The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-09-07

ask for the issue of 500, 900, 900 gold
bonds, and they had good reason to
believe the comrlacent finance com
mittee would authorize such a bill
While waiting, clearing certificates,
based on rediscounted paper, fur
nisbed excellent SUBJ titue for money.
No more remarkable statement had
ever been made than that by German
who urged the senate not to inform
itself of facts with regard to the con-
dition of the banks, but to let the
COMPTROLLER alone. The Western point
of view was as not OF much value these
DAYS in Wall street, but he ventured
to suggest to the able tinanciers OF that
attractive but expensive locality that
they should prevent REPETITION OF
such frauds as the whisky trust and
such mismanagement as was shown IN
the cordage and other industrials. We
should remember that the Sherman
act or some kindred measure recognize
ing silver coinage must afford them
the only avenue possible for the en-
fragment of currency which they
especially needed. We should look at
the map of the United States and OBJ
serve that they cover broad expanse
of country and contain many views
and would so modify their opinions as
not to believe that every man who
differed with them respecting tinan-
cial matters must be either william or
a crank, aud then we would sooner ar
rive at that condition OF mutual con-
fidence and regard which ought to OBJ.
tain between citizens OF the same
country.
controvert the argument that there
was over-productlon OF silver in the
world. In this connection ne cited a
number of figures and taking up par
ticularly the case of Leadville, the
result of careful inquiry made by a
committee of leading citizens into the
cost of silver production there. His
summary showed that Leadville pro-
duced in IA years $104,515,8 1923 net at q
cost of 1921 52l, 59S, showing loss in
silver miaing changed into fair profit
by value of by'products,
The people of the far Northwest
favored resumption of free silver coin
age because they believed it bimetal-
lism. They were inflationists, they
did not advocate fiat money. Tney
believed that, as Senator Jones happi-
Iy put it, the rude obstacles which
nature had interposed offered a better
safeguard for the people than the wis
dom or unwisdom of their rulers
They opposed single standard be-
cause there was not enough gold to do
the business of the world and furnish
It's inhabitants with the currency
needed. Twenty years of experience
had emphasized the experience of CEN
turtles. Silver has not deprecated, but
gold has appreciated.
The question as to whether silver
should be demonetized by this bill was
national and not local. If he repre-
scented any other section, with his
knowledge of the possibilities of the
great West, he would be equally
tenacious for the preservation of the
white metal as a standard of value
No man removed from the money cen
tiers and realizing the illimitable re-
sources of this republic and its con-
stantly increasing needs would ever
stand for contraction of currency al
ready insufficient. Their interests
were identical with those of other sec.
tions of country which were borrowers
and not lenders. They demanded
coinage of both metals because
the history of all countries taught
them that they afforded the
safestand most adequate basis for
the currency of the people. They were
not influenced by their environment.
1t was true that for a generation at
least many great states would suffer if
the bill became law, but they could
endure it. The strong would survive
and the weak go to the wall. But it
would be the first time in the history
of the world that people devoted to
one of the noblest industries, to search
for precious metals, were doomed to
destruction by their fellow men be-
cause they produced too much for
than.
They should be proud that within
the limits OF our country the courage
and industry of our people had devel
oped silver enough and nearly gold
to satisfy the constantly increasing
needs of those metals for coinage pur
poses. There could be no stronger
bulwark of that country's safety than
that she produce her own coin for her
own people and was not dependent
for it on foreign nations.
II the mining states alone were to
suffer by unconditional repeal they
would suffer without word in the in
terest of mistaken policy for the pub
lie good, but there was no section of
country not likewise devoted to dis
aster and impoverishment. The SEN
ate was endeavoring to remove one of
the cornerstones of the government
fabric, to tear down one of the pillars
of our temple of prosperity. They
would find to their sorrow that when
the southern and western walls
crumbled the eastern facade would
not remain unmutilated and secure.
The result of this action would affect
every home and fireside in the land.
These were measures against the
welfare of a great people threatened
with the misery aud suffering which
must follow the abandonment of sill
yer, and of how slight importance
We're party lines and how paltry and
sordid did the patronage of the ex-
ecutive appear. The battle must be
fought to the end in this form. On
other occasions, had the senate ia OPP
position to the wishes of the ex Gu
tive and a hostile majority in the
other body, stood firm and unyieldiug
against party and eastern clamor The
New York sectional horizon obscured