, 1891-08-27
CAREFS LAME DUCK ARGU-
NENT

VI hONGAt nllAN At TIT ehAI1 AAAAN ~ wy
clearly demonstrated that the senator,
while calling himself a bimetallist, is in
the s~trictest sense OF the word a goldite.
So that the public may see exactly where
the senator stands We quote the interview
verbatim So far as ii relates to the silver
question. Here it is:
He was asked to give his views on the
silver question, and in rcply said that the
agitation of the matter was doing no good
to anybody. but WAS i~niuring the West
very seriously.
1T is depreciatinE Western credit
more than the people here can know. |
was East a hort time ago on some public
fgancial business. and everywhere | Wa
met with the proposition that the people
OF the W est were trying to pay off their
debts with an inflated money. was ne
gotiating the sale of some Cheyenne
bonds, and we were asked to agree to pay
principal and interest in gold, as the pur-
chasers were alarmed at the prospect of
an inflated, unbalanced silver coinage. II
is the agitation of free aud unlimited
coinage which is hurting us.
Il voted against the measure in the
last congress, and have had no reason to
regret 1t l believe it bimetallism. and
believe that with the influence the United
States has IN tie nations of the world,
that it can be accomplished, but | do not
believe the United States is strong enough
to accomplish alone the free and unlim-
tied coinage of silver today
What arc your reasons for so think
ing, SENATOR"
My reason is simply this: We cannot
force upon the world a currency that the
world does not want. If we
coming all the silver presented on the
present ratio between silver and gold, gold
would be driven out of Our country, AMI
we would find ourselves on a silver basis
1t is to the interest Of the | nitcd States
to remain on a gold basis until n confer
ence Of the nations of the world can be
had and all agree to adopt silver on a
ratio. either the present one of the United
States OF some other. The thing Tor the
West TO do is to urge upon the diplomats
of the country the Importance of moving
in the direction of an international none.
tary congress.
1t will be observed that the senator can
not lay claims to much originality either
in the substance -or-eKpressiOn Of his
views" Andrew Carnegie or John Jay
Knox have heretofore expressed much the
same views and in much choicer and more
forcible language. As to the sale of the
Cheyenne bonds it was finally made with
out any aid from Senator Carey and the
interest and principal are payable in
money, not simply in gold. As to cheap
money, silver has been so solely by legis-
lstIon. Through the operation of the
same economic laws the product OF labor
has ''cheapened' to a degree correspond
ing to the fall in silver. BY the operation
Of the demonetizing act of 1873 the cur
rency was reduced one half and the price
of the products of the soil and mine 30
per cent. This act of legislation thus iav-
ored the moueyed classes. It manifolded
their power and icticlOusly increased their
wealth. That they should not want to
give up this tremendous advantage is not
surprising, but the people now are gener.
ally getting the true perspective of the
question and are insisting on the ~restora.
ton Of the equities. They want the grave
wrong under which they have suffered for
the past eighteen years again righted.
They want only exact Justice done them
and no com promise short of it will either
satisfy them or effect the purpose in view.
The senator's suggestion of a monetary
congress is like a d~ilatory motion which is
intended to defeat whatever legislation is
under consideration. Such things haYe
been tired and failed and in the very ma
ture of things will continue to fail.
As to the questions of fact involved in
Senator Carey's interview We will oppose
the statement of Mr.. Moreton Frewen,
whom the New York Sun desigDates as
''one of the most conspicuous advocates
of bimetalism in Europe" Mr.. Frewen
may not know much practically about
cattle raising, but he deserves his reputa-
ton as one of the leading economic writers
Of England. The interview in the Sun
with Mr.. Frewen is well worth reproduc
iog, particularly in connection with with
the statement Of the Wyoming senator:
OF a free coinage act should pass
next session should we be in danger of
coming down to a silver currency in this
country Should we, that is, lose our gold?
VI hi'NNh " ~ NAl'uli Nohs
Dwell, il we exchanged gold for sill
yer at a ration OF ! 20 l6, would not tie
greater stocks of silver in Europe be sent
here to be exchanged Tor gold until all
our gold hal gone abroad?
Mr.. Frewen-That | notice is the view
adopted by Senator Sherman and others,
but l cannot see any warrant for it.
Twelve wears ago the foes of silver here
used to declare that the limited coiuage
under the Bland bill would expel gold TO
Europe; but, far from it, you have ~coutin-
ned ever since to draw gold from Europe,
in addition to keeping at home your entire
domestic product OF that metal.
Q.-Is 1t. then. your view that an offer
of l29 cents an ounce for silver will not
bring that metal here from Europe2
Mr.. Frewen-WhY should 1t? There is
no silver bullion to speak OF there, and
coined silver. which is already legal ten
der money at a higher ratio, Il to l5l) is
not going to be melted up for such a
purpose.
Q.-Might not the government, say Of
France. melt up fve-iranc pieces and del.
uge us2
Mr.. Prevention forget. perhaps, that
the French government as recently as De-
cember, 1889. refused an offer of 1873 cents
in gold per ounce for 500, 000, 900 worth Of
these same 6ve-frauc pieces, and this be,
ing so, why should France now wish tc
sell silver to this country at 100 cents pei
ounce?
Q-What offer do you refer tn?
Mr. FreWen-That year. 1889, con