The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-07-12
ZEE GOOD RIENDS.

IL ZEE GOOD FRIENDS.
The silver state OF Montana bows its
thanks to three men Of New York.
Their names are William p. st. John,
James B. Colgate and A. Foster Higgins.
All are prominent anne in the Ameri-
can center Of finance. The first is that
Of the president of the Mercantile Ma
tional bank, one of the ablest and best
known students of coinage in the coun-
try; the second the head OF the great
banking house of Colgate & Co.. a finan-
cier who has shown by great hearted
philanthropy his unwillingness to sacri-
fee the honestly earned prosperity OF
producers to the unyielding greed OF
Wall street. In a gathering OF l5O mem
beers OF the New York chamber OF COM
MERGE called to strike at silver, these
men alone raised their voices against in
justice.
The discussion arose yer q resolu-
ton demanding the repeal Of the silver
purchasing clause in the Sherman act.
After the gold bug fire had opened Mr..
Higgins said:
feel very gravely upon this subject. Tn
debtor class in the United States 10 by far
the greater number Of the people. Is il
possible that W are 10 have legislation that
ID in total disregard Of their rights? Look
At what was done in 1877 when this country
returned 10 specie payment. Thousands Of
-o:noA ~. - M alienation Uoa
paid to existing contracts. A man was
compelled to pay debts in gold, irrespective
Of the fall in the price of his aeouritiss and
properties that he had purchased. Yet here
again to-day We are proposing to do the
same thing. Now, I have not the wisdom to
tell what 10 the remedy for this situation. I
may be q fanatic. but I do believe that of
the two evils, l would rather see a perfectly
free coinage of silver than the maintenance
Of the single money metallic basis.
Here, indeed, is one champion in
the marts Of gold to speak for the
debtor class. And where is the ma
jority of that class? In the great
agricultural regions Of the west,
northwest and south. And why are
Ull0J LII OcOUs oOCdu5o ia AotClOpluk
the great resources Of a new and unset
tied country, in producing the food sup
phys of the world--a work in which their
only equipment was found in the hon
esty and industry of the toiler-in this
work they have been held down by the
money powers that have controlled our
national legislation. When they are
out OF debt the usurer's occupation is
gone. The usurer therefore proposes to
keep these people in the hole. The gold
should paste the prophecy of Mr..
Higgins in their hats. The figures pre-
sented by Mr.. st. John show that what
q tidal wave Of disaster will follow the
abandonment of silver by our govern
ment. France has 5 100000 of silver
s250,000,000. That valuation OF silver is
Mt sl.34 an ounce, and it is available in
France, and it settles all debts there and
does the business acceptably. The whole
issue in France is 100000. 900 Of that
silver for a population OF 36,0OO,OOO of
people. Our present total, including
paper, is less than 100000, 10000 Of dol
lars for a population Of $4,000, 900 OF
people.
Now, then, it is proposed, to further
diminish the proportionate supply of
money to u people, in other words to
further cramp the producers. The re-
suit must bring inevitable disaster. such
distress in working centers rs was never
dreamed OF in this great and prosperous
nation. The people-and in the newer
regions in particular-must have more
money, and it must be silver. Their
pleas at the gold kings throne have
turned to demands. The uprising OF
the agricultural classes last fall, the
growing restlessness over conditions
which must be changed unite to send
alarm to the powers that control, and
hence the Wall street combination to
squeeze the west and scare the country
through misrepresentation of the silver
issue. Mr.. st. John explains the situa-
ton by saying:
The Sherman bill under its real opera
ton Ia not answerable for scares. Men who
are interviewed by our newspapers, mon
with bank titles attached to their names-
and who say that there can be no return to
confidence in the United States until that
act is r~estored-they are the cause for the
alarm and not the act.
This great banker Is right. The
threats, alarms and bulldozing tactics of
s%ilver's enemies have caused this need
less scare. There is no other e%xplana-
ton, for the business Of the country is
in condition to warrant good returns.
II the Sherman law alone is responsible
for tho financial uncertainty which x
lists all over the country, why were sim
liar effects not felt several years ago or
very soon after the passage of the meas
ure?
Mr.. st. John concludes by stating
that eight years service on the financial
committee of the chamber enabled
him to give exhaustive study to the
coinage question, that he was thor