The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1893-06-30
uANKATo FREE PRESS.
FRIDAY, JUNE 80, 1893.
VIEWS FINANCIAL.

The Hon. Bourke Cochran, of New
York. in an article on the "The FL
nancial Outlook" in the current NORTH
American Reuieao calls attention to the
fact that economic laws are not the
product of legislation; they are the
result of forces which no one country
can effect and which the combined
legislation of ali nations could not
permanently control" 1t would seem
that there had been enough in the
experience of various nations through
out the world, together with our own
attempt to solve the silver question,
to convince the most curious or the
most veritable fat money or free Sill
yer crank of that, but it does not
seem TO. If the financial difficulty
could be settled by the legislation or
any one country; if all that is needed
to give value to moneyis the say so OF
the government; if country can pur-
sue financial policy safely without
the least attention to the interests OF
any other nation in relation to that
subject. then the Argentine Republic
ought to be immensely prosperous, the
United States ought not to have
word raised regarding its financial
policy. and Australia ought not to
know what hard times are. The Ar
gentine came to grief, the United
States is trying desperately hard to
cast anchor, while Australia is learn
ing that as they sow so must
they reap. Bourke Cochran is
right The economic laws which
govern the business world can no
more be defed without evil results
following than can the laws of nature.
Mr.. Cochran also calls attention to
another fact which is worthy the at
tention of those who, in their earnest
desire to get rid of the Sherman Sill
yer law would consent to the restora-
tion of the Bland act which provides
for the coinage of from 2,OOO,OOO to
100000 silver dollars per month. He
SAYS: "Of the two laws the Bland act
is in every way the more vicious. The
Bland act remained in operation some
twelve years, and if it were now re-
vived it is reasonable to assume that
an equally long period would elapse
before it could again be disturbed.
By that time there would be over
eight hundred million standard silver
dollars in actual circulation"
He holds that as long as the amount
of silver dollars coined does not ex-
coed the revenue needed by the gov
eminent, they will pass for their face
value, but that when they exceed
that point they would sink at once to
their bullion value, and gold would at
once be at premium. The loss would
fall upon the people, because the dol
lars are out among them, while under
the Sherman act the loss falls upon
the government, which stores the bull
lion and issues a certificate thereon.
Mr.. Cochran expresses the opinion
that 1.-THE business Of the world Will
never be on stable basis until the
free coinage of silver shall have been
restored throughout the world" In
this connection it is recalled that the
belief has been expressed in several
quarters lately that the friends of the
free coinage of silver would gain more
to 60 in for the repeal.of the Sherman
act without anything in it's place. as
this would scare the nations of Eu-
rope and cause them to come forward
and shoulder their share in the solv-
ing of this question. and SO pave the
way for the universal coinage of the
white metal