St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-09-24

he sells now for e1OO sterling he will still
sell for e100 after our currency has lost II
per cent OF its purchasing power, but be-
cause of the change in our currency the
American importer who now pays $4S5 for
E100 bill on London will have to pay on
the basis of the Bland dollar, $5S4.2S.
What has been shown to be true of wage
earnerS in the presence of deprecated
currency is equally true of all persons de-
pending upon fixed incomes, whether from
salaries or from investments, except such of
the latter class as may hold securities of
which the interest is payable in gold.
The speaker also combatted the idea that
q deprecated currency will benefit the
debtor class, holding that the only ones to
be the gamers would be the banks which
hold large stock of gold. He called on
the convention to send out an appeal to con-
gress and to the country to save our pro-
ductive industries, our internal trade and
our foreign commerce from the immeasur-
able disaster which already casts its shadow
over them.
Mr.. Hague of Montreal followed with
a paper citing the views Of Canadian
bankers. Logan Z. Murray Of New York
act and receiving all silver on gold basis.
Congressman Edward S. Lacey Of Charlotte,
Mich, advocated the repeal Of the Bland
act.
SILVER CERTIFICATES.
In his remarks Congressman Lacey stated
the specious arguments commonly used by
the deyoteeS of silver, and discussed them at
length. He advised that congress should
fix date for the suspension of silver COIN
age, and ask for another international con-
ference. 1t should give such an expression
of views as would warrant the executive in
negotiating treaties i'll harmony herewith
The end in view should be the free coinage
of both metals upon an agreed ratio by the
great powers of Europe and by the United
States. Pending these negotiations, all
United States notes of 81, 50 and SIS, when re-
ceived into the treasury, for redemption or
otherwise, should be cancelled and reiSsued
i'll notes of larger denominations. Silver
certificates Of 81, So and SIS should be is
sued upon deposits of silver dollars, or eX-
isting silver certificates at the treasury or
any of its agencies. The effect of these
measures would be to utilize silver or its
representative certificates, not only for all
subsidiary purposes, but for semi-subsidiary
or domestic circulation, and thus make it
the pocket-money Of the people. This
would provide safe sphere for the employ
ment of the entire S210, 00O, 600 of standard
dollars, just as we now safely employ the
subsidiary coinage.
THE WARNER PLAN.
He also referred to Warmers bill plan as
follows:
am aware that another plan has been pro-
posed by my FREUD Gen. Warner, OF Ohio,
one feature of which provides for the issue
of silver certificates upon deposit Of silver
bullion, rating the latter at its market value
when received, said certificates to be re-
deemed in silver bullion rated at it's market
value when paid out. Few men are more
thoroughly conversant With the facts bearing
upon this question than the author of this
plan, and yet | cannot look upon it as wise or
expedient. The United States treasury would
be obliged by law to purchase all the silver
bullion presented at its market price. Bullion
dealers in London govern the market price OF
| silver for the world more completely than the
| grain spectators of Chicago do the price OF
wheat for this country. Silver could be
| cornered there as easily as wheat here. How
easily could q London syndicate, after having
purchased (evep at substantial advance
upon present prices) the $4,000, 600 Of silver
which Germany has desired to sell, or q SIM
liar amount from other sources, proceed to
bull the London market to any extent their
greed might dictate, and then, through their
| agents here, deposit their purchases in the
United States treasury, receiving silver GER
t1HcateS therefor at the price which they
themselves had established. Having un-
loaded their wareS q concerted movement
could be made to unduly depresS the price,
and thus prepare the way for another pur-
chase, another advance and another unload
ing, and so on, repeating these operations ad
intinitum. The existence of a purchaser
with hmitless means, obliged by law to take
all the silver bullion offered, with no restric-
ton as to price or quantity, would afford an
opportunity for speculative manipulations
such as the world never saw before. And
besides entailing severe loss, it would make
us the dumping ground for all the silver
bullion in the world not needed by manu-
facturers, and would bring us to silver
standard with marvellous speed and certainty.
Mr.. Flanagan Of New York offered a
resolution calling for the repeal of the Bland
| act and the session then adjourned until to-
morrow.
CORDIAL WELCOME OFFERED.
Special to the Globe.
DULUTH, Mimi, Sept. 23.-The board
| of trade to-day unanimously adopted res
olution to give the Bankers association a