St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-04-28

"If the present tendency continues
the financial chickens which the farm
ers of the West have been raising will
come home to them to rOost. 1t is they
| who are largely responsible for the
present shaky condition, They have
been the noisy stool-plgeons of the
scheming silver miners, and have
shouted for free coinage"
That is certainly most remarkable
language to be used by Democratic
paper. in view of the fact that all of the
''noisy stool-pigeons of the scheming
silver miners" in congress when the
! laws referred to were enacted were
prominent Democrats, and that the
| Democratic state conventions of twenty
nine states have declared in favor Of
| free coinage. l cannot bat think that
we have fallen upon strange times,
when the leading Democratic papers of
the country join the Republicans in
Waging war upon silver money
| that money which has always been
| the honest debt-paying money of
the Countrywide friend of the farmer
and wage-earner. You must nave for
gotten the history of our silver leglsla-
| ton, when you attempt to hold the
| friends of free coinage responsible for
| the act of 1878, or the Sherman law of
| 1890, and say that 1.-THE Sherman law
was an unadviSed concession to them
and their demands for cheap money.
| With blindness that is inconceivable,
the very men of all others who should
want and demand the very best money
attainabe for their hard-earned pro-
duce insist on being given something
poorer than the best" This you say, in
the face of the fact that the farmers of
| the West, and their friends, have all
| that time been laboring to prevent the
precise condition or things which you
now deplore and attempt to hold them
responsible for. So much for your re-
| Election upon the ''silver fanatics"
| deny with emphasis that the pres
ent condition of affairs has been brought
about by the friends of free coinage of
silver, and challenge the proof of the
contrary. / 90 farther. and declare,
without fear of successful contradic-
ton, that the SHERMAN law" is not re-
sponsble for the recent and pending
large export of gold, and that its repeal
| last year or before would not have pre-
vented and would not now prevent it
1t is used by the ''gold trust" as a
"blind," and it has been repeated so
! often by those who have no other rea-
son to give that they believe it. The
/ cause for this steady outgoing stream of
| gold is twofold, and any one who wishes
I to investigate this subject will find l am
| correct.
First-For the past two years the
great powers of Europe-France, Ger
! many, Russia and Austria-have been
engaged in accommodating large amount
of gold in their respective treasures,
! realizing that in case of war the long
est purse is the most likely to win. They
are Sin time of peace preparing for
war" France alone, i'll the past two
years, has added nearly 5000, 900 900 to
| her store of gold, and Germany, Russia
and Austria have kept pace with her.
| TO secure this supply of gold, these
governments have issued bonds to pur-
J chase it, and have employed the leading
bankers Os Paris. Berlin, Vienna a, Lon
don and New York to secure it for
! them; and these bankers have been for
some time organized Gas "gold
| trust'O to accomplish their purpose.
Now, it is well known to many
| of your readers, that, after the close of
| the war for the Union, and when rail-
road and other corporations were striv-
Ing to find purchasers for their bonds,
| they, as an inducement to purchasers,
made them payable. principal and inter
est, in gold. Many of such securities
| have been and are held in Europe, and
have been properly regarded as the best
of securities. You can easily see that
the "gold trust'' would try to get hold
J of all such payable In gold" securi-
! ties; but as they were regarded as "gilt.
edged" something had to be done to
! weaken European confidence in the
securities of this country, and the 'sil-
yer question: is made the preteXt for
! this. Where they succeed in secur-
ing such bonds they are brought to
this country and the gold demand
| ed and secured. That is one
way. Another way by which these
! ''gOld bugs" drain our treasury of gold
| is one which our treasury department is
] criminally responsible for, viz: The
! payment of "silver notes" in gold.
These notes were issued, under the act
i of 1890. III payment of silver bulliOn,and
| to be used as substitute for the silver
dollars. 1t was supposed when that act
was enacted, that these payments of
| this bullion in these silver notes were
authorized, because they would be more
! convenient to use than the cohed silver
| dollars would be. While they were made
payable in silver or gold at the treasury,
| it was not supposed that, in the present
/ condition of our finances, that official
/ would think of such thing as pay
ing them in gold. We can now realize,
when too late, that this is but another
! step In the financial conspiracy, and we
| can understand what was Senator Sher-
mans object in SO framing the act of
1890 The act of 1878, which demOnetiZed
| silver, was passed and signed by Presi-
! dent Grant without It's being supposed
| to do so; and this act of 1890 is but a
repetition of the same legislative leger-
| demain.
But, will you tell me why,if our silver
dollars are now legal tendas, our gov
eminent should not pay its obligations
in silver as well as in gold. especially if
the latter is scarce? All these opliga-
! lions, except gold certificates; are pay
| able Sin coin" and not In golA.
| Again, and secondly: AD equally pc
| tent cause for this large export of gold
| is that the balance of trade is against
us, and that as nation we are buying
more than we are selling. There has
/ been serious falling off in our exports
| of breadstuffs this year. For the nine
months ending March 81, 1898, our eX-
ports of breadstuffs were Sl45, 032, 900 !;
while for the corresponding months Of
the previous year they were 1898, $4,000
Here is a falling off in nine months of
$50. 127, 900. The decrease in dairy and
hog products during the same period
was S6,6SS.000; total decrease in only
nine months of nearly 100000, goo.
But | fear you will complain of the
| length of this, and l will conclude with
the reminder that the present Demo
! cratic senate. since the reelection OF
! President Cleveland, has refused to re-
peal the Sherman law, bad as it is, and
| predict they will not until something
better and nearer free coinage is pro-
posed as substitute. Permit me to
| quote from yourself, and say, "Tote
| fair" j, L. MACDONALD.