Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-06-29

EX-SENATOR EDMUNDS TALKS OF
THE BUSINESS DEPRESSION.
Fear of Democratic Experiments at the
Bottom of the Financial Pnralysis-The
Hawaiian Question and tho Russian
Treaty.

| treaty.
The responsibility of the democratic party
| for the present hard times and business de-
! preston which pervades all branches OF
| trade and affects all classes of people was
clearly and distinctly stated by ex-senator
| George f. Edmonds of Vermont Ill an in
| terview with representative OF the Tribune
in New York Tuesday. Ilo said that it
was because the people beloved that the
democratic party would, or because they
feared that it might, carry out the harmful
! policies for which it declared year ago
that they were not willing to embark in
now ventures or even to maintain those
which they had begun. 1t was because
there was a lack of confidence in the demo
cratic administration, he said, that money
was tight and business poor. This state of
affairs was predicted by the Tribune and
other republican newspapers during the last
campaign as the logical result OF a demo
cratic victory. The prediction has como
true hard times have come and many peo-
pie who "wanted change" last fall have
had reason to regret their wish
THE democratic party" said Mr.. Ed
munds in response to question as to the
cause OF the present financial depression,
Gin its platform during the last campaign
declared for a tariff for revenue only. That
was understood by nine-tenths of the poopIo
TO mean that the government should raise
its revenue by assessing tax without
gard to the effect it would have upon the
industry the products of which wero taxed.
Such taxation would result in changed CON
ditions, great hardships to certain indus
tries, unCartIinty in all, with the natural
result of a cessation of effort, smaller wages
for the workmen and fewer hands employed
10 to le a for
what the silver men and some of the gold
men believed to be- free coinage, aud it de-
clered also for State banks. Now that the
smoke OF the battle has passed away aud
the people arc brought face to face with the
democratic party in power, pledged to
change existing conditions, pledged to
pertinent with new measures acd to re'en-
act othsrs that have been tried asd found
wanting, they realize their insecure posi-
ton. The people lack confidence in those
principles which are proressed by the demo-
cratic party"
"What do you think will help TO settle
tho present difficulties ~ was asked.
81 have no legislation to propose beyon
the repeal OF of the Sherman law and the
return to the monetary laws which existed
before 1878. l have no doubt thGt the
operation Of the Sherman law has hel ped to
bring about the present crisis There 10
also II great truth Of history illustrated by
it, that great prosperity comes In waves.
When the wave comes times ere good,
money is easy, the government is in good
hands, and everyb body is prosperous 10 II
degree. But there is a crest of the wave
soon formed, there Is wild speculation over
production and extravaganza. At last the
crest of the wave will break and carry de
struction vita it.
"When we passed the Sherman act we
were between the devil and the deep sea;
something had to be done. a crisis was
impending. | voted for the measure aud
) am wiling to take my share OF the re-
sponsibility, although | was not person ally
in favor of it. a canvass showed Us that
if we did not pass the act the silver len
would pass free silver bill. About three.
fourths Of tho democrats and one-tourth of
3 the republicans would have voted for free
coinage bill. | voted for the Sherman law
Z to prevent a financial crisis or free silver
=. bill. The senator's from New York, New
| EaCland, New Jersey and Maryland, voted
. for the bill for the same reason. | urged
; in the caucusses that the operation of the
act be limited to five and then to 10 years,
but the amendment was not accepted
81 believe now that il we had let the
+ crash come, tue country to-day, even with
2 :,
would have been more comfortable. The
= crash would have come and we should have
recovered.
81 think it would be well to 60 hack to
the currency law which existed before the
. | Bland law. Gold coined at the mint
a free of charge. Silver was also coined upon
the pay ment of seigniorage by the owner oil
+ the bullion, and if not enough for the needs
of the currency was presented the secretary
OF the treasury was authorized to buy in
sufficient quantities. In this way the de
mand and supply regulated itself and sill
n yer was not driven out Of use. ! do MOI
I believe in dispensing with silver. IL such
y an arrangement cannot be made, why MOI
g Ak a new ratio between gold and silver
l. based on the present market value? NJ
le such ratio would be permanent. 1t would
e have to be changed from time to time al
lie the production OF gold or silver increased
lie But | think a fair ratio fixed now woulC
/ last for 20 years.
Is ~ have not much faith in the settlement
n Of the currency question by internationa
a congresses The European idea of the US
O. Of silver is different from ours"
N "What is your opinion on the Hawaiian
A. question:"
O. ~ am not in favor of annexing Hawaii
a but think we should take good care tina
ls no other nation gsts the ISLANDS. III W
Ia should annex the islands, it would be only
NJ question OF time when We should admit Their
a. as State. They would then have tw
senators and be as powerful in the Senate a
the State of New York. This is only on
Of the mary good objections which hav
49, been offered. l think the United State
- ought to make close treaty PRACTICAL
Il establishing protsctorate over the island:
= keeping American influence predominant
10 and making their interests identical with tn
= interests OF the United Statss."
" What do you think OF the Russia
J. treaty? You have read it, of course"
eyes. ! read it when / was a senator.
es is n good treaty. Thsrs is no danger tha
81 political criminals, as known in this cour
" try, will suffer. As to those who put poiso
20 in the czar's tea, throw bombs into his bee
Id room or blow up the trains on which b
as travels think that there is no objectio
as to turning over such political criminals fc
=. punishment The Russian people are nc