St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-12
James II. Keene on silver.

joaquin Miller recently int er viewed some
Of the Wall street bankers on the silver ques-
ton, but found them generally cloudy in the
statement OF their reasons but obstinately
and stubbornly opposed TO the coinage of sill
yer. They were narrow in their views. their
visions being bounded by the limits of Wall
street. Only one or two were found who
could look out over the whole country, James
K. Keene being one of them. From his in
terview with this gentleman we clip the fol-
lowing dashing statement Of his views:
"And so you have sold Foxhal, after con-
quer!ng all England and bringing to America
the gold cup, Mr.. keene? But while you
drink your California wine from cup Of
British gold j want 10 talk 10 you about
American silver"
IL have sold all my horses, and have but
little British gold, but / believe in American
silver emphatically. In fact, 1 believe in all
sorts and ali kinds of silver. ali sorts and all
kinds of gold. all sorts and all kinds OF money
that is real commercial money. OF course,
nat money is of doubtful help. But fiat
money Is forty times better than no money.
And silver money is forty times better than
fiat money"
''well, SIR. Keene, what is the tr ouble with
trade in America to-dayI''
THE truth is, trade has not one-hundredth
part enough money for its uses! And trade
never but once had money enough for its
uses. Do YOU remember war times? Well.
all the men went TO the war, as a rule. The
world said trade would die, grass grow in the
streets, and all that. But IL so happened
that the government was compelled to pour
out gold and silver like water. Then 1t had TO
make fiat money and send il out like bales of
hay. Whole ship-loads OF paper money, not
worth half its face in gold, flooded the land.
Well, did trade die? Did grass spring up in
the streetsg No sirl Trade sprang up in a
day For the first time in the history of the
civilized world trade had money enough for
its uses And so trade stood erect for tn @
first time in history. Trade bounded ahead,
strong, reliant, perfect giant born and full
grown in a day aud a night! And yet here
we find people splitting hairs about the pro-
priety of coming little silver! Good heavensl
have men gone madl'
How much have we advanced the trade
price of property in America this year!
Hundreds and thousands of millions. Well,
how much actual money have we added this
year 10 our circulating medium by which TO
handle all this? Hardly 1 cent to the hundred.
What Is the resultT Why, nearly the whole
system is credit And where credit is so vast
doubt and suspension and panics follow.
Why, there Is not money enough in New
York to-day TO handle the property in Fifth
avenuel The result is, If have "a house on
any of the side streets or q farm in Illinois or
elsewhere. i am compelled 10 wait years tor
buyer, perhaps, or sell at ruinous sac
rihce. Money is so scarce that only bonds or
places can be sold at their cash value. This
is because people are afraid of getting their
money tied up in some obscure place VIII ere
trade Will not be able TO unite it because OF
the scarcity OF its working material. And
yet people are afraid TO coin more silverl
No sir; don't be afraid OF silver or any sort
OF money. When we make a state or open a
territory and fill it full of hundreds OF mill
ions worth OF property, and when healthy,
stirring trade begins TO run through the veins
of hot L.
government to give the people something by
which to keep upa healthy circulation in the
vel ms of that state or territory. For If that
circulation is sluggish and slow, why, trade
dies in few years as IL never before was in
creased in as many centuries. We have
driven out the buffalo from the plains, and
have put twenty hundred millions worth of
cattle there! But how much money have we
given to trade 20 handle these hundreds and
thousands of millions worth OF cattle with?
Not $40 TO the millionl Why, il is simply
miracle that the country can keep on its feet
al all-that trade Is not utterly dead