St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-27

money being insufficient for the demands of
business it would be used for labor,
but its purchasing power would
gradually decline until it reached
level its market value measured by god.
This deprecated currency would then take
the place of
boarded GOLD,
and the laborer would receive his pay in de-
preciated money, while the capitalist would
stipulate for gold. Then we should hear the
cry for the redemption of the standard dol
lar in gold, and rightly hear 1t, because we
had provided it was to be received and paid
in all respects like gold coin. 1t was to the
true interests of all classes to maintain the
circulation of buth metals, but this must be
done on a basis according as nearly as pos
sibe with their relative market values. That
alone constituted bi-metalism. Any demor-
alizing of either metal would be a wide reach
ing calamity Senator Sherman's idea
of the remedy for the threatened
evil would be either, first by an interna-
ional agreement to maintain the free Oin-
age of silver and fix its ratio; or, second by
suspendng coinage of silver until demanded
by the wants Of business; OF, third, by the
adoption Of American bi-metallic policy of
the free coinage of silver and gold according
to their market value. The senate commit
tee Of finance did not seem prepared, Sher-
man said, to adopt so broad
AN ECONOMIC POLICY,
and so he would support the pending bill.
hut his own idea was boldly to proclaim the
purpose of the United States to maintain BIZ
metallic money even if we stood alone
among the nations of the earth. We were
better able to establish such fiscal policy
than any other nation, but the policy indi-
Gated was perhaps in advance of the sent-
ment of the country, and Senator Sherman
would not press it, and would be content
to deal with the proposition that
gave US some safeguard against what he re-
garded as great Threatened evil the de-
moralization and boarding of gold. Senator
Sherman approved the idea Of endeavoring
TO secure an international agreement as to
the rates of value between silver and gold,
but had not much faith that the argument
could be reached. Senator Beck read from
the report of ex-Secretary Folger to contro-
vert the position assumed by Sherman on
the trade dollar and as to the suspension Of
silver coinage. Beck said we should not in
the last hours Of this congress attempt to
STRIKE DOWN SILVER,
neither should We give any president the
power in his discretion to strike down the
coin Of the country. He (Bcck) would give
that power to no president, no matter how
much confidence he might have in him. He
would as leave give the president the
right to declare war. He was glad
to be able to say there was no danger that
any president would get such powers, for
elsewhere in a body that had the power an
attempt had been made this very day TO give
a president such a power, and it had miser-
ably failed. Senator Fill maintained that
the time when gold would be in demand
for export was indefinitely remote. Silver
was to-day the exclusive money Of large
majority of people of the world. Senator
Hill criticised the position of Sherman, Mer-
rill and Bayard on the silver question; also of
the attitude assumed by the finance commit
tee of the senate. He insisted that it was
ill-advised to attempt to dispose Of such
an important measure in the closing hours
Of the session, a measure that would so
seriously affect the volume of currency.
With no disposition to impugn the motives
of senators he could not refrain from calling
attention to the fact that the late period in
the session at which the bill was introduced
was calculated to favor plan that may have
been formed in certain quarters to secure
snap judgment in congress and
SOUND FALSE ALARM
through the country, to the enormous gain
Of certain classes. In respect to the with
drawal Of gold from circulation by boarding.
Senator Hin said it is not impossible that it
might be brought about to some extent IL
the banking classes should combine as a
unit and nstigate others who are under their
influence 10 cooperate with them. But
the banks as a body have too much
prudence, and know too well how large a
share they must themselves bear Of any ca
amity falling upon the business interests Of
the country to be concerned in getting up
panic in respect to the approaching premium
on gold. They may menace such a panic as
the means of procuring the repeal of the sill
yer dollar law, but their good sense
WILL RESTRAIN THEM
from attempting to carry such menace into
execution. a premium upon gold would re-
suit in taking SOLO, 600, 900 of it out of circu-
iation. This at per cent. would result in
the loss Of interest to the bankers or ind-
viduais OF $50, 500, 900 annually. In any
event If the gold now in circula-
ton is expelled, in whatever way it
may be done the money remain
ing in circulation, which win then
consist Of silver aud paper representing silver,
must Increase largely in value aud purchas-
ing power because the total volume OF circu-
Iation viii have been largely reduced. II is
not enhanced by the prices of commodities
which we shall then see, but the prices low
cred and to such degree that gold would
flow heIe from all parts Of the world. This
closed the silver debate for the day and with
out action the matter went over. Consider
able confusion then occurred, and several
senators sought recognition. The result was
an adjournment