St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-21
THE NILEER PRORLEM.

THE uppermost thought in the minds of
eastern statesmen is the subject Of silver
coinage. The difficulty Of maintaining a
currency based upon a double standard is
what bothers cur eastern friends. On the
other hand western state sInen are indignant
at the persistent effort OF their eastern
brethren TO depreciate the value of silver, and
have arrayed themselves in almost solid
phalanx against any effort to limit the coin =
age of that metal. There is q senate bill
providing for ''the exchange of standard
silver dollars for the trade dollars, and for
the suspension of the coinage OF standard
silver dollars" Mr.. DoRsHEIMER recently
introduced bill in the house of representa-
tves Which proposes in effect to substitute a
silver dollar of $50 grains for the present
lightweight dollar of 4l21S grains, both for
circulation and as the basis of the silver GER
tificates which are rapidly gaining such
prominent place in the paper currency.
The DoRsHEIMER bill does not suit the BIZ
metallists OF the West and Solth, nor does It
please the single standard idea of the East,
for while it is a step in the direction of provid-
ing a silver dollar Of value approxi-
mating to par in gold, it does
not overcome the difficulty of main
tanning currency based upon two stand
ards, whose relative values are liable TO be
continually shifting. So it may be concluded
that the DoRsHEMER bill will not pass.
The senate bill has features to commend
it, although 1t may not be just what is
wanted at this crisis. The difficulty in solv-
ing the silver problem is presented by Mr..
DANA HORTON, one of the most pronounced
bimetallists in this country, in his letter of
recent date addressed to Judge BUcKNER,
chairman of the house committee on ban king
and currency. Mr.. HORROR says: "Money
is distinctively subject of foreign policy"
There is the whole difficulty in a nutshell,
that money is subject of foreign as well az
domestic policy, and In any adjustment of
our monetary system questions relating to
Il must be handled from the standpoint of q
sage diplomacy. The intrinsic money of the
World consists Of gold and silver; the mass of
silver is In Asia; Of gold in Europe; making
the center of gravity Of the mon etary qucs-
ton lie outside Of the United States. If we
are to have certainty and confidence 10 our
monetary system II must be through iu-
ternatioual agreement In this respect the
senate bill Is commendabe in that Il fixes
a date far enough ahead for the suspension
of silver coinage TO give opportunity to negU-
tate d coinage treaty. In fact the senate
bill is u stroke of national diplomacy, or as
Mr.. Horror calls it, San act of strategy TO
bring about international concert Of action
about silver coinage"
1t does seem that the silver mining Inter
ests could have no valid objections to such a
measure. II the silver interests have faith
in silver Us fit for money, eau they not face
the future without fearl IL their confder ce
in their metal is not misplaced they need
have no fear OF its fate in the adoption OF a
coinage treaty, and will thus secure a market
for their silver product in foreign minis. II
they have not such faith in their metal, what
standing do they expect To maintain in this
countryi
The danger that Secretary MCCULLoCH
breads Is that unless there is a suspen sion of
silver coinage, silver, and not gold, will be-
come our metallic standard. If Mr.. MCCuL-
LoCH's fears are TO be realized It Is most
probable that following such a result will be a
most severe contraction, convulsing all bust
ness. Gold would be boarded because OF its
superior value as compared 10 silver, to be
subtracted from the volume Of currency,
and then there Is no telling what the
mtasure ~ prices would be. The shock Of
Inflated prices 10 make up for the deficiency
Of real value would fall most heavily upon
the labOriug classes, men who have not the
capital to bide their time aud wait or to fore
see. The wages Of labor are always the last
10 advance, and labor is the first upon whom
suffering falls. So taking it altogether the
financial problem is one worthy Of the
highest craftsmanship and the exercise of
the hishe-t prudence and wisdom. Congress
cannot afford to dispose Of il hastily.