The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-07-24

NNNhk W us NSsV ''h'""
home since the Democrats took posses
sion Of the government, was in town foI
q few minutes yesterday attending to
some business matters, He was seeu
at his office in tho Washington build
ing by a Tribune reporter just before
leaving the city, and was asked to give
some expression to his views on the ex-
tra session OF Congress, the financial
question and the business situation.
He was disincllned to talk at frat say
lug that lie had kept out OF tho news
papers since March t. but finally he
consented to answer n lew questions.
'It the extra session Of Congress now
called" SAID he, lis to afford tho relief
expected, it should have been called
earlier so that the disaster, loss and
s~hrInkage OF values which have fallen
on the country might have been avoid
ed, II is n fact that values have shrunk
in four months q thousand million dol.
lars. This Is almost beyond compre.
pension. The reason set forth for call
ing the extra session OF Congress Ia that
the silver bill is tho cause OF the pres.
ent financial troubles and distrust, and
sllould DO repealed"
do YOU think tho silver bill is the
cause OF tho present disturbed financial
situation ?" was asked.
"In my judgment it is not tho sole or
the main CAUSE" was tho reply, al
though | am aware that President
Cleveland and many leading men OF his
party have labored to make the country
believe that il Is, and | regret some Rs.
publicans have fallen into this error"
"Why do you think that the Presl-
dent and tho Democratic party have
tried to make this Impressions"
because by placing tho responsible
! ity for the present situation upon the
silver bill, MIR. Cleveland and his party
hope to avoid some oil tho results fol-
lowing tho election Of n Democratic
President and Congress on a platform
pledged to do away with protection.
The purpose or threat to bring the
country to a free trade or tariff for reve-
nue. only basis as soon as the election
was over shocked the business interests
and has contributed largely to bring
about present troubles"
THE SILVER LAW AND THE BALANCE OF
TRADE.
"What are the reasons for saying tho
silver bill is not the cause OF the pres
ent troubles2"
"lhe silver bill did not turn the bal.
ance OF the trade against us, nor did it
have anything to do with the policy OF
contraction, reduction in manufactur.
ing adopted by business men followed
the election, nor was it the cause OF the
financial troubles in England, South
America, Australia and elsewhere.
The balance Of trade being against the
United States largely caused the out.
flow OF gold to Europe. This wac loCi-
cal. Europe wanted gold. Austria
had been boarding gold and paying q
premium for it. Il was natural for
Europe after selling us more goods
than she bought to demand pay.
ment, not in u securities,
but in the best money We had,
which was gold. European bank.
ere made a premium on the gold they
sold to Austria and Russia. There was
no other country from which gold could
be drawn. England could not sell tho
securities OF other countries which her
people held and supply gold, because
there was no market for these sucuri.
ties. In the war made on silver the
people In Europe aud the United States
have been led to believe there is danger
Of our coming TO u silver basis. Nobody
has helped to swell the volume OF dis.
trust about silver moro than the Pfesi.
dent and the present administration.
MIR. Carlisle, secretary Of the treasury,
according to the papers, gave out that
the United States might pay it's obliga-
tons in silver. This did as much rs
anything else to depreciate silver and
destroy confidence"
WHAT MR. CLEVELAND sIoULD HAVE DONE.
"What should Mr.. Cleveland have
done, and what can he do now2"
"If, instead OF adding to tho distrust
about silver, Mr.. Cleveland, early in
April, had boldly declared 1t was the
established policy OF the United States,
by the terms Of tho silver bill, to main.
tain tho two metals ut o parity, and
that no would do SO under any and all
circumstances, IL would have helped to
prevent the silver scare. The President
Is sworn to execute the laws, tho entire
silver bill, one part as well us the
other. He executes that part which
requires thepurchase Of A, 800, 900 ounces
OF silver monthly. Why not have do
clared in season and early that he would
execute the other part, and use all the
power Of tho government to keep those
two metals at u parityP This would, to
q great extent, have arrested the dis
content and distrust that have grown
up about the silver bill, and 1t seems to
me this was the better policy to pursue.
Zone OF the greatest reasons for 70.
poaling the silver bill Ia that the poo.
pie have boon educated by tho Prosi.
dent and a large element Of his party
to believe that this is tho source OF all
our troubles. Mr.. Cleveland has not
huildod wiser than he knew, but no has
built q fro which ho cannot very vol
put out. II Congress, being called to.
gethOr for tho purpose Of repeating tho
silver bill, should not do 80, thOn our
condition would b. worse than It Is
now. II the President, In his forth.
coming message or In some other way,
should assure tho people that there
would DO no great or radical changes In
the tariff and tho principle Of protec.
ton would not DO destroyed this would
largely help TO restore confidence"
SILVER SHOULD HAVE a PbAcR IN THE
MONETARY sYsgEM.