The Saline County journal., 1891-02-05

commerce rather than to assert our.
selves upon the ocean. Discrimi-
nations Of the most astonishing
character have been made, both by
congress and by treasury regula-
tions, In favor Of Canadian railroad
lines and steamships, against our
own.
Presidents Of the United States
have repeatedly expressed the
national humiliation and appealed
to congress for action In behalf Of
our rapidly vanishing merchant
marine, but thus far their words
have fallen upon deaf ears. Let us
hope that the urgent appeals Of
President Harrison on this subject
may bear fruit In some well devised
measure Of protection and encour-
Agement.
IL ls as essential to commerce that
the currency with which it IL con-
Quoted 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 syste m would
be one that should furnish Just
enough Of absolutely sound currency
to meet the legitimate wants Of
trade, and no more; and that should
have enough elasticity Of volume,
to adjust itself TO the varying neees-
stiles Of these people. Could such q
circulating medium be secured the
grayest commercial disasters which
threaten our future might be avoid
ed. These disasters have always
come when unusual activity In busi-
ness has caused an abnormal de-
mand 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 rs
we now have. Had &c not been for
the peculiar condition which enabled
the United States to disburse over
tT5, ,OO0, 900 In about two and o half
months last autumn, am firmly
convinced that the strlngency In
August and September would have
resulted In wide spread financial
ruin.
"I am thoroughly convinced that
q better method can be devised,
which will, in . large degree, place
the power Of contraction In the hands
Of the people themselves. The OPP
POrtunity for such . currency may be
found In our bonded debt, which
should, In my Judgment, be In part
exchanged for ipcontroveritble
bonds, at q low rate Of interest and
always interchangeable for money at
the will Of the holder.
"The quality Of the circulation Ii
even more important than the guam
tity. Believing that there 10 not
enough Of either gold or silver in the
world to meet the necessities Of bus
iness, I an earnest blmetallst, and
concede to no one . stronger desire
for free and unlimited coinage Of
silver as soon - conditions can be
reached through international agree
ments, or otherwise, by which such
coinage shall be safe. But 10 is my
firm conviction that for this country
10 enter upon that experiment now
would be extremely disastrous and
that Il would result not In bImetal-
ism, but In silver mOnometallsm. I
believe II would produce Q swift and
sure contraction and eventually re-
duce the market value Of silver.
when the silver dollar ceases TO
have more value than the silver con.
tains, there will be little inducement
TO coin our own silver and the cost
Of transportation will prevent lts
coming from abroad. How then, will
unlimited coinage Of silver either
expand the circulation or enhance
the value Of sllver3 The advocates
Of the present free coinage insist that
It shall not wait the slow process Of
mint operations, but that the print
Ing press shall be set 10 work provid-
ing certificates TO be issued for silver
bullion at 81 for s7K grains.
"when this contamination shall
be reached, as-it surely will be II
unlimited coinage be adopted under
existing conditions, the too ardent
and impetuOus lovers Of silver will
sadly realize the truth uttered by the
wise king Of Israel; "He that loveth
silver shall not be satisfied sith sil-
ver.n
"GIve Us direct and ample trans
portation facilities, under the Amer
lean Gag, and controlled BY Ameri-
can citizens; Q currency sound In
quality and adequate In quantity;
international banks to facilitate ex.
changes. and . system Of reciprocity
carefully adjusted within the lines
Of protection; and not only viii our
eommerce again invade every sea,
but every American industry will be
qalckened and our whole people feel
the Impulse Of . nev and enduring
prosperity"
sroaRAPHrcAi.