St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-22
The Coinage of Silver Must Stop, or a
Business Crash and Panic Will
Surely Follow.
Great Financial Catastrophe Just Averted
by the Assistance of the New
York Banks.
Minister Romero Denies the Report
that Mexico Wants TO Sell Her
Northern Territory.
Blaine Indorses Wise for Governor OF
Virginfa--One Minnesota POST
Office Appointment.
The silver Surplus.

NEW YORK, July 21.-The Herald has a
vigorous editorial on the increasing danger
TO the finances and business of the country
from the continued coinage of superfiuouS
silver dollars. 1t says: ''Seven years ago
what is known as the Bland act, became a
law. This measure enforces an obligatory
coinage of ., 0O0, 900 of silver dollars every
month. 1t was the greatest financial
blunder ever made, if indeed
it was ever anything more than
a disgraceful job executed in the interests
of particular ring to the serious detriment
of the welfare of the entire nation. There
is no use in mincing matters. Unless the
baneful effects produced by that silver bill
are arrested, before next winter the coun-
try will find itself stalking with rapid
strides toward bankruptcy. Something
must be done, and that quickly. The in
telligence of the people must be enlightened
and the conscience of our legislators
MUST BE AROUSED
in order that as soon as congress meets in
December there may be no hesitation in i'm
mediately repeating the Bland act" THE
truth is that the country has been taken
somewhat by surprise in this matter.
When we first began to coin annually S24,-
900, 600 worth of silver dollors-or rather
to speak more correctly, silver of that NOM
inal value-the amount of silver thus
coined and boarded away in the
treasury vaults was too insignificant 10
do much harm, but this has now been
going on for seven years, and while silver,
which nobody wants, has been accumulat-
ing the treasury has been gradually de-
pleted of its gold. Only few days ago
disaster would almost certainly have oc-
CURED had not the New York banks, re-
luctantly, of course, but in order TO avert a
great financial catastrophe, came forward
to aid the treasury by offering to lend
it $40, 900, 600 in gold in exchange
for the same amount in silver. On the first
of July the United States treasury held but
$50, 600, 600 in gold in excess of the legal
tender reserve. Customs dues, which are
almost the only means by which the
treasury
CAN GET GOLD,
are now paid only to the amount of one
fourth in gold. the balance being settled in
silver and silver certificates. The New
York banks say that the gold reserves of
the government were getting so low
that unless they came voluntarily TO the
rescue the treasury would be obliged shortly
TO commence paying interest on the ma
at once the signal for an immediate pre-
MUM on the price of gold for universal
disturbance in business, and for panic
everywhere. Happily, owing TO the
prompt action of the banks, this danger
will probably be averted until next December
when it was earnestly to be hoped that the
first action of congress will be 10 repeal the
penicious act of 1878. Let the people re-
fuse to be deceived by the crafty representa-
tiOns of silver men and inhatiOnists. Let
the delusive idea be forever dis
PEELED from our minds that an abund-
ance of inflated money is all that is
required 10 start boom in trade. There
is, in fact, plenty of money lying idle at
this very moment and filling the banks TO
repletion, and when business is phenom-
enally depressed what is wanted is plenty
of confidence, which can only come from
the exclusive employment of sound money.