St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-01-30

have fallen upon deaf ears. Let us
hope that the urgent appeals Of Presi-
dent Harrison on this subject may bear
fruit in some we'll devised measure of
protection and encouragement. 1t
is essential to commerce that the
currency with which it is conducted be
adapted, both in quantity and quality,
to the wants of trade as that the vehicles
of transportation should be adapted to
their purposes. The ideal financial sys-
TEN would be one that should furnish
Just enough of absolutely sound cur
rency to meet the legitimate wants OF
trade, and no more; and that should
have enough elasticity Of volume
to adjust itself to the varying
necessities of the people. Could such
a circulating medium be secured the
gravest commercial disasters which
threaten our future might be avoided.
These disasters have always come when
unusual activity in business has caused
an abnormal deman1 for money, as in
the autumn for the movement of
our immense crops. There will always
be great danger at those times under
any cast-iron system of currency such
as we now have. Had it not been for
the peculiar condition which enabled
the United States to disburse over
S75, 600, 600 in about two and a half
months last autumn, l am firmly con-
vinced that the stringency in August
and September would have resulted i'll
widespread financial ruin. l am thor
oughly convinced that better method
can be devised, which will, in large
degree, place the power OF expansion
and contraction in the
Hands of the People.
themselves. The opportunity for secur-
ing such a currency may be found in
our bonded debt, which should in my
judgment. he in part exchanged for
inter-cOnyertible bonds, bearing a low
rate OF interest, and always inter-
holder. The quality of circulation is
even more important than tfe
quantity. Believing that there
IS not enough of either gold or
silver in the world to meet the neces-
sites of business, [ am all earnest BIZ
metaiist, and cOncede to no one
stronger desire than l feel for the
free and unlimited coinage of sill
yer, as soon as conditions can
be reached through international
agreements, or otherwise, by which
such coinage shall be safe. But it is
my firm conviction that for this country
to enter upon that experiment now
would be extremely disastrous, and
that it would result not in bi-metal-
ism, but in silver monO-metalism.
believe it would produce swift and
sure contraction and eventually refuge
the market value of silver. When
the silver dollar ceases to have
more value than the bullion it con-
tains there will be little inducement to
coin our own silver, and the cost of
transportation will prevent it coming
tied coinage either expand the
circulation or enhance the value
of silver. The advocates of pres
ent free coinage insist that it
shall not wait the slow process of mint
operations, but that the printing press
shall be set at work providing certifi-
Gates to be issued as silver bullion at 81
for SIX grains. When this consum-
nation shall be reached, as surely it
will be if unlimited coinage be adopted,
under existing conditions. the too ar
dent and impetuous lovers of silver will
sadly realize the truth uttered by the
wise king of Israel, "He that lOveth sill
yer shall not be satitfied with silver,
Give us direct and ample transportation
facilities under the American flag, and
controlled by American citizens; cur
rency sound in quality and adequate in
quantity; an International bank to
facilitate exchanges, and system of
reciprocity carefully adjusted within
the lines OF protection: and not only
will our foreign commerce again invade
every sea, but every American industry
will be quickened, and our whole peo-
pie feel the impulse of new and en-
during prosperity"
This was to have been night of
feasting and flow of soul at Delmonico's.
The New York board of trade and
transportation was to sit at Its nine
teenth annual dinner, and the great
gold hall was bright with light and
color. And feasting there was, happy
and unrestrained, butdeath sat too at the
board, and the only soul that flowed
out was that of the nations financial
head. His spirit fled away at the close
of his speaking, which was the first of
the night and the last. The unseen
guest had silently followed the feast.
His shadow darkened all the bright
ness of the place, and those who
came to speak went away hushed
and grave. In the early evening
the staid and stable men of the
board of trade and transportation
gathered in the reception parlors of Del
monico's hosiery, and there welcomed
their guests and friends who had come
from near and from far places to eat
and drink and talk and listen. Perhaps
most prominent were Secretaries Win
dom and Tracy. of the treasury and
navy respectively. Nova Scotia had
a representative among those present in
the person of her attorney general, Mr..
Longley. Canada, too, was there in the
person of Hon. Milford Laurler, leader
of her majesty's opposition in
The Dominion Parliament.
Those in official life were welcomed
with genial demonstration, and in turn
they became centers of groups here and
there welcoming those whom they knew
and greeting those who were presented.
Mr.. Window, dignifed of mien as usual,
was not the less genial. His face was
bright, his smile quick, and his remark
and repartee were apt and keen. His
meeting with eX-Secretary of State Bay
ard was pleasing, and the informal
gathering of guests and their semi
formal reception was pleasantly prepar-
atory to the banquet. Then all formed a
Jolly procession to the banquet hall,
where members and guests became
seated, the members at tables upon the
floor and the guests at long table
upon a raised platform. Aged Captain
Ambrose Snow, president of the board,
was in the center place. At his right
he seated Mr.. Window, and on his left.
Hon. Thomas F. Bayard. and when all
were seated this was the order of their
arrangement:
Hon. NJ. W. Cooper, Hon. Joel B. Erhardt,
Hon. Jacob A. Cantor, Hon. Murat Hal
stead, Hon. j. ". Longley, Hon. William Nc
Kinley Jr., Hon. B. F. Tracy, Hon. William
Window, Ambrose Snow, Hon. T. F. Bayard,
Hon. W. Il. H. Miller, Hon. Wilfred Laurier,
Hon. William P. c. Breckinridge, Gen. Stew
art L. Woodford, Rev. DIR. D. Parker Nor.
| han, Hon. Andrew II. Green, Hon. o. Il.
| Potter.
Struck Down.
The dinner which began at6 O'Clock