Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1893-01-19
Mr.. BAYARD ON SILVER.
The Repeal of tho Sherman ACT
an Urgent Public Duty.
The IntrGritylof u Nations Circulating
Medium the Very Life Blood of Its
Prosperity.


The Intrgritylof u Nations Circulating |
Medium the Very Life Blood of Its
Prosperity.
Frederic Emory, of the Philadelphia /,
LcdJe, staff, visited Delamorc Place Tues. |
day week, 10 obtain from Hon. Thomas
II. Bayard an expression Of his views on
the LESSONS and needs Of the impending
silver driiis MIR BaYnrd In the course of
tile interview, said the subject Is not one
Of mere party cXpeliency IN any sense
but one that concerns the vital interests of
the country at large and That should be
treated without reference toany other con-
sideration, While il is a question above
parisanship, il is, in his opinion, one that
specially prcsses upon the democratic
party because Of the declarations Of the
party platform and thu utterances of the
party's accredited leader, Grover Clcve.
land.
"lf anything would seem clear to plain
mind, said Mr.. iinvari with great earn
estness, "it is that The American people in
voting overwhelmingly 10 elect Grover
Cleveland intended to accept and approve
his declarations as to the coinage OF silver"
IF Mr.. sherman" lie continued, "had
followed those occasional instincts which
are statesmanlike instead Of those other
instincts of Il partisan which he follows
too frequently, he would have done that
which he Ought to have done, no matter
which party ii originated with--inove the
repeal Of the Silver act which hears his
name. II would seem impossible how so
clear sighted linancier as Mr.. sherman
can fail to see the infinite disaster. dis.
order, confusion and distress that must
perVade the entire country should the gold
measure Of values be suffered to slip from
the centre upon which it now revOlves 1t
would simply be impossible to attempt a
catalogue of the ruinous consequences that
must cnsue from d descent from stand
ard Of equal value all over the commercial
world to the uncertain, iluctuating and de-
graded value of silver.
The slightest premium upon gold will
bring TO the doors o. the United States
Treasury the paper of the government,
| which must be redeemed, even at the cost
! of wiping out the last gold dollar, pur-
| chased and placed there as a pledge for
| that very purpose. In that event, every
savings bank deposit, for example, to
| bring the consequences home to the minds
Of the people, would undergo an instant
\ reduction IN actual value of 81 per cent,
| and that fact might as we'll be written
| frankly under each entry
Mr.. Bayard is not u believer in the idea
that there is not enough gold and silver to
go round" The proof that there is
enough and more than enough is to be
found, he says. in the fact that the govern,
| ment nov has silver stacked up by
thousands of tons which ii can't SET into
circulation" The fact is that com plays
comparatively but 4 small part in the
actual transactions of business, and Il
mans wealth is estimated not by the num-
Der of actual dollars he possesses but by
the paper securities, ertilicatcs, &c, which
| represent his property. Credit is what gives
value to various forms of property, and
credit depends upon the accuracy with
which the value of property is measured
and the stability of the value thus ascer.
tanned. II is for this reason that the gold
standard is so important to the country
and that its abandonment, by unsettling
credits and throwing business into cOnfu-
sion, would be so disastrous.
To do this would, in MIR. Bayard S
opinion, be ITO tampcr with the very fabric
Of our financial system and to Invite
disaster so irFemediable that would be dis.
posed to repeat the Divine admonition,
Woe to that man by whom the offence
cometh. y
Mr.. Bayard expressed great concern for
a non-partisan treatment of the question
There can, he said, "be no such thing
as the separation into political parties OF
the American people on the question Of
the real standard of values or the stability
of their finances. Therefore, the use Of
such phrases as good or bad politics
applied to such Il question indicates d
dcplorable want of comprehension OF
the subject, because the individuals
who talk in this way are treating
that which is an absolute necessity d
though il were matter of expedicnCy. Nc
commerce, 10 system OF contracts, no eN
changes between man and man can be
carried on, possibly, without weights anc
measures as the invariable standard oi
their dealings. 1t is, therefore, idle tc
dignity by the name OF a policy a propo
, sitlUn which would substitute fluctuatins
measure, expanding, contracting risins
and falling, for stable, unvarying basis
for the transactions OF mankind.
you night rs well ask the question q!
, to whether good health or i'll health was
= policy, or whether life or death could b.
: regulated under such phrases or condi
tons.
The great end and the manifest dut,
) for those who are officially entrusted witt
tile guardianship OF the financial health o
, the American people is to see to it that tn
credit Of the government shall be alway
so strictly maintained that it can com
| mand the means of obtaining sucl
supplies of the needed prGciOu
metal as will secure the permunen
! standard and mersurc Of values IN all In
t transactions. public and private, wliiCl
| are within the control of its laws.
4 political party that adopts this as its I'm
. broken rule OF action Will obtain and l:ec
= the support and confidence Of an intelli
/ gent people, and any other political part
e that attempts to regulated question so vita
b by the eNigeucics Of party policy will b
g blown into thin air"
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