St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-03

rover can secure accommodation on
bonds other than those of the United
States, there are indications of better
times in the near future that must con-
vince even the most pesSimiStic. All
these favorable symptoms must lot,
however, be interpreted to signify i'm
mediate and complete restoration to
health. The ailment from which our
financial system has so long suffered
is too deep-Seated to warrant the hope
ofrecoyery without a period of con-
valescence. The crisis is passed, but
an imprudent act or failure to take
every precautionary measure may
cause a relapse, which, in its conse.
QuenceS, may prove more serious than
the
Fever at ITS Height.
1t has taken long period of time to
pervert the minds of the people in BUS
iness matters and to thoroughly per-
meate the financial system of the United
States with the disease that has so
nearly ruined 1t. and of necessity il can
not all be undone in the twinkling of
an eye. 1t did not commence with the
passage of the "Sherman silver act" nor
with the passage of the "Bland act" 1t
found its origin long before either was
enacted, at the time when congress first
assumed 1t to be the chief end of legis-
lation to make, through enacted laws,
certain individuals rich. 1t was with
this end in view that protective tariff
laws were passed, and for this purpose
was brought into being the silver ball,
which has not only now returned to
plague its authors, but is destroying the
very interest it was designed 10 benefit.
Such legislation is responsible fer the
Spirit of Speculation
that would create something out of
nothing; that organizes trusts for the
purpose of enriching few at the eX-
pense of many, and looks upon the gen.
eral public, not less than the Dublic'S
interests, as legitimate plunder. 1t has
populariZed an extravaganza in publ
and private expenditure that has led
the government in its public matters
and the individual in his private mat
ters to live beyond their means. 1t has
done more to strangle the life of legIti-
mate trade than all else combined, and
to0ay the people are seeing the full
effects of the evil in the menace TO
honest endeavors through the distrust
bred by it.
Bat short time intervenes before
the session of congress. No body of
men ever met with the people more in
terested III their labors. The people
now believe that the "Sherman act'
will be repealed, and in that hope have
undertaken with renewed courage the
task of maintaining the solvency of
bank and factory and the thousand
lines of commerce in which busy peo-
pie are engaged. The force of present
public sentiment is emphatic for repeal,
and the lesson of past experience points
to the necessity of 1t. 1t will not come
because of party caucus or of political
debate, but as the result of the
Patriotism OF Legislators
who are bent upon serving the best in
rests of the people whose representa-
tIves they are. 1t Will be remembered
as the most costly piece of experimental
Legislation ever undertaken, and the
last which juggled with the business
interests of whole nation for the sake
of retaining the distribution of patron
age. Its adjustment will forever d.
vOrce questions of finance from Ques-
tions of political power, and bring about
the solution of them in accordance with
the rules of commerce and tIade.
Many are looking for an immediate
and spontaneous return of good times
when this law is off the statute books,
but such thing is as impossible as is
the maintenance of it without greater
harm Those who oppose its repeal
will not yiel1 at once and without re-
sistance. The struggle for the use of
the white metal" commenced in 1877,
when Senator Jones made his famous
report, aud is not now to be abandoned
without resistance, but in the end its
opponents must be beaten, for no set of
men ever yet have defeated the force of
public opinion. The return to a sound
basis will be slow, but when once upon
it the American people will be immeas-
urably more prosperous than during
these past years of speculative ana
fictitious values.