Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1893-07-01
A GOLD GRABBING WORLD.


With no record Of benefit to the
country and with no strength in Con-
gress the Sherman Act will be repealed,
but 10 is not all Of death to die. The
money question Is agitating the whole
world and there are convictions in this
country which will not be satisfied I'M.
less an action OF such moment az q re-
peal which carries with il an entire
cessation Of silver legal tender issues is
Joined to some unequivocal enuncistion
OF q currency policy by which the
| Unitad States intends to abide.
When the Fifty.third Congress assem-
bles the event will be one Of much more
than ordinary interest. II this is the
age Of economics and il issues Of taxa
| tion and finance concern the happiness OF
mankind more than any others, the
coming session will rank with the de-
| cisive conventions Of history In the
effect IL not in the romantic interest
Of it's roll-call climaxes. Leadership
and majorities are vested in the Demo-
cratic party. A crisis in taxation and
money comes just when that party
has resumed the control which was
broken by the civil war.
In taxation the progress Of the United
| States and Of every European country
except England has been backward to-
ward tariff restrictions on trade. The
people Of this country have instructed
the Democratic party to reverse the
movement and begin to tax wealth and
to encourage markets.
In money the world, led by En-
gland, has been rushing toward an K
| elusive use Of gold and an abandon.
ment Of silver. Germany forced France,
the typical bimetallic country before
the war which Frustrated the fortunes
Of the second Napoleon, to stop coin
ing silver. frances surrender forced
the other European nations to follow.
The example has become so potent
that India, the great absorbent Of sill.
YER, is contemplating 9 suspension Of
free coinage.
II the United States repeats the Sher-
man Act without taking q stand against
the gold monomania, the entire civilized
world will be soon upon an exclusive
gold basis. What will followi One Of
the most prominent features of contem.
porary finance is a fierce grabbing for
gold among the nations. England is as
jealous over her gold stocks as q vale.
tudinarian over what is left Of his vital
ity. She will instantly change the dis.
count rate to keep gold at hand. Aus.
tris, Russia, Belgium and Germany are
grabbing for gold. When India begins,
the greed for the comparatively small
gold supply will be dangerously intensi.
fed.
We do not need an echo of the hasty
uproar OF the Populists to describe the
depression in productive industries
which will be caused when the trading
and industrial classes of the world are
reduced TO q single money metal. Gold
will rise to dizzy nights OF value and
the commodities of consumption will
fall correspondingly in price. Credits
must in great degree be guided by the
legal tender reserves which in case Of
trouble they will be forced back upon.
The great staples Of will be
drugs in the market while men scramble
for the yellow metal whose possession is
the only assurance Of financial strength.
Drop out of consideration the fat
money theorists. Drop the silver miners.
Does not the occasion call for other
leadership than that Of the shallow OPP.
portunist who would repeal the Sher.
man law because it is obnoxious and
would let events take their course to-
ward gold monometsllism
In England the wiser inanciers are
afraid Of the end. Mr.. Goshen wishes q
wider use of silver and an increase Of
it's legal tender power. Shall the United
States, when the oldest Of the gold
standard countries is getting uneasy
about the consequences Of its policy,
yield tamely to the gold fanaticism and
give up the last chance to retain silver
as money? Not only the toll and trade
Of our own country but the financial
sense of every other country is looking
forward to the session Of the Forty.third
Congress.
When that body makes its decision on
money there will be the turning point Of
an epoch. Either the gold craze will
meet . check or the chief silver produo-
ing nation will complete the precipita-
tion Of the worlds business into the
slough Of an exclusive gold standard.