The midland journal. (Rising Sun, Md.) 1885-1947, 1889-12-13
St. John and Silver.

Mr.. VIM. ?. ST. Johns speech on silver
at the Bankers Convention held at Kansas
City recently, is the first offer of comprom-
Use from the class to which he belongs, 10
the silver party. His reasoning for their
accepting this proposition as substitute
for "free coinage' does not carry much
weight with it, while his entire speech pre-
sents the strongest argument. in support of
Senator Stewards proposition, and he speaks
for the silver advocates Of the United States.
The Senator's proposition is in substance
that any person may deposit silver at any
mint or assay office of the United States and
receive coin certificates for 4l2I grains Troy
weight of standard silver, nine-tenths fine.
Mr.. 81. John sees in this proposition great
danger, but in all due Difference to his
acknowledged financial ability and the
earnest candor displayed in his celebrated
speech, he certainly fails to show any good
reasons why such apprehensions should
exist, and as a matter of fact, proves, if his
reasoning and statistics prove anything, that
no such danger is 10 be anticipated.
The weight of his reasoning is chiefly
directed against the,danger to be feared from
an initiation Of the currency, and in suggest
ing provisions 10 prevent this. He assumes
that the present volume of curre ncy in cir
culation is abundant for all the needs of the
people. He does not say so in so many
words. but the whole drift of his speech
tends to this. This is condition that will
not be admitted by the silver advocates O.,
the producing classes. Their chief COM
plant is the inadequacy of the circulating
medium. The debt cunning class will very
naturally coincide with Mr.. ST. John, but
the debt paying class nerer.
The government debt and all others
which have been carried forward by renew.
ais or otherwise will purchase twice the
amount of property and produce they would
when contracted. One dollar of their gold
principal and interest will purchase as much
of the farmers wheat or meat products at
the present time as two would then, and
this condition has steadily increased with
the depletion (contraction) of our currency,
which commenced in 1873, dating from that
fatal act which closed our minis against the
free coinage of silver.
That contraction is of a two flld nature :;
drawing in of the National Bank currency
and the rapidly increasing volume of BUSH
ness and increase of our population.
Mr.. st Johns statistics show very clear.
ly that the English gold ring are enabled to
keep the price of our silver down so per
GEN. in the London market, aud thereby
make SO per cent profit on their goods in
India, and lay down India wheat by the
same means in The Liverpool grain market.
at similar advantage in price, while they
tern TO our wheat gamers and purchase the
surplus at the market price they make BY
using our silver bullion to invest iu India
wheat and cotton.
Mr.. st. John says: Il rely upon statistics
of fifteen years which are furnished BY
British lndia's Financial Secretary, to sub
nit: that the silver rupee of ILdia viii.
purchase as great a quantity of India's
home products to-day, when now that rupee
is obtainable in London council bills for Is
AID, as when formerly, and as though that
same rupee could not be had in London at
less than Is. Id. Thus about 80 per cent
will measure the profit TO Englisbmen on
their full priced manufactured goods for
which the patient. accomplishing Hindoo
returns in payment India's vast quantities
of her cerials and cotton"
The silver the Englishman buyes from
the United States at his own price alone en-
ables him TO drive such an advantageous
trade. We produce 40 per cent of the sill.
yer of the world. If the United States
minis are opened to free silver in the man.
Ter suggested by Senator Stewart, England
could no longer nnrehasa onr silyar for "a