Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-07-08
FERRY ON THE ISSUE
Ex-senator Fssry Discusses the
Silver Question.
SUGGESTING PaoBABlEAcIIoN


GRAND HAvLS. Mich. July Tx
Senator Ferry vas asked TO give his
visss On the present industrial and
financial condition u the country. In
reply To question he sad:
Il think il worss than bad. but not
hopeiessL What lees could follow
change Of policy by which our country
10 made debtor instead Of creditor 10
Europe by balance IL trade against
M. instead of in our favor! Prior % this
year the commercial and financial tide
was strongly setting to American shores.
~ much ~ that English capital and
English operators sought our inviting
field. 70 place their money and their
skill whore IL paid the best. to the en-
richmsnt Of America and the impover-
ishmsnt Of England Fears Of . rover
cal II that wise policy by the uncertain.
underlined. and divided forecast Of What
attitude the administration will take
upon Commercial and industrial meas
urea. have reversed our national relation
10 Europe from that Of creditor to debt
or; our Imports nov exceed our exports;
the balance Of trade 10 against us; Eng
hsh capital 10 being Withdrawn and
withheld. and our securities sent home
for sale. adding to the large export OF
gold which has been drawn from US this
year. all causing more or less anxiety
and business disturbance"
A Remedy Proposed.
Has not the Sherman silver purchase
act had something to do with present
apprehension 7"
incidentally to some extent, but IL is
not the substantial cause Of the pre-
vailing uneasiness. 1t was. however, a
financial mistake: ID was the growth OF a
compromise. and has born better fruit.
A rare opportunity was lost when the
bill was passed. Had the senate passed
free silver coinage bill. limited to
American product. instead OF its un-
limited free coinage feature the house
would then have concurred and the
president approved the measure; silver
would have risen to parity with gold.
and a fixed American measure Of value
then taken out OF the domain Of politics.
There would then have been no cry. nor
fear Of the dumpagc Of the cheap silver
Of the world. and this nation would to-
day be independent OF the financial die
tation Of Great Britain.
General Grant once said that the re-
publican party beat itself by its own
mistakes, but always beats the demo
crat party on the blunders OF demo
cracy The mistake II the Sherman
act was in providing an illogical and
fatal function for silver-making il a
commodity. as well as a measure Of
value. Gold thus treated, would also be
subjected 10 fiuctuating market prices.
For the nation to formally debase. by
sovereign act its standard or measure of
value by bidding down it's value in
market. as il treats silver under the
Sherman act. ia fatal public policy. be-
meath the dignity Of soveignity; de
grading and destructive tn values;
perilous example. and unworthy the
wisdom. wealth and power OF the richest
nation OF tho earth.
England's Opportunity.
Our perplexity is England's oppor-
tunity; she has been foreshadowing this
crisis to cripple the commercial rivalry
II this republic. She never intended
any agreement on an international mon
etary standard at the Brussels confer
ence. She coyed with delegates an
manipulated delay for defeat Biding
ing drawn largely from us, consterna-
ton crept into our financial circles; and
distrust paralyzing our industries and
marts Of trade, she struck her GROWING
blow TO fell us in her governmental sus-
pension OF free coinage OF silver in India.
Against the interest OF the people Of
her Indian empire. the local government
Of British India has made this British
coup d'etat. not 10 build up India. but
TO strike down America. We shall bee
unworthy Americans IL We do not fatty
resent ii. and rise 70 the dignity and
policy Of an independent nation. The
administration In thus suddenly brought
10 trial Now comes the crucial test Of
democrat wisdom. The president is in
doubtful perplexity. Between the upper
and neither milestone OF party pledges.
and party policy. Cleveland is forced 10
confront a condition. or be retired 10
delusive theory.
Repeal or tho sherman Act.
"WiIl the called special session ~
r~ngress repeal the Sherman act. do you
SUPPOSE
Not Internationally, IL il hopes TO
meet tho emergency. Ii is possible that
enough southern members, induced 10
vote for repeal provided the 10 per cent
tar upon state issue Is removed, may
Join the advocates Of a single gold
standard 10 make up a majority for re-
peal, but doubt IT, The remedy would
MT be worth the sacrifice OF principle 10
effect it,"
Unless the democracy is fated 10 com
init fatal blunder. congress u more
likely 10 repeal the sherman act and
substitute free coinage ~ silver, at an
increased ratio With gold. and limited IN
American product. thus establishing a
practical policy Of bimetalism- the sil.
YER dollar made equal To the gold dollar
and alike freely coined.
This would he meeting agrave emer-
gency of the nation by American states
manship In . prompt and permanent re.
lief. with an assured prosperity TO