Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1891-02-06

Q
own, the decline began and has steadily
continued. While foreign nations have
aided the shipping interests Of their own
people 10 the extent Of hundreds Of millions
Of dollars paid out Of the government treas
uries, our own government has done moth
ing, aud even worse than nothing The
remedy is apparent aud can come in only
one direction throughthe helpful aud pro
tective aid Of the government. "Aid to
our merchant marine is not aid 10 a class.
but to the whole peope-to the farmer. the
merchant and the manufacturer quite as
much as to the ship-builder and the ship
owner On the question, win it pay the
secretary said
But it will cost money Will it pay
Yes, hundred fold The aggregate Of our
foreign carry ing trade for the past twenty
five years while not more than one.tenth
OF our domestic trade, has, nevertheless
reached the enormous sum Of S2g, 465. l24,
92O Estimating the cost Of transporta-
| tiou at ten per cent Of the value Of the
goods. we have an expenditure Of about
s3OOO 10000 at least 80 per cent Of
which-S2, 40O, ,nOO, 0O0-has been paid to
$50 600, 600 year paid for passage money
we have grand total Of 81, 900, 900 900
tpaid 10 foreign labor aud capital during the
fst quarter Of a century, a sum larger by
early 5000, ,U0O, 600 than the maximum of
Ir bonded debt growing out of the late
ar. Are not the benefits which would
accrue from paying these sums to our own
people worth saving During that period
We have exported Of gold and silver, 10
pay balances Of trade against US. an ex-
cess OF S6Oi 400, 900 more than we have
imported Had we carried a fair share of
our own foreign commerce in American
ships. owned by American citizens and
manned hy American seamen, this vast
sun, and much more, might have been re
tanned at home TO enrich our own people
suppose that for twenty-five years we had
given $1,000 600 year in aid of our for
eign shipping and reduced bv that amount
the prepayments Of our bonded debt,
should We not have been far better of than
we are now -
Concluding this portion Of his address
Mr.. Window said Reciprocal liberty of
commerce is "A high-sounding, seductive
phrase but the kind Of liberty our foreign
shipping interest has enjoyed for the last
fifty years is the liberty to die under unjust
i,ter association, the crushing power Of
European treasures and the utter neglect
aud Indifference Of our own government.
Th- second portion Of Mr. Windom's
speech WAS devoted to the financial ques-
tou and to strong plea for a currency
absolutely sound. and uuHuctuatng in val
ne. His remarks were largely directed
against the schemes Of the free silver men,
aud relief aud cougratulation for the bust
ness interest, Of the country we're express
ei because the danger Of success Of the
free silver movement seemed to have been
ayert,d Mr.. Window said
Let me speak very plainly on this most
important subject. Believing that there is
not enough Of either gold or silver in the
world to meet the necessities Of business |
am an earnest himetaliSt and concede u
NO one n stronger desire than feel for the
free and unlimited coinage Of silver rs soon
as conditions can be reached. through inter
national agreement or otherwise bv which
such coinage shall he safe Bnt it is my
firm conviction that for this country to en-.
ter upon that experiment now, and under
existing conditions, would be extremely
disastrous. and that it would result not in
lniiitiditSih bll III SILVER tilbnDnetdllStu.
such an experiment would in my iudg-
ment. prove greater disappointment 10
IT. advocates than To any one else They
insist that it would expand the circulation
aud permanently enhance the value Of sill
yer believe it would produce IA swift and
severe contraction and eventually reduce
the market value Of silver
Let me briefly suggest some of my rea-
sons for this belief: Free and unlimited
/ cpiuBge Of silver by the United States
while the other great nations pursue an op-
| pnsIte policy. would invite all owners of
] that metal throughout the world 10 ex-
change 31lt grains Of pure silver, worth
about 81 cents for % ~ grains Of pure
gold. worth everywhere 100 cents Near
Is all the nations Of Europe are anxious to
exchange their silver for gold. and they
would at once accept SO tempting an offer
The mint statistics Of the treasury depart
ment show that the stock of the full .-gal
tender silver in Europe amounts to 81, lOl.
400. 900, aud that of this amount the banks
Of France, GERMANY. Austro Hungary. the
Netherlands and Belgium hold SIPS, Sti6.-
G6i. A large part Of these vast stocks Of
silver would be ready for transfer to MS at
once, aud the swiftest steamers would he
employed 70 deliver 1t u the treasury. in
might buy gold exchange on Europe before
our stock Of gold should he exhausted
Would our own people await the arrival
Of these silver nrgosies from Europe before
acting. Not unless the Yankee has lost
his quick scent of danger, and forgotten
hi cunning. Bank dapOsitors, trust com
panes, the holders Of United States notes
and gold certificates would Instantly lock
up all the gold at command, and then JON
the pauic-iuspired procession to the treas
ury, each and all anxious TO he in time To
grasp the golden prize before it is too late
Probably before the swiftest ocean grey
hound could land its silver cargo at New
York the last gold dollar within reach
would be safely hidden away in private
boxes and in the vaults of safe deposit com
panies, to he brought out only by high
premium for expectation. This sudden re-
tirement of $500 OOO, 900 of gold, with the
accompanying panic, would cause contrac.
ton and commercial disaster unparalleled in
human experience; and our country would
at once step down to the silver basis, when
there would be no longer any inducement
for coinage, aud silver dollars would sink to
their bullion value.
when the silver dollar ceases to have
more value than the bullion it contains,
there will be little inducement to coin our
own silver, and the cost of transportation
will prevent its coming from abroad. How
then will unlimited coinage either expand
the circulation or enhance the value of sill
yer, As if determined to omit nothing
which might accelerate these results, the
advocates Of present free coinage insist
that it shall not await the slow process of
mint operations, but that the printing press