St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-09
WINSTON IN WASHINGTON.
He Talks Finance and Farming,
but Is Out of Politics.

but Is Out of Politics.
Special to the Globe
WASHINGTON. Oct. 8.-Hon. P. B.
Winston, of Minneapolis, returning
from ten days visit to the old home
farm in Virginia, stopped in Washing
ton. While here he was interviewed by
Post reporter, and gave vent to the
following statement:
1.-The cities of the Northwest are all
for the repeal of the purchasing clause
OF the 8 herman act" said he, ''but the
farmers and the masses are for free
silver coinage at the ratio of 16 to l, and
would rather the senate would keep the
! law as 1t is than to accept anything less.
Ii congress really wants to relieve the
situation, it ought to broaden the ma
tional banking act by allowing the de-
post OF approved state, county and mu-
nlcipal bonds with the treasury depart
ment, and issuing notes against them.
The cities of the country have $500, 0OO,-
600 of tirSt-claSs gilt-edged bonds which
would be thus used. | believe in the
creation of federal bank at Washing
ton, which should do business exclusive
ly with banks, advancing them money
on the deposit of approved securities at
fair rate of interest. BY this plan the
country would be provided with tieXi-
BILE currency which would respond to
the demands of business"
In addition to the above, he said to
the GoLBE representative
mo, indeed, shall not visit the de-
partments in the interest of any Mime
sofa patriots who have ambitions for the
public service. L am out of politics and
struggling to maintain my financial
in 6
course will succeed and continue to do
business. Every man will succeed who
does not get frightened and lose his
nerve. The situation is improving
everywhere, and especially in Mime
sofa. There is no state in the Union
that has as remarkable recuperative
powers as our state. In the first place
it is only half developed, and the new
country being opened and the building
of new towns will give the present gen.
GRAFTON up there all it can do for the
| next half century.
For the past two weeks l have en-
joyed myself. l have been selling my
wheat, looking after the fall blowing
| and seeding, breaking colts and attend
ing to the most interesting bucOlic pur-
suits. After all, there is nothing so de-
sirable as life ON farm. 1t is on your
own land, surrounded by your stock and
steering the working force where true
independence Is found. Ambitions for
wealth and fame and official life sink
into inSignificance when one steps upon
his own land. Here he is the master,
with none to thwart his will-no COM
binatiOnS to be made-no compromises
to offer or accept. Why, l took more
delight in discovering that had two
year-old that could go in three minutes
than any man on earth ever telt in be-
ing elected to congress. That colt was
the creation of my judgment. and thus
is part of myself.
No, will not talk of political mat
tiers, and all l care to say upon the
financial situation is that there is much
of truth and something of error in the
position of both sides to the present
contest in congress. We want an elias
tic currency-plenty in certain seasons,
and less at other times. The United
States treasury should be the banker
for the bankers. Every good bank i'll
America has an abundance of gilt-edge
securities. For the past three months
those securities have been ValueleSS be-
cause the banks could not get money on
them with which to accommodate their
customers. Men with government bonds,
even, could not borrow money with
which to transact legitimate business
enterprises. Why should not congress
provide for a large currence re-
serve of greenbacks to be held in
the treasury, such reserve to be loaned
to satebanking institutions upon munic-
ipal bonds. l regard municipal bonds
as the very best of securities. If they
are not safe nothing is safe. Well, if
our city bonds in Minneapolis and st.
Paul for instance could have been sent
to Washington during the past ninety
days-say 100000 of them, and 81, 000,
GOO in ready money sent to US, the
wheels of no single industry would have
stopped. With some system of this
character adopted by congress panics
would be impossible. Say what you
please, III financial matters the people
must rely upon the nations credit and
the nations honor after all.
but | am not doctor of finance.
Plain common sense has been my guide
in my own affairs, and l think il would
be an excellent engineer for congress in
this emergency. Is it not remarkable
what rare thing common sense is
| among statesmen"