St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-16
MINNESOTA CONGREsSMENO ON
FINANCE,

AN f1NOEs
The New York Times has received re-
Sponses from 122 congressman replying
to its telegram asking if they favor re-
peal of the SHERMAN law and what plan
of currency issue they prefer. Fifty
three Democrats and Jhil ty-five Repub-
licans favor repeal; eleven Democrats,
seven Republicans, and eight Populists
and Independents oppose it, twenty-six
in all, while eight are undecided. If
these opinions OF about a third of the
whole represent the average Of judg-
ment, the repeal of the act is certain,
though the substitute for it which will
be adopted, if any, is not to be Inferred
from the answers. There is no one plan
having enough support to indicate prob
abilities of congressional action.
The replies of the Minnesota repre-
Sentatives, all of whom except Nc
CLEARY answer. show Willingness to
repeal the SHERMAN act. BoEN favOrs
this, but conditions it on the free COIN
age of silver at the present ratio, the
demonstration of gold, the voiding of
gold contracts and the issue of paper
money for services rendered and ma
terials furnished the government.
FLETCHER thinks "the country needs a
prompt and decisive financial policy by
the administration" 1t is regrettable
that the limits OF telegram preeluded
Mr.. FLETCHER from explaining what
he meant by this, but if he wishes to
show how the administration can adopt
any financial policy other than that
embodied in the laws of congress. the
GLOBE will gladly accord him all the
space he requires.
Mr.. BALDWIN not only favors the re-
peal of the SHERMAN act, but he thinks
congress should be Immediately con-
vened to do it, in which he is EN- rapport
with the GLOBE, which still remains of
the opinion that it is a serious mistake
that congress is not now in session. Mr..
KIEFER evidently does not take his
views of finance from Senator DAVIS,
whose eulogy of the SHERMAN act we
repeated yesterday, for he wants it
wiped off the books at once. He COM
pliments the GLOBE with all indorse
ment of its solution of the silver muddle
by the free coinage of silver on the
basis of its market value, and he joins
us in opposition to any Issue Of bonds.
Whether this is due to change OF.
heart on the part Of Mr.. KIEFER or is a
delicate acknowledgment that he rep
resents Democratic district and should
also represent its views, is, perhaps,
immaterial.
The wires played havoc with Con-
gresham HALLS reply, making him
say: "Why not substitute for the
SHERMAN act free or equal coinage
on both metals, your new rates of bull
ion value giving honest bimetallism?"
"a statement that lacks Mr.. HALLS
characteristic lucidity of expression.
He says that the SHERMAN law must be
repealed. But it has given home
market for silver, and its repeal may
preclpitate ruin of the silver INDUSTRY.
The suggestion maDgled in transmits
lou, as shown above, was, we infer, the
readjustment of ratios to present market
values, and then the free coinage of
DOJil l1CldlO3 w ulCu 10
Other interviews in the Times and
elsewhere make it improbable that
bill making the ratio conform to pres
ent values, about "a to l, would have
support enough to pass. 1t is already
apparent that those who favor this plan
foresee the opposition the silverites
will make, and are suggesting a COM
promise ratio of 20 to l. No compromise
of that kind will settle the matter. 1t
will neither give us what we should
have, par value dollar. nor, on the
other hand, will it be a cheap enough
dollar to satisfy the miners and eranks.
1t is, of course, the only right thing to
do; the only thing the government has
the right to do: and it is what should
be done if possible. 1t was only the ap-
prehension that it could not be carried
through congress that moved the GLOBE
to advocate the free coinage of silver on
a market Yalu es basis.