The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-11-09
ME. vILLARD's VIEWS ON SILVER
Mr.. Henry Willard, in his speech at Port
land last week raid.

Mr.. Henry Willard, in his speech at Port
land last week, said:
believe that If the bountiful crops have re-
ferred to had not been gathered, we would have
had the silver standard on the first OF January
next believe further that as long a. the pres
ent silver law remains in force, that danger will
exist and grow daily, and will culminate In the
gradual coming OF the silver standard, and upon
that coming we shall see the worst catastrophe
overtake every business interest in this country
that has ever befallen II. That Is my sincere
conviction. / hold that this country cannot set
at defiance the laws of finance which have been
nations.
Even France that has been held up so often a.
an illustration of the possibility of maintaining
bimstalism successfully, has practically adopted
gold standard years ago. Just az in Washing
ton, there il within the walls OF the Bank OF
France, which performs in France the functions
that the United States treasury performs in this
country, accumulated today q vast amount OF
silver COX, 900 900 of francs; with this differ
ence only, that the Bank of France does not at
tempt to put 1t into circulation as the United
States government does.
II there ever was q mistaken popular delusion
1t 10 this idea that seems to have taken hold OF
the masses of the people that they can get
money by keeping a mandatory OF currency in
operation at Washington.
have taken occasion to ask this question
everywhere. Is there anybody In the West,
where they seem to be particularly anxious to
have this imitation OF the currency, that feels
little richer from the fact that there are today
$400, 0O0, 600 OF silver stacked up in Washington
have not found q man yet that said he did
not one. The simple truth ia that, If the amount
was II 200,0Oo GOO today, they would feel no bet
ter, but rather worse off or course nobody ever
got any money anywhere at any time without
giving Tn equivalent for it. believe If upon
the meeting OF congress the silver agitation
should reopen and any attempt should be
made to pass free-coinage bills, there will
again be general relapse. All through the West
there Is Q continuous demand for Eastern capt.
tai for development, and that supply, / am
afraid, is stopped to . great extent
That that impression is correct on
my part / infer from thu fact that wherever
Inquired the people admitted that the capital
that used to 6ow hither year or SO ago for in
vestrnent In real estate, buildings, ETC., has
ceased to come; and / am afraid it win be worse
hereafter unless We get rid OF this silver craze.
That is my judgment about it. As have stated
repeatedly on my trip, have been q large in
vestor of foreign capital, but have hesitated
for the last twelve months to take any more re-
sponstbility In that respect OF course my
friends abroad do not want silver, but gold in
terest II we get to q silver standard they will
have varying income, which they do not want.
The simple fact If, that the moment the
danger OF q silver standard becomes imminent,
Immediately all so-called gold bonds and all
other American securities will be coming back
here from Europe in q rush, and that Of itself
will precipitate crisis. We have been expsnd-
ing q do not say 1t boastfuliy, but fact
since my return to the Northern Pacific board,
in one way and another, in building branches,
in increasing our equipment and enlarging our
terminals, between si0,00o000 and $50, 600 600 in
the West am satisfied If we had q silver
standard It would become exceedingly difficult
for all railroad companies that promised to pay
gold interest and could not fulfill their promise,
to raise more capital. They would be discred-
tied and come TO a standstill, like the Oregon
Railway d Navigation Company.