Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-07-06

aDsorDlnB tne attention oil the peoIle ID
general, as well as the leading men OF the
country just nowfsIhe FREE PRESS this
morning gives its readers the views of four
sagacous and experienced fnanciers uron
this national question, which is Of the ut
most concern to everyone, and especially to
the wage earners
They make very interesting statements,
from which people who are not well up
in the art Of money making, or, perhaps,
more properly, money saving, can readily
comprehend the imperativeness of the stu
alton.
Each was asked his views regarding ths
financial situation and what the effect of
the phenomenal decline in the value of sill
YER since India closed her mnts, would be.
Taer opinions follow:
COL. CANNON SPEAKS WISELY.
Col Lettrand B. Cannon, vice president
OF the Delaware and Hudson Railloa COM
pary, said; "Ne can only judge of this by
taking antecedents. The experience of the
past is considered good guide for the fu-
ture. 1t is necessary to go back only to
the great debt created by the war, when
The standard Of value OF both gold and sill
yer was expelled. This is simply an illug-
tration Of the low credit of the country,
then. Our credit was restored by
u4OptIhS system OIL revenue derived
from imposts aud excise, which,
not only furnished means for current
expenses Of the government, but paid the
interest on the debt and left a surplus to
apply on its extinguishment. We had sub
stantlaliy, during the war, foreign cred
1t because we did not pay our debts by the
standard recognized by other countries
The government OF this country with great
wisdom and IN time OF prosperity deter
mined TO restore the credit of the nation
under Gen. Grants administration by re-
suming specie payments and imported large
amounts OF gold from Europe to enable us
to do so.
Specie payments readily resumed, the
baance of trade remained in our favor, ny
which We constantly c lded to the supply
OF gold; our credits were established abroad;
we reduced our national debt yearly until
by tnis example Of good faith to our credit
ors we changed the whole condition from
having almost no credit to enjoying the
highest credit ever attained by any netion
in the world.
"AIl these conditions have been changed or
reversed by what Is popuarly known as
the sherman act, the government
becoming substantially the purchaser of sill
yer to the extent Of "a, 600, 900 a month and
issuing paper silver certificate, Of a value
than GO per cent OF its commercial value.
The result hes beel to weaken our credit
throughout the world as evinced by the
constant return Of securities of corporations
in tile United States purchased by foreign
ers, on gold basis, and under apprehen-
sion that they would be redeemed or paid
silver basis which would
be IN Inevitable result unless we returned
10 the sound financial policy which had en-
sured such wonderful prosperity, not only
10 tue people but TO the nation. 1: seems
almost incredible that any people would
consent to take in payment of their debts,
or the weses Of labor a currency which is
deprecated AZ per cent in value when they
have enjoyed one in which they got 100
cents on u dollar for eyerJ dollar that was
due them.
"Perhaps, no better object lesson can be
related than the condition of Mexico and the
United States to-day. Mexico is on silver
basis. The Mexican silver dollar carries Il
cents more silver than tie American dollar
roin, yet, traveller, or anyone visiting
Mexico from the United Statos can ex-
change at the lines the American dollar and
get 62t per cent premium or for 500 he
will receive Slj2. so in Mexican money,
yet, every one of the Mexican dollars he To-
ceives is worth i cents more than the
American dollar which he gives.
The Mexican dollar is taken at its bul-
lion value while the American dollar is pre-
sCmed TO be redeemed in gol1. In short one
nation enjoys high credit, the other low
credit. II the policy of the purchasing of
Filyor is continued the condition of the
United States is just as sure 10 graviate to
the condition OF Mexico as the earth turns
on its contre.
"Above all those who are to suffer in
4,
the wage-cagners OF the country Their
savings which buvs been deposited upon
gold basis may be redeemed on Il silver
basis.
Capital can never he obtained except
that the conditions are compiled with and q
lender never consents to make q loan ex
cept that the payment is, at least, to be
made on the same basis on which be makes
"The causes OF dstrust of the pres
en-. doubtless comes from two conditions:
One, uncertainty as to the basis on which
debts ere to be paid the other under an
the loan.
apprehension that the present System Of
taxation IS threatened and may be changed
'No industry feels safe in making any
engagements or advances from an appre-
henson that the duties which protect il
may be changed. 1t is this very condition
OF doubt and distrust which has not only
affected business, but SO largely impaired
commercial credts
ut is inconceivpble why nation, which
en- joys the best credit, leading to an unex-
amplcd proap rity, should be willing to re-
verse policy of success by adopting that
which is certain to result IN disaster aud
bankruptcy"
VIEWS OF AN ABLE FINANCIER.
Hon. c. w. Woodhouse, president of the
Merchants National Bank who has been as
sceiatsd with the institution from its organ
iaation, was seen. When Intercepted he
said MY first thought from present ad-
vices is that the stoppage OF silver coinage
by india and the decline in the value Of the
metal will he the doom Of free silver The
whole question hinges with the senate /
think the house OF representatives would
# given the opportunity, repeal the Sherman
Sct, but l have grave doubts II the senate