St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-09-20

| the country which according to Senator
! SHERMAN is to dump It's silver upon
your minis. How is that silver to be
| got together-silyer that is to-day either
| ho9rded under millions of hearthstones,
or is in the form of bangles upon arms
| and ankles? How are you going to get
any OF it to bring to this country? 1t
would take infinitely less time, trouble
and expense to reproduce it from the
quartz veins of your Rocky mountains
than to collect it amongst the tiny boards
of British India. Out of 26O,OO0,OOO of
natives, less than 1900 (or one in each
| $4,000 have bank accounts at all; in
what way, then, can you reach the silver
which is boarded by that vast remain
der? And if you cannot get at this
! stock of silver through the banks, how
then can you get at it? Is the ryot Of
! the Punjaub or the s0wkar of the Dec
can going to send his silver to New
York to buy New York Centrals ? 1t
comes to this-you can get silver from
India only on the terms by which AIad-
din's lamp was acquired-to get silver in
India and from India you must buy 1t,
IiiS Oiu iupCC Will Il llCW Iupccs
venture to make this further state
ment, which will be borne out by every
American consul in India to-day: The
export from India of three crores of
| rupees (30,000,000 of rupees. say S15,OOO.-
O0O) would put up the bank rate in In
Ola to "a per cent, while the export of
six croreS would make it impossible for
the British government to collect its
revenues OF pay its troops. Is it posi-
BILE that Senator SHERMAN, an ex-sec-
rotary Of the treasury, does not know
what Is known by every Manchester
merchant who trades with India? The
result, then, of free coinage in the
United States would be this: You
would Immediately attract little silver
from Austria. 1t would serve no use
full purpose to explain why. Enough to
say that Austria has silver standard,
but an incoEvertible paper currency;
which is not deprecated, however, but,
on the contrary, is at a premium in
silver Also it IS possible that some
OF the South American republics
may still have some coined silver that
their poverty may oblige them to sell,
unless they sold all they could spare
during the rise last year. Beyond these
two sources L see no possible chance
silver reaching you from the outside,
nor of the passage in Europe of any
legislation which would nave that eff
feet: the possible exception again
being Austria, where legislation has
been at least talked of, to enable that
country to resume specie payments in
gold. This legislation, requiring the
consent of Hungary also, would be two
years in passing.
In this letter have only vcntured to
consider those aspects of the silver
question which come from beyond the
sea, and which, while very important in
view of the increasing probability of
free coinage, are the points with which
the public mind in this country is per-
hapS least familiar. In further letter,
you will perhaps permit me to point
out how the fall in the price of silver
which it is the object of free coinage TO
correct has enormously stimulated the
exports of agricultural produce from
Asia to Europe. and fostered a compe-
tition in wheat, cotton and other staples
which has diminished the receipts of
the American farmer by hundreds of
millions of dollars.
MOREToN FREwEN.