Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1892-07-12
CLEWS' WEEKLY LETTER.
The Senators Actions on the Silver Bill
Discussed.

New YORK July 10.-At the conjunc-
ture If hopeful conditions, following
brighter trade conditions. came the
revelation that the free coinage mania
had gained the ascendency In tho
senate. The shock was all the greater
from Its being SO little expected and
its effects were the more marked be-
cause there was no assurance that the
senate bill would not be accepted by
the house of representatives. The
first effect appeared i'll Tuesdays
market, when large sales were made
on London account as we'll as on
orders from both local and interior
holders. causing decline of two to
three points. This break of confidence
IS to be attributed rather to the in
direct bearings of the senate's action
than to its real intrinsic importance.
1t will be viewed by surface observers
as revealing new accesslons of
strength to the free coinage
movement, and therefore may disturb
foreign confidence IN our securities,
cause them to be returned home and
correspOndingly derange our financial
relations with Europe and augment the
current exports of gold about which
sensitive. The danger OF arrangement
in this direction Is the greater from the
fact that Europe so little understands
the political aspects of the silver move
ment in this country, that it fails to
appreciate the force OF our eastern
hostility to free coinage and the GER
tainty Of its ultimately converting ma
tional opinion to the policy, and also
81 a. >f a.
press blindly committed to disseminat-
ing the worst possible constructions OF
the vagarles Of our silver faction.
More Intelligent or more candid con-
sideration of the erratlc doings Of our
silver fanatics would save great deal
of needless disturbance of investments
and equally unnecessary arrangement
of the foreign exchanges. 1t may suit
some European banking interests TO
have matters take this course when
they are SO inordinately anxious 10
pile up gold from whatever source, and
when they are wpprehensive that the
forthcoming monetary conference may
commit the crime of being the means
of restoring TO silver somewhat of its
lost status ss one OF the essential
money metals OF mankind. 1,
mighs, however, be prudent
tor this same banking power
TO reflect upon the fact that no matter
what political influences may be
brought into play, President HARRISON
may toe expected to veto any and every
form of free coinage which Is not inter.
national IN its scope, and that the next
president, be he Mr.. Harrison or Mr.
Cleveland, will equally protect the
country against any merely national
free coinage. For five years, there.
fore, the country 10 safe against this
danger: and. at the expiration of thai
time, the heresy will have found rs
destiny in the limbo Of exploded pop
ular fsIlacles. After the current phase
of loud talk and political manipulation
OF the question, pubic opinion wil
| quietly scquiesce in this inevitable col
utIon; when there will be an undoins
of the effects produced by the agitation
snce the passage of the isso silver act
which viii include the re-export of the
securities sent home from Europe and
the return ,o Va of the gold We have
shipped in payment for them. n, ss !,
| quite possible. we are destined 20 meei
. revival of the return OF our securities
under this new temporary outhresk oi
/ the silver erszs, we havr ihe ssiasfsc
ton Of knowing that this year. at last
We shall have overfowins supplies ol
sspaftshls products whfch ~ can ssnd
~ exchange for oar evidences Of debt
IL surely ssaaot hes very great Fnisfor
tuns 10 te thus ahse ~ get eur osllga.
tons within our direct control. saeb ,
psaeess might tsnd - pas check apps
purely sFseealstise favestmeatss ta
"a soafd sondues 20 q csnseFvsfss.
coasolsastsa ef eaf hnsacss .na ~oais
promote al sudepeeseree uf sss.fna
| oApsisi vhsh - asvautly 80 be deared