The Bessemer indicator., 1893-06-17
SENATOR woLcorr ON SILVER
He Presents stroag Arga,ssnts In Favo
of Free Coinage.

ne ffueentb htFouB Af8u41ehts In EAvor
of Free Coinage.
In recent issue Of Harpers' Weekly SenA-
ator Z. o. Wolco,t presented his Views % tho
silver problem In the following strong article:
administrations of space In this article nee
essarily exclude illustration, reference to
authorities, or extended argument, aud state
ments may seem dogmatic because brevity
prevents elaboration. Warrant and authority,
however, are believed 10 exist for every asser-
tion made.
AT the outset II must he assumed, because
II is true, that the advocates OF the adoption
of blmetalllsm by the United States are AMI
mated by an unsellsh devotion 10 the public
welfare n broad, as lofty, and As ardent rs
the adhercnts of any other financial policy.
They do not seek to build up one section ut
the expense OF another No monopoly OF pa
trIotic desire for the wcll-being of the whole
country exists in any portion Of It, The In
terest OF the East aud West are interviewer In
countless ways, and must be practically iden-
tical. Your capital has made possible the de-
velopment OF our resources. our Industry and
courage have opened fertile field for your
Investments
1.-THE far Wcst-and | speak of the section
west of the l0oih meridlan-is practically a
unit In favor Of the free and unlimited coinage
OF silver, through Information al agreement and
adoption II possible, but II not. then by the
United States without European cooperation.
The advocates of the policy are found In
all the political parties They have. as bl-
metallists no necessity or natural affiliations
with the Populist party, so called, nor are
they 10 be classed with cranks or socialists.
Adherence to the conviction that silver should
be restored to It's old position money
metal Is consistent with II belief, as to other
questions, In the principles Of either Of the
great political parties. The vast majority OF
the people cherishing these convictions arc
solvent, intelligent, thoughtful citizens, TO
whom the national well-being and the stablli-
ty OF our institutions arc as dear as life Itself.
They have no sympathy with paternalism, or
with any movement which shall rob human
effort of the fruits of industry aud ability.
The overwhelming vote which this great Sec
ton polled for the Populist ticket at the las;
election was not because Of It's belief In or
sympathy with the geucral gospel OF dlscon-
tent which that party preached in Its plat
form, but solely that 1t might emphasize Its
protest against the indiiIc. ence or hostility
with which bimetaliism was treated by both
OF the great parties.
g Time ripens all things few years
ago the advocate Of free coinage of silver was
looked upon as belonging to the army Of the
long haired. To-day probably nine-tcnths OF
the American people arc convinced of the In
sutliciency of the gold supply and the wisdom
of bi-mctallism, and there Is hardly writer
on political economy or student OF finance
who does not advocate IL. Men differ widely,
1t Is true, upon the vital question AS to
whether the United States can safely embark
upon tHt pOllcN OF Tree coinage WITHOUT
European cooperation. and rs to the wisest
method of inducing ether nations To join in
the rc-establi-bment OF the two metals; but as
TO the deslrability OF bmetalllsm there IS little
disagreement. 1t Is doubtful at this moment
whether the Brussels conference. The Amer-
can delegates to which nrc gentlemen OF great
ability, will reach any definite agreement, but
as an educator of tue public mind the confer
enee hn, done aud Will do incalculable good.
The people Of the West are not gov
erned In their demand for free coinage
by the fact that certain Western States
are large producers of silver. 1t is true
that the mining industry Is most Imports ant
one, giving employment, directly, to more
than million people, and that Its dcstruc-
ton means vast disaster TO many communal
ties, railroads and manufacturing enter
prises; and the realization OF this undoubtedly
intensiiies the feeling OF certain sections OH
the subject. The West believes In the free
coinage of silver because It's people have been
taught, as has the whole civilized world, ont
side o! the money ceutcrs, that the stock %;
gold is insufficient for the needs OF the world
in the transactiou of It's business. and that
the annual supply applicable for coinage by
no means Keeps pace with The growing de-
mands Of commerce and increasing popu.a-
ton, the development OF vast areas OF coun-
try, new industries which Invention and en-
terprlsc are creating, and the Infinite and
constantly extending needs for money as n
medium OF exchange In new communities re-
mote from old commercial ceniers. The
general full of value. during The past twenty
years Is attributable 10 the appreciation in
the value OF gold, owing TO It's limited and
insufficient supply, and followed the general
decentralization OF silver by some countries
and the closing OF the mint, of other co,in-
tries 10 the further coinage OF silver. lhis
general and continued fall In prices benefits
nobody, unless It be annultants, OF whom
there few in thi. country, and Is the
cause OF vast suffering and inpoverIshment
the world over. The United States has suf-
fercd less than other countries, because of
the additional circulation which silver pur-
chascs have afforded us, but we share In the
depression because of the intimate relation OF
our markets with those OF Europe Some
day, possibly after another generation of
further decline in values, and sti greater
suffering and poverty, the wrong will be
righted, and silver again assume its share In
sustaining the needed volume of money We
do not believe IL wise to wait the day OF Eu-
ropenu consent. We live in the open where
all around us are the evidences of the vast
progress already made, and the sure promise
OF future growth and prosperity We ar,
builders OF tho new; cur eyes rest on count
less acres whose virgin soil knows yet no fur
row, and on hill and mountain where the Iron
and coal lie waiting the energy OF man ana
the growing needs OF vast people who shall
inhabit the land. We reflect that the product
of these United States two years ago aggre-
gated In value thirteen thousand millions of
"
our possibilities for the future; and We cher
ish the conviction that II tbis great people
shall restore silver to the pedestal from
which 1t was treacbero'lsly overthrown, no
financial disturbance will follow. We are n
hard money people, believing in the coinage
of both gold and silver an moLry-a coinage
contemplated by the Constitution and sane
toned by generations Of usage, Legislation
degraded silver as It would degrade gold II 1t
should he demoneized Legislation must re-
store It,
''The legislation since silver was demonc-
tized, In the line OF restoring Its use, pleascs
nobody, and is vicious in that II makes silver
commodity. The Sherman act Of 1880 in
creases the purchases, but the storage OF sill
yer, uncoined, Is menace 10 Europe, which
Tears that 1t may be dumped as merchandise
on the foreign market. Bad us It IA, however
the Sherman act has been Of Infinite benefit
to the country. The increased circulation 1t
afforded prevented widespread financial d.
aster when the Argentine Losses and .hc Bar
ing failure occurred. Since its passage We
have prospered greatly in comparI-on with
other countries, aud Us repeal would ,incan
further financial embarrassment.
''The opponents of silver. on tho theory,
probably. OF giving dog bad name have
laid every financial trouble that has arisen
for years at the door of the white metal For
instance, existing silver legislation, or the
conditions which II has produced. has no
| more to do with the present gold stringcgcy
| and gold shipments than has the Bchring Sea
| dispute. IL we had only gold coinage, II
silver was unknown In our financial system,
| the gold would go exactly as II Is going to-
day, and AS 1t will continue to 20 as long as
and whenever the balance OF trade Including
| the payment of coupons held abroad and the
| expenditures of Americans on the other side,
| is against lis. The difficulty is at present
| augmented by the fact that there Ia not even
| gold enough for Europe; and Russia. In con
| temptation of the possibility OF future war;.
| and Austria for the purposes OF remonetiza-
tion, are buying gold in the United States be