Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1893-09-23
HON. JOHN I. JANNEY
Discusses the Financial Situation
of the Country.
Secretary Carlisle and the Democratic
Party Arraigned.-John Sherman is
also Taken to Task.

people, III my OPINION, 10 seriously III
vestigate the true cause that has pro-
duced the effects that are considered in
each of the communications in ques-
ton.
First, Probable cost of recoinage
of silver" by Secretary Carlisle, to
Senator Voorhees,.
Second, "How six men of New York
City rule the financial destinies of the
country"
Third, "The prevailing price Of
wheat.
In Mr.. Ca1isle's detailed account OF
the statistical condition of the volume.
character, or different denominations OF
existing silver holdings. by our Gov
ernment and people, of whatsoever
character, either as coined money or
bullion, l confess that am amazed,
and intensely so, at his statements and
recommendation in this letter to Mr..
Voorhees, They are so radically diff
ferent from the sentiment and Stats
tics in his speeches of a short period
back that to my mind they are totally
irreconcilable, and to those familiar
with his record in the past, it seems
to me they must be likewise apparent.
Assuming that his recommendations
are made with due deliberation, and
should he from conviction earnestly
maintain his last recommendation in
which he claims that change of ratio
from 10 to I to 20 to will cost the
Government in round numbers one
hundred and thirteen millions of dol
lars, which in my opinion is self-con-
demning, what increment of profit,
either to the Government or our
people, will follow such a change as
recommended, if the conditions, as
outlined by Mr.. Carlisle, be real
lied? l, sirs, assume that a reduction
of the ratio of parity will cause an in
crement of profit to the Government
and people in the same proportion as
the increased ratio will lose it. Now,
as a simple illustration in proof of the
above proposition, will take the
mariners compass. When properly
adjusted and the needle embarrassed
it unerringly points to the north pole,
and the opposite end to the south pole
Why should not similar conditions fol-
low in the application to our ratio
system that seems to be so compli-
Gated to many? 1t looks to me OF
easy solution.
Now, to express an opinion upon
the Secretary's recommendations, it is
certainly outrageously ridiculous as
contrasted with his past record.
Maintaining the sentiment that | do
from the best source of information at
my command, which have endeavor-
ed to investigate carefully, know full
we'll that the argument of the mono
metallists is that we should adjust our
financial system in keeping and in in
tereSt with the lnonometallists of
Europe. We being the largest produ-
GERS of the precious metals is par
ellel case with the wheat production
Mr.. Gladstone, the uncrowned king
of England has educated our Demo
cratic friends to believe that the mar
kets of the United Kingdom are all
that is necessary to give remunerative
prices for wheat. He has been so sue
cessful i'll indellibly stamping that be-
lief i'll their minds, that thrust they are
so fully satisfied with the present
prices obtained for it that they may be
even rejoicing.
However, the point in connection
with the present price of wheat refer
to. to show that Mr.. Gladstone is as
much interested in the adoption of the
ratio Of silver as 10 results Of prices
of the metal. knowing full well ANY
increase whatever in ratio will rebound
to the benefit Of his people. Hence
the great desire upon their part to set
tie the matter in international conven-
ton, or an adoption of increased ratio
upon our part for the simple reason
that their coinage ratio of II. rs to /
will at all times give them the silver
at a profit either coined at our present
ratio Of 10 to l or in bullion as long as
the present ratio exists or an increased
one is adopted in lieu of the present
To my mind this is the potential
factor in the agitation of this ques-
ton by the monometallists of England
and by them transferred to this coun-
try and accepted by the Wall
street interest and dictated by them to
our people. Unfortunately for the
producing forces, the metropolitan
press is owned by the monometallic
class, and the work to meet their eff
forts is handicapped by that condition
of affairs. The next factor, to make the
case more difficult to get before the
minds of the people, is the fact that
the metropolitan press, instead of
meeting the demands of the pro6uc-
ing forces in practical and logical ar
gument, resort to the plane ofridicule or
derision. 1t matters not how intense
the system of monopoly and oppression
are enacted by statute law and prac-
ticed, the question of unconstitution-
atty rarely is raised In fact the
press recognize it as right The law
yer is ready to legalize and the clergy
to Christianize it.
Under such conditions the case is
one of a most serious character to
behold and a solution of the compli-
Gated character of the case requires the
most profound thought to adjust mat
tiers upon basis of equity and right,
which | contend ever reign in the in
terest of justice to the great mass of
the human family.
The question of honest money is one
that is very forcibly brought forward
by the press and politician. The bulk
OF the financial legislation of our gov
eminent has been enacted by the Re
publican party, and how its members,
those particularly who have taken so
prominent a part in its enactment
as John Sherman to such term of de-
rogation of his own work convicts him
Of incompetency to give an honest sys-
TEN and wholly INEQUALITIES him for so
important work. A most singular
condition exists i'll the record of the
Republican vote upon the adoption of
the Sherman statute of July, 1890,
as contrasted with the vote on its re-
peal.
We now have reached the point of
its adoption by the lower House and
the impression prevails with a great
many that the repeal of the statute
will give financial relief. In my opin-
ion, unaccompanied with provision
for an increased volume of circulation
and of such a character as will and can
be put iii circulation promptly and
maintained there, the most sanguine
will be disappointed in such realization
There are, however, aclass of our peo-
nile who know fill well fhnt II cantnf