Telegram-herald., 1890-07-12
The SILVER BILL
Nail street. Greatly kxsSetssa Over ths
Free Coinage Measure

tcoSTRICHT 1850 81 sACzELLER col
Eastern capitalists generally snd
Wal street IL particular are greatly sx-
sreised ever the silver bill Stin, even
Ia the eyeak Of il becoming la~, they
do not share the fear expressed IN some
sections Of the eozntry that the un-
limited free coinage OF silver would De
the means OF producing panic or Of
dsm0rahziag the finances OF the Nation
/ talked with several prominent 6nsn-
Ciers on the matter Roswell P. Flower
said the E-st took the situation com
plaeedly.
cot course Se are in favor Of silver"
said he, but not Of unlimited coinage.
The Democrats in Congress and the
business men of the East look st il in
this way; l have q team OF horses, ono
OF which Il . strong, willing, reliable
nag, while the other is tribe bslky
and somewhat slower. Still / am not
going TO put OF the second horse on
that account l will rather make them
pull together, and will make more
headwzy with the two than with one,
load SO We want TO do with the two
metals-keep them in harness and let
them pull together Ii is mistake to
suppose that the Democrats fear To
make the paper issue q legal tender.
They would go for unlimited coinage,
provided they could draw in half as
many greenbaeks as they paid out sill
yer, so that bye and bye this problem
would be worked out, the s346, 900, 900
of greenbacks called in and the cur
rency would be in gold and silver
money. This would lberate 500, 000,-
900 of gold now held to redeem green
backs and would be just what the
country needs. But the amendments
10 the Silver bill have left the Demo-
Gratis without any option, and they
have been forced to oppose the bill.
The South and extreme West call for
silver bat to-day, If We had free sill
YER here, we would be sending 10 Eu-
rope and paying for that silver, petro-
leum, corn and gold. II would make
gold commodity and would tighten
money. Our idea would be to keep
these metals together if possible"
Mr. Flower added that the issue OF
81, 500. 900 in silver per month at its
gold value would meet tho present
financial requirements. England is
watching the silver bill with interest,
because, he explained, its passage
would greatly affect the payment of
her obligations here. On the whole, he
didn't believe there was any real cause
for alarm, and the talk of panic in any
event was nonsense.
'Silver is our baby" said G. P. Hunt
ington, the millionaire head of the
Central Pacific Railroad, "snd we ought
to nurture it carefully But there is
/ such thing as too much nourishment.
There certainly could be no objection
to a, 500, 900 month. AS an American
product, silver should be dealt with
literally and encouragingly, but at the
} same time carefully
! Banker Henry Clews thought IL sing
ular that Wall street should take fright
at a measure for free silver coinage
and redemption in gold instead of in
bullion at its market value; but Ii did
scare. nevertheless, and people rushed
off ineontinently 10 sell stocks while
the price of silver dropped. The silver
question rules the Street at present
and he thought that the Inconsistency
and confusion arising from it's inHu-
ence burdened rather than helped the
situation There was really no need
for alarm"
On the whole the general impression
among business men is one of appre-
/ hension that free coinage means a wild
imitation of the currency and an increase
/ in the price of every commodity. Not
very pleasing prospect East and
South, however favorably California
and the Mississippi States may
regard it. DAVID WEcHsLER-