The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-08-09

movement of the great crops nov
being gathered demands a vast
) amount of currency which the banks
are unable to furnish; and in the
midst of these conditions the press
is clamoring for the repeal of the act
of July IA, 1890, called the Sherman
act, although the repeal of that act
means the stopage of the issue OF
more than $3,00O,OOO of money every
month, thus shutting off the supply
of funds for the business of the
country in the midst of the terrible
conditions which surround us, and
ignoring the fact that to hold the
balances level between the debtor
and the creditor classes the supply
of currency must increase side by
side with the increase of population
and business, and in this nation the
growth of population is at the rate
OF about 80 per cent every ten years,
while the increase of business is
much greater.
WORDS OF WEBSTER AND BLAINE.
/ Whereas, The great expounder of
the constitution, Daniel Webster,
said "gold and silver, at rates fixed
by the congress, constitute the legal
standard of value in this country,
and neither congress nor any state
has authority to establish any other
standard, or to displace that stand
ard"
Whereas, Hon. James G.. Blaine,
quoting this utterance, adds: "On
the much vexed and long-mooted
question of a bi-metallic or monome-
tallic standard, my own views are
sufficiently indicated in the remarks
/ have made. I believe the struggle
now going on in this country and in
other countries for single gold
standard would be, if successful,
productive of widespread disaster in
and throughout the commercial
world. The destruction of silver as
money and establishing gold as the
sole unit of value must have a ruin
Gus effect on all forms of property ex-
cept those investments which yield
a fixed return in money. These
would be enormously enhanced in
values and would gain a dispropor-
tionate and unfair advantage over
other species of property. If, as the
most reliable statistics affirm, there
are nearly $7,OOO,OOO,OOO of coin or
bullion in the world, very uneQually
divided between gold and silver, it is
impossible: to strike silver out of ex-
istence as money without results
which will prove disastrous to tens
of thousands" Again he said: II
believe gold and silver coin to be the
money of the constitution, indeed
the money of the American people,
entered in the constitution, the
great organic law recognized as
quite independent of it's own exist
ence. Congress has, therefore, in
my judgment, no power to de-
monetize them. If, therefore,
silver has been demonetized,
| am in favor Of remOnetiZing
it. If it's coinage has been pro-
hibited, / am in favor of ordering it
to be resumed am in favor of hay
ing it enlarged"
MIR. CARLISLE QUOTED.
Whereas, The present secretary of
our treasury, Hon. John G.. Carlisle,
on Feb. 81, 1878, said: II know that
the worlds stock of precious metals
is none too large, and I see no reason
to apprehend that it will ever be-
come so. Mankind will be fortunate,
indeed, if the annual production of
silver coin shall keep pace with the
annual increase Of population, com
merce and industry. According to
my views of the subject the con-
spiracy which seems to have been
formed here and in Europe to de-
stroy by legislation and otherwise
from three-seventh to One-half of the
metallic money of ethe world is the
most gigantic crime of this or any
other age. The consummation OF
such scheme would ultimately en-
tail more misery upon the human
race than all the wars, pestilence
and famines that ever occurred in
the history Of the world. The alb.
solute and instantaneous effect upon
one-half of the entire movable prep.
erty of the world including houses,
lships, railroads and all other appli.
ances for carrying on commerce,
while it would be felt more sensibly
at the moment, would not produce
; anything like the prolonged distress
and disOrganization of society that
must inevitably result from the per.
manent annihilation of one-half OF
the metallic money in the world;''
|, and
4. Whereas, Senator John Sherman OF