we show our independence of other nations
and force them to our standard"