St. Paul daily globe., 1893-08-26


Brussels monetary conference of 1892.
Great Britain, now in 1898, is coinbin-
ing her Asian with her European power
to prevent renewal of the parity of gold
and silver by the United States and
France or other foreign powers at any
future time.
1t will be observed from what has
alreads been stated, that the permanent
remedy for our financial difficulties is a
return to
The RimetaIlism
which existed prior to 1873 The coun-
try has not tried free coinage since it
was unwittingly abandoned in 1873, but
it has tried limited and restricted
coinage, silver purchases. the accumu-
lation of silver bullion and deprecated
currency, all of which have been forced
upon the country by monometallists
Through miserable compromises OBJ
tanned from silver men.
The proposition now before congress
to allow the national banks to increase
their circulation 10 per cent-and which
proposition l earnestly favor--iS the
outcome of general desire for an in
crease of the currency, the insufliciency
OF which has been made plainly mani
fest during the present crisis.
10 that proposition of itself there is
little objection, yet it is strange spec
tacle which is presented when we wit
hess that those who were most clamor-
GUS for such increase at the present
juncture are usually holding up their
hands in holy horror and seiemnly pro-
testing against any Increase OF
the currency-especially ALI increase OF
silver money-as Imitation" when. in
truth, both silver and gold are money
metals absolutely incapable of -inf1a
ton.
do not propose to discuss to any ex-
tent the matter of ratios, because / dc
not regard that the time has arrived for
its serious consideration. There have
always been conflicting views in regard
to the proper ratio which ought to pre-
vail between the two great
Money Metals
and in my opinion it is untimely to in.
vite such differences at period when
1t is not the precise ratio which is at
stake, but when the whole theory of
bimetalIism is asSailed Ii we do any.
thing, we should hold out an induce
ment TO the latin union countries to
recoin at a profit instead OF loss, and
that can only be accomplished by re-
ducing the ratio to their standard rather
than enlarging ours.
La L DCIlCtCu 1Ol OIlG Tie rc-
peal of the Sherman law would injure
the cause of bimetallism, and would be
the means of placing or tending to place
the country upon single gold standard,
L should never vote for it. but would as
earnestly oppose it as | AN now favor
ing 1t.
1t is said that the presidents message
by its significant omissions, and es-
pecially in its closing lines, s,contempIates
! tue establishment OF gold standard as
the policy OF the country, and looks
upon the repeal of the Sherman law as
means to that end. 1t is to be re-
gretted that the president was not more
explicit iii his last utteranceS. 1t would
certainly have made path of repeal an
easy one, and prevented such mIScon-
struction and bitterness. If ne
really Intended us to understand
| that he proposed hereafter to favor the
I policy of single gold standard, then /
\ must absolutely decline to follow him
/, III his new departure. l shall refuse TO
\ follow i'll the footsteps of any admins
\ tratlon that seeks to place the Demo
|! cratic party in false position, that
\ seeks to lead it away from its traditions,
Il away from the currency of our fathers,
II away from the path of safety, away
/ from Democratic principles and plat
III iOi HIS dtiO lilLO tHt very CAMP Oh TIE
4 enemy. The president must rely upon
i Republican votes to carry out any such
suicidal policy. [Sensation.]
N The temper AIRY relief which the coun
|. try needs at tins hour is the prompt re-
/ peal of the Sherman law. We can dis
| cuSs our monetary theories afterwards.
| Our duty now is TO stop further pur-
! chaSes, ana relieve an almost bankrupt
| treasury from the drain of gold out OF
| Its vaults Let us iegiSlate upon the
| financial question and then return to
our homes. At the regular session in
December we can resume the consider
| alton OF the establishment of a perma-
nent financial system required by the
| necessities OF our great and growing
| country. The goal for which the coun-
try should steadily strive is, first, inter
| national bimetallism-an agreement
| with at least few of the leading ia
| tlons-and II that is absolutely impossi-
Bile OF achievement, then independent
bimetalliSm at the
Earliest Moment
when the condition of our finances and
conditions abroad will safely warrant it.
Referring to the tariff the speaker
| said: 1.-The Democratic party is
| pledged TO tariff reform, and it must re-
| deem its pledges, come what may. Oh
course. it must he expected there will
| be some friction. IL is unavoidable. L;