The Neihart herald. [volume] (Neihart, Mont.) 1890-1901, 1893-07-22
ST. JOHN ON SILVER.

of Mr.. st. John, a prominent new
York Banker, before the Chamber OF
Commerce in that city. There were
present 143 Of the prominent men of
affairs, and though it did not appear
to influence votes, it shows conclus-
lively that a healthy reversion of SEN
timent as far as prejudice is cast aside
and facts become more generally UNI
derstood.
care there any further rcmarks!" ask
ed Chairman Orr. As William P. st.
John caught the eye and rose to talk,
the Chamber settled back to listen to
silver remarks from the acknowledged
champion of the metal in New York
banking circles and a man few tinanciers
care to meet in a discussion of this topic.
His opening sentence was a regret that
the Chamber never had a debate to reach
facts and let their facts determine Opin-
ion. He offered to meet anybody in
such debate and to submit fact for fact.
He won applause when he said:
Let me say at the outset there is II
thing in which ! am agreed with this
Chamberlain we must repeal the Sher-
man law aud stop buying silver.
There was strong accent on the word
"buying'' which some of the applauders
did not catch in its full meaning. He
went on:
This scare has been brought about by
utterances in the public press. First Of
all, it is due to a maladministration of
this law. The bill has been maladmin-
istered from the outset. The note crea-
ted for the absorption of silver bullion
is redeemable in gold. This is the adj
ministration of the statute. Well, then,
the remedy proposed against it is the
creation Of paper redeemable in gold. Is
the creation of paper by a bank or banks
or IA combination of banks in the United
States any more certain to be redeemed
in gold under their ability than the pa
per of the United States of America! |
think not.
Shall the United States, which to-day
floats in your pockets II in mine and
in banks S330,000 900 of silver ccrtiti-
Gates, warehouse receipts for these silver
dollars, floats them at par, and in Lon
don in October ut "A premium over Solo
shall the United States be told that il
is in immediate peril if it does not stol
this issue of S3G, 000, 600 of notes Il year
think not.
The Sherman bill under its real opera
ton is not answerable for scares. Mel
who are interviewed by our newspapers
men with bank titles attached to thei
return to confidence in the United State
until that act is restored-they are tn
cause for the alarm and not the act.
We exported sol 100000 of gold NOR
than we imported in the few month
which have just passed. Why did W
do it! Practically we had imported a
immcncc amount Of goods which we ha'
to pay for. The debt to the forcigne
maturcd at II peculiar time. Ever
foreign liIlpIl WIS la pNioN A7 a. lP''
perity, and Il great many of them wit
the Single exception of France, in som
thing like adversely.
France has e50,000,O00 of silver
S250.O 600, 900. The valuation Of silvC
is at %t.34 an ounce, and ii is available
France, and it settles all debts there an
does the business acceptably. The who
issue in France is S100,00,000 of thu
same silver for a population o~f'3G,0oo
600 of people. Our present total, il
Guiding paper, is less than 5~O0,OOO,OC
of dollars for a population of $4,000
600 of people.
| stake my reputation if there is al
left-Laughter)-on a knowledge up'
this question. would 90 into bait
as vigorously as men fight for the
homes and their country, and | o
defy every opinion in the city of Ne
York until facts are furnished me
correct my opinion. | was, sir, +
some eight years a member OF yo9
Committee on Finance, and at the i
stance of the President of this Chant
| delved into this subject, mainly for
n,,rnose of a~ntapOnzino the .weSte