The herald., 1893-08-22
THE FINANCIAL SITUATION.

ees &ANNCAAS - OA 40Avs
| Ex-9enator Ferry Gives HE yiava ou
the Present Absorbing 0uestion.
The following is taken from the Chi
caeo Inter Ocean:
Ex-senator Ferry was asked today "a
give his views on the present induntria
and financial condition Of the country.
In reply 70 = question he said:
II think It worse than bad, but moi
hopeless. What less could follow {
change Of policy BY which our country ID
made debtor instead of creditor to Europe
BY balance Of trade against us, instsad
OF in our favor? Prior to this year the
commercial and financial tide was
strongly setting to American shores. 90
much 20 that English capital and Eng
iish operators sought our inviting field,
to place their money and their skill
whore 1t paid the best, and to the en-
richment of America, and the impover-
ishment OF England. Fears Of . revorsal
Of that wise policy by the uncertain, un.
defined, and divided forecast Of what
attitude tho administration will take
upon commercial and industrial meas.
ures, have reduced our national rela-
tion to Europe from that OF credi-
tor, to debtor; our imports now exceed
our exports; the balance Of trade is
against us; English capital il being
withdrawn and withheld, and our secur-
tiles sent homo for sale, adding to the
large export of gold which has been
drawn from MS this year, all causing
more or less anxiety and business dis
turbance." 3
"Has not the Sherman silver purchase
act had something to do with the pres-
ent apprehension ?''
incidentally to some extent" but 1t
Ia not the substantiAl cause Of the pre-
vailing uneasiness. II was, however,
financial mistake; it was the growth of
compromise. and has borne bitter
fruit. A rare opportunity was lost when
tho bill was passed. Had the senate
passed free silver coinage bill, limited
to American products, instead Of its nm
limited free coinage feature, the house
would then have concurrcd and the
president approved the measure; silver
would have risen to parity with gold,
and . fixed American measure of
value then taken out of the domain
of politics. There would then have
been no cry. nor fear of the dumpage OF
the cheap silver of thu world, and this
nation would today be independent Of
the financial dictation OF Great Britain.
General Grant once said that the
Republican party beats itself by its own
cratic party on the blunders of Demo-
cracy. The mistake Of the Sherman act |
was In providing an illogical and fatal
function for silver-making it q COM
modify. as we'll as measure Of value.
Gold thus treated, would also be sub
jected to fuctustine market prices. For
the nation to formally debase, by eover-
eign act. it's standard or measure Of
value, BY bidding down ito value in
marAet. as 1t treats silver under the
Sherman act, is fatal public policy, be-
meath the dignity of sovereignty; de-
grading and destructive to values; q
periloue example, and unworthy the |
wealth and power of the richest
nation of the earth.
Our perplexity is England's oppor-
tupity she has been foreshRdowing this |
crisis to cripple the commercial rivalry
Of this republic. She never intended
any agreement on an international mon
etary standard at the Brussels confer
once. She toyed with delegates and
manipulated delay for defeat. Biding
the opportune time. while gold was
being drawn largely from ua, consterna-
ton crept into our financial circles; and
distrust paralyzing our Industries and
blow 10 fe Hs II nsr sa
India. s,sS =. ~ u
Against the interest Of the people Of
her Indian empire, the local goyefnment
Of British India has made this British
coup d'etat, not to build up Indts but
to strike down America. We, shall be
of Americans If We do not /
fatty resent it and rise to the dignity
and policy of an independent nation.
The administration is thus suddenly
brought to trial. Now comes the crucial
test Of Democratic wisdom. The presi-
dent is In doubtful perplexity. Between
the upper and neither millstone of party
pledges and party policy, Cleveland is
forced to confront = condition. or be
retired to delueive theory.
"Will the called special session of
congress repeal the Sherman act, do
you suppose?'
mot Internationally. If 1t hopes to
meet the emergency. ltis possible that
enough southern members, induced to
vote for repeal provided the 10 per cent
tax upon state issue is removed. may
join the advocates Of single gold
to make up majority for re-
peal, but doubt II. The remedy would
not be worth the sacrifice Of principle
to effect it.
"Unless the Democracy are fated. to
commit fatal blunder. congress is more
likely to repeal thu Sherman act and
substitute free coinage of silver, at an
ratio with gold, and limited
to American product, thus establishing
a practical policy of bimetalism-the
silver dollar made equal to the gold dol
lar-and alike freely coined. This
would be meeting grave emergency. OF
the nation by American statesmanship,
in prompt and permanent relief. with
an assured prosperity to America"