The prison mirror. [volume] (Stillwater, Minn.) 1887-1894, 1893-08-03
SILVER,
(Report for Glass A by Il. Fl. w. d.

\ACpoll loi Ni6lSS ~ ". H. IL. W Z. ~.
For the past few months the country has been
trembling on the verge of a financial panic. Val
ueS have Shrunk loans have been called in,
money has become scarce, and distrust and I'M
certainty reignS on every hand. Cereals at a
low ebb, wheat having recently sold at the low
est price ever offered for it in this country.
Many national banks have failed. and others
were barely saved by those heroic measures
known only to tinancierS. And what is the
cause? is the natural query. Silver, silver. sill
yer. greetS you in answer from every side: but.
let us see. 1t was not SO many moons ago. that
the Bourbon Democrat would have Shrieked
Mckinley Bill" as his answer. Aud no later
than one month ago Chauncey Depew. the gilt
tering exponent of Republicani>m laid the blame
at the door of the present administration, and
its callow ministers and fnanciers. Here is. a
wide divergence of opinion. Let us east glance
at this silver issue. When in direSt Distress
amid the lowering financial gloom of the early
sixties. the government called upon the banks
and mOneyed men of the nation for aid. who can
blame them if they made their own terms? We
cannot afford to inquire too closely into the mo-
tive. The government at that time could not
'look gift horse in the MOUTH and that it was
a gift HORSE the millions of Geo. w. Chills of
Philadelphia, the Nanderbilts, Astors and DreX-
els of n. V, and the PeabOdyS and Fearings of
Boston will testify To be sure there were Fisk,
Gould. and other cOrmOrants of that ilk hang
ing around the edge of affairs ready to turn ev-
cry untOward event to their advantage and fat
tenning upon the opportunities of Black Friday
and reverses in battle. But these were evils
spawned by the necessities of the times. Bonds
were issued. licences were granted and the pres
ent national banking system had its birth
With the national banks came the national
bank note; issued by the bank, and secured by the
bonds owned by the bank, but deposited in the
government vaults. The years rolled away and
there came a time when the government could
redeem its bonds: which it did partly by a re-
issue of bonds bearing lower rate of interest.
and partly by retiring the balance. The immedi-
ate effect of this move would have been terri
bic contraction of the currency; and coming as
it would, on the heels of the popular cry for
'more money per CAPITA the politician stood
aghast. Then came the opportunity of the silver
men. BY having the government buy certain
amount of silver bullion each month"; and instead
of coming the same, store it away in the treas
ury vaults and issue currency and notes against
it, that would be a brilliant scheme, and supply
the pressing eXigencies of the hour. We all
know how it was done. The Sherman bill is a
matter of history, and now we are to grapple
with the remains of this makeShft. 1t is pro
found subject, and the friends of silver have q
strong position despite the popular belief to the
contrary. English gold has been talked of as be
ing spent freely against it, and the recent action
taken by that government in India looks yer,
peculiar. to say the least. There are many thing.
would like to add. but my time has passed Ions
since, and besides. the coming meeting of con
gress will no doubt mix the matter up so that
will have an opportunity to face you again OF
this topic.