St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-05-15
THE SILVER SITUATION.

Secretary WINDOWS visit to New
York was the occasion of flood of call
ers. many of whom were Officeseekers,
says the New York Press. The secre-
tary brushed them all off like so many
flies, saying. as heard him remark to
one of their number: II have con-
slant pressure OH me from OfficeSeekerS
every day | am in Washington. am
in New York on official business partly,
but also far a season of rest, and pro-
pose to have that rest at the risk of APP
pearing discourteOuS. positively Will
not consider any matter OF appoint
ments while | am here" There is one
topic. however, on which the secretary
was perfectly willing to talk with any
body of intelligence and understanding
the silver question. But even on this
topic he was not willing to talk publicly.
for the reason that he has referred the
matter to Congress, expressed his views
and left the national legislators to
wrestle with the problem. There were
number of New York bankers in con-
ference with Secretary Window while
he was here, and naturally the situation
on the silver question has become suffi-
GENTLY public property. SO that 1t may
be written about by me.
AS the situation is viewed by the sin
siderS," the question is one of a choice
of evils. The United States senate has
a majority eff members who are in favor
of the free coinage OF silver, which the
best financiers in the country regard
with distrust and believe would be dis
aStrous. There is such sentiment for
free coinage in the house that, ii the
senate should pass tree coinage bill.
it would go to the president for sigma
ture, and there is the rub. UndOubt-
eddy the president would veto it. His
message indicates as much, and there
are even stronger reasons why make
the assertion, This is the breakwater
against the senate's radical posi-
ton on the silver question. There
is no longer any gold element in the
country-that is to say, no cry from any
quarter for recommendation. 1t is re-
markabIe that i'm this respect the great
est change known to modern times has
come over the banking and financial
circles of the country. The reason is
plain enough. The banks have been
loaning money on securities that have
gradually gone down in market value
until the bankers are afraid they will
have the securities left on their hands
and see them go still lower. They want
the stimulation of more money and see
no way to get it but with silver. With
the gold basis advocates driven to
cover. free coinage OH one hand and
the Window bill on the other may
be said to represent the extremes
in congress. The Secretary's principal
idea is that silver certificates shall be
issued in the first place on a parity with
gold. Then he wanted the redemption
feature so arranged that redemption
should be in gold, that is to say in actual
gold, or in silver bullion at the market
price in gold, at the option of the gov
ernment. His idea was to take up all
the silver in the country on that basis.
The recent conference bill, which was
introduced in congress, made the re-
demption in silver bullion optional with
the holders of certificates, but issued
the certificates on parity with gold. 1t
was fair compromise between the con-
servatiye house and the oyer-conserya-
tive secretary. But the senate is not
| satisfied with, the compromise. and there