St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-03
THE SILVER QUESTION.
Mr.. Cleveland's Position Endorsed by st. Paul
Men of Money.


The attention of fnanciers throughout the
country has lately been directed to the subject
of silver coinage with renewed emphasis by
a recent letter from President-elect Cleveland
on the subject in which he advocates the sus-
pension of the coinage of silver, and that
letter has been the basis Of much discussion
between monometalists and bimetalists. A
canvass made yesterday among money hand
lers in St. Paul shows that they almost unan-
imously approve Cleveland's position on this
subject. Following are
THE INTERVIEWS:
Walter Mann, President of the Third Ma
tional Bank-I have seen Ceveland's letter,
and think that the president-eect has not
put the case too strongly, though as to its ef-
feet / must refer you to a politician. What
is wanted is a statesman who is not banker
and who cannot therefore be accused of in
terested motives to take up the points and
present them and advocate them. Some of
the public prints and the politicians have not
given the true objections to be urged against
silver coinage. have no objection to the
coinage of silver dollars of the full value,
but as matter of fact nobody wants the
present dollar, so-called. The government
buys silver bullion and coins 81
cents worth into a dollar. l can't see who
gets the profit. 1t would seem that we have
passed through sufficient experience dur
ing the war and might revive it with profit
now. People will stand almost anything
bearing the stamp of the government, but
this eighty-two-cent dollar teaches dishonesty
in representing to be that which it is not.
The history of all finance is that the baser
money is kept in circulation, while the better
sort is boarded, and if this system continues
it will crowd gold out Of circulation as
money and make it a merchandise. Con-
gress might still legisate this dollar and so
it would be, but its purchasing power would
diminish. There is a power beyond and
above congress in this matter Ours is
wonderful country, and in many instances
has progressed in spite of legislation, but
point has been reached where the unlimited
coinage of siiFer-of the value of 80
cents for hundred-cannot go much further
without great danger.
GOLD AT PREMIUM.
L. E. Reed, President of the Capital Ma
tional Bank-The Northwestern banks are
realizing that adding so much silver to the
circulation every month and the issue of
silver certificates will before long give US two
classes of money, and should there be any
considerable shipment of gold to Europe, the
balance of trade being against us, it would
not be long before gold would be at a pre-
MUM, as nothing but gold will pay oblga-
tons in foreign countries. / think with Mr..
Cleveland that coinage of silver should be
stopped, for the present at least, until the
country absorbs that now in the vaults.
Hermann Scheffer, Assistant Cashier of the
Bank of Minnesota-Tnis bank is opposed to
any more silver. We have more now than
we can handle. The banks are bothered with
it. 1t is not only nuisance but fraud,
and all the country banks in the Northwest
complain of it. This continued coinage, too,
we regard as dangerous, being liable to drive
gold out Of the country, and if it is not
stopped we shall have sad experience.
There is no reason why we should not use
silver money except that other coun tries wont
take it.
Gustav Willus, President of the National
GermanAmerican Bank am opposed to
the coinage of any more silver. l think
there is too much in circulation already. /
heartily approve of the position Mr.. Ceve-
land has taken in the matter.
AN HONEST DOLLAR.
H. P. Upham, President of the First Ma
tional Bank-The cure of this evil is an hon
est silver dollar containing 100 cents. don't
like this motto of SIN God we trust"-for
the other IL cents, for silver has been
shrinking so that now it is not worth more
than So cents. The government buys silver,
pays gold for it and makes about 1G cents
profit, which think is too much. The say
ing that poor money will drive out the better
is trite one, and with this continued coin
ing of silver at the rate of $2,000,000 per
month it will soon become impossible to
maintain the circulation of gold.
a. s. Cowley, Vice President Of the Second
National Bank-I have never given much
thought to the subject, but could never see
the reason for coming so much silver.
+. f. Mclver, Superintendent of Brad
streets-Everybody have talked with on the
matter thinks it an outrage that so much sill
yer should be coined, and is opposed to it.
Gen. r. W. Johnson am opposed to the
coinage of silver dollars that don't represent
dollar in value, but am in favor of coin
ing all the silver in the United States if it is
what it pretends to be. The way we're doing
it now, though, there is danger that gold
will go up TO Is or 20 cents premium.
CLEVELAND INDoRsED.
Daniel r. Noyes-Mr. Cleveland was not
my choice for the presidency (neither was
Mr.. Blaine), but his expression on the coin
age and silver question is as sound as it is
fearless, and have great hopes for the adj
mnistration Of n man who in his position
and surroundings, has the good sense and
courage to take the stand he does.
G.. W. Hackett-I am with the president
elect. We don't want two standards of
values, and we ought to stop the coinage of
silver, as gold should be our only standard
William 'Dawson--I don't know precisely
the position taken by President-elect Cleve-
land but am a silver man to this extent,
that l think the silver dollar should be made
of the same value as the gold dollar in itself,
and that the stamp ought not to add any
thing to its value
A. Kalman- President Cleveland's posi-
ton is sound. It's the position the old mer-
chants and bankers in the East take. This
position is shared in generally in the East
irrespective of party. We ought TO have but
one standard of value, and that stan dard
should be gold.
Charles f. Rittenhouse, Cashier of the
Peoples Bank-The statement made by
President Cleveland is the most satisfactory
and the plainest / have seen. / do not
think the change he refers to is as imminent
as he thinks. ! think it will come slower,
but it will come, as he says. II is mistake
for the country to continue the coinage of
silver. 1t will drive out all the gold.
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