St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-01

crease in the volume of the money.
Their plan was, however, after
repeal to ask for the issue
OF S100,000.000 OF gold bonds,
and they have good reason to believe
that a complacent finance committee
would authorize such bill. While
waiting, clearing house certificates,
based on rediscount paper. furnished
an excellent substitute for money. No
more remarkable statement has ever
been made than by Mr.. German when
with one breath he urged the senate not
TO inform itself of the facts with regard
to the condition of banks. but to let the
comptroller alone.
A Western point of view was not of
much value these days on Wall street.
but he ventured to suggest to the able
tlnancierS of that attractive but eX-
pensive locality that if they would pre-
vent repetition of
Such Frauds
as the whisky trust and such misman-
agement as had been SHOWN in cnrdage
and other induStrialS; they would re-
member the Sherman act Or some kind
red measure recognizing silver coinage
must afford them the only avenue pos
sible tor an enlargement of the curren-
cy which they especially needed-Would
look at a map of the United States and
observe that they cover a broad eXpanSe
of country and cOnntain many people
with many VieWS-and would SO modify
their opinions as not to believe that
every man who differed with them re-
Specting financial matters must be
either villain or crank. we would
the sooner arrive at that condition of
mutual confidence and regard which
ought to obtain between citizens of the
same country.
Mr.. W0lcott then went on to contro-
vert the argument that there was all
OverprOducLion of silver in the world;
that it was cheaply produced at cost
much less than its present market price
as a commodity, and that upon return
to free coinage at ratio of IL to the
present product would Ue largely in
creased. He held that not one of these
statements was true, and that the fal-
Sity of each of them could be readily
demonstrated. In this connection he
cited number of figures, and taking up
particularly the case of Leadviile, cited
the results of careful inquiry made by
committee of leading clliZens into the
cost of silver production there. His
summary showed that -Leadville had
produced in fourtee years, het, Sl04, :
515,S23. at a cost of $121, ,521, 1853, showing
a loss in
Silver Mining
| changed into fair profit by the value
of the byproducts. The people of the
far Northwest favored the resumption
of free silver coinage because they be-
lieved in Dimetallism. They were not in
tlatiOnists. They did not advocate fiat
money. They believe that, as Senator
Jones happily put ii, the rude obstacles
which nature had interposed offer
better safeguard for the people than the
wisdom or unwisdom of their rulers.
| They opposed the single sta ldard be-
| cause there was not enough gold TO do
| the business of the world ami furnish
| its Inhabitants with the currency they
| needed. Twenty years. experience had
| emphasized the experience Of centuries
| Silver had not depreciated but gold mad
| appreciated.
The question as to whether silver
should 0e demonetlzed by This bill was
national, and not local. If he repre-
sented any other section. with his
knowledge of the possibilities of the
great West, he would be equally tena-
cluus for the presel vatiOn OF the white
metal as standard OF value. No man
removed from the money centerS and
realizing the illimitaUie resources of
this republic and its constantly Increas-
ing needs would ever stand l0r the con-
traction OF a currency already inSutfi-
cient.
The interests were identical with
those OF the other sections or the cOun
try which were borrowers and not lend
erS. They demanded the coinage of
both Metals,
because the history of all countries had
taught them that they afforded the SAT-
est and most adequate basis for the cur
NF hn 1tsa INl,n
influenced by their environment. 1t
was true that for q generation at least
many great states would suffer if this
bill became law, but they could en-
dure 1t. The strong would survive and
the weak go to the wall. But it would
be the first time i'll the history of the
world that people devoted TO one of
the nobleSt lndustrieS-to the search
for precious metalS-were doomed to
destruction by their fellow men be-
cause they produced too much for
them. Tney should be proud that with
In the limits of our country the c0ur-
age and industry of our people had de-
veloped silver enough and nearly gold
enough to satisfy the constant
ly increasing needs of these
metals for coinage purposes.
There could be no stronger bulwark of
country'S safety than that she produced
her own coin for her own people, and
was not dependent for it on foreign ma
tions. Ii the mining states alone We're
to suffer by unconditional repeal, they
wOuln suffer without word in the in
tsrest of a mistaken policy for the pub
lie good; but there was no section of
the country that was not likewise being
devoted to disaster and impOveriSh-
ment. The senate was endeavoring to
remove one OF the corner stones of the
government facrlc-to tear down one Of
the pillars of the temple of our prosper
ity. They would find to their sorrow
that when the western and southern
walls had crumbled the eastern
facade would not remain unmutilated
and secure. The results of this action
would affect every home and fireside in
this broad land. Measured against the
welfare OF great people threatened
with the misery and suffering which
must follow the abandonment of silver,
OF how slight Importance were party
lines, and how paltry and sordid did
patronage and the favor of the executive
appear. The battle must be fought to
the end in this forum. On other occa-
siOns had the senate.in opposition to the
wishes of the executive, and hostile
majority in another body stood firm and
unyieiding against party and Eastern
ciamor. New York's sectional horizon
obscured its views. If the contest for
the people were to be won 1t
must be because against the
selfish demands of the East were
arrayed the united votes of the South
and the West standing together
on this great question to save the COM
mon country from greater suffering and
mpoverishment than even the horrors
of war could inflict, and by their united
votes to maintain, not alone the stand
ard of both gold and silver contem-
plated by the constitution and conse-
Grated by centuries of usage, but to
maintain as well standard of Amer
ican independence and American man
hood. -
Mr. Woicott was listened to with the
closest attention by senators on the
finnr and well filed nalIeriaS His