The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1893-09-14
, NOT ALL ON ONE SIDE.


| Judging by the great daily news
papers of New York, public sentimen,
Is all one way In Gotham. among the
rich, on the money question. But such
Is evidently not the case. Public opin-
ion on that question Is divided, even In
Wall street, and there Is variety OF
opinions on the money question, east az
well as west, and this variety Is found
in both political parties.
We have Just been reading a letter
from VIM. y, st. John, president of the
Mercantile National bank of New
Y ork City, which is not on the side OF
| gold, and which contains some remark
able statements, considering Its source
There Is large element in this coun.
try today regardless of party politics
that want to see this question settled
on the plan of the greatest good to the
greatest number. Mr.. st. John is Pres
ident of bank with capital of one
million dollars, with million surplus
We shall not regard him therefore as q
wild eyed fiat lunatic, or q man wanting
In large intelligence and sound
business judgement,
We only purpose to touch upon few
points in Mr.. st. Johns letter. He op-
poses the unconditional repeal of the
Sherman silver law, although he con-
cedes this law is not based on sound
economic principles,
The monopoly press of New York
City are generally claiming that the
free coinage Of silver would drive out
| gold, and as silver is the cheapest metal,
we would soon be on silver basis,
Mr.. st. John discusses this theory, and
| here is what he saws:
"But suppose, II we must, the worst
possible result-a single silver basis for
our currency. 1t can be demonstrated
reasonably that this result could be
but temporary; and that England
would be first and foremost among
the sufferers, while we would escape al
most unhurt.
Two years of silver as the sole pri-
mary money of the United States would
| serve to threaten Manchester with
ruin. Three years of it would suffice
to puS the German army to frequent
| suppressions of bread -riets.
Shall we hesitate at imaginary effects
at home, immediate If at all, and at
worst but momentary? Bankers, and
all dependent on our bankers for
| opinions, have already discounted lib
orally every possible i'll effect of any
policy, at this juncture, when antici-
patton has suffered vastly more already
than realization can, until the expert
ence is forgotten, the present seems
peculiarly our opportunity to adopt a
bold and permanent monetary policy
for the United States.
1t costs me much to appear careless
OF antagonizing men of large affairs
who are my own associates; whose
| opinions seem so different, but whose
interests are identical with mine. The
peril of the situation is my plea in JUS
| tification.
The eminent Professors Sidgwick, of
Oxford University; Marshall and Fox
well, of Cambridge; and Nicholson, of
Edinburgh-all daily conversant with
gold monometallism; also the late De-
Laveleye; Wollowski; Roescher; and
Sir David Mallet; and the living Bar
bour, finance secretary to India, are q
select minority on whom to base opin-
ion. 1t has seemed to me safe to dis
cover the underlying principle in their
masterful collation. of the facts, rather
than imbibe the conclusions of an ar
rogantly dictatorial dogmatism doled
out in this community day by day.
And would be acquitted of inten-
tional overboldness in thrusting my
advice, unsought, on you. My apology
is sincere appreciation of the present
commanding position of the United
States among commercial nations; my
profound conviction being that we are
conspicuously independent of all others,
of Great Britain in particular, as to
what now and hereafter should con-
stitute our lawful money.
Very respectfully yours,
VIM. Z. ST. JOHN.
Mr.. st. Johns letter is not new; it was
written in July, but its temperance in
the Arena, now that the silver debate
is on in our highest legislature body
emphasizes the view that there are two
sides to the silver question, even among
bankers and millionaires.
The point that Mr.. st. John seems to
emphasize is that single silver stand.
ard would be less evil than gold
standard, and might prove blessing
in disguise.
The eminent professors, referred to
by Mr.. st. John, who have studied the
money question In the light of history,
and whose views are tempered with a
broad humanitarianism, are certainly
entitled to as much consideration as
views of the Wall street bankers, whose
"dictatorial dogmatism" is becoming
very offensive.