New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-24
THE SILVER PROBLEM.
GERMAN FINANCIERS DISCUSS IT.
THEY THINK THAT BIMETALLIsM is DEAD
REPEAL OF THE SHERMAN LAW THE ONLY
POSSIBLE ACTION FOR THE UNITED

REPEAL OF THE SHERMAN LAW THE ONLY
POSSIBLE ACTION FOR THE UNITED
STATES TO TAKE.
Berlin july The departure Of the Prussah
and Imperial Deputies from the city. and the absence
OF Emperor william and several Ministers on 'heir
vacations have caused the temporary SUSPENSION OF
strife IN domestJ polite. and have left the minds OF
Berlin editors and politicians free TO consider inter
national question: While mesueby ah'ercs"'
IN the Siamesc difficulty, most German pnohc's's
mr.. devo,ins their attention more particularly to the
silver question, which has been invested wf'h h'"
importance bv ltslys action in declaring herself
saainst the IL franc piece OF the Latin Union III
the last week several of the Empires most eminent
fnancicrs have given interviews concerning the silver
crisis with special reference 20 the threatened collapse
Of the Latin Union and the approach OF the speciai
session Of the Washington Congress.
The most notable comments were MADE py Dr.
Gebhsrd governor Of the Deutsche Bank. Tie
present crisis, he said the most serious one
in tho history the silver market since the formation
OF the Latin Union In 1856 by France. Italy, Belgium
and Switzerland for the purpose OF steadying IN" chasc
ratio bet silver and gold In fact the SITUATION nan
become so critical ms TO imper the Unions existence
The stability or fall OF the Union had become The
question OF the hour 10 which no country, especially
the United States. could afford to affect indifference
The Significance OF Itay's protest against the : l..
franc piece Dr.. GeRhard thought, could hardly be
overestlmated. Already the Berlin Boerse had shown
its belief that tho credit OF the italian Government
impaired.
The closing Of midas minis the free coinage OF
silver Dr. Gerhard continued, had destroyed the phan
tom OF bimetalism that not even the United states
were able or would attempt 10 revive. Whatever
might be the loss OF the American mine-owners the
Washington Congress would be obliged TO repea uie
sherman act. Only thus could their long-lost equ
nbriun be restored TO the money markets. III coh
clusion DR.. Gerhard repeated that bmetallism was
dead. Anybody attempting to revive IT, he sa'o'
"will be merely hogging a dead horse
These words reflect the opinions OF most German
Hnanciers. Although many scout the idea that 'ne
Latin Union is about 10 be dssoiVed' everybody
Acknowledges that the mere possibility oil such an
event agsravaes the seriousness OF the situation ana
renders necessary extreme wacliuness on every sue
Nevertheless the panicky feeling that the ac.loh ~
India and the prospective action OF the om'eo
states would upset the market completely has begun
to abate.
DR.. MIGUEL Prussan Minister Of Finance. said: Il
fear the silver crisis has killed the last chance OF bi
metalllsm. / am not gold enthusiast, but do not
see any help for America except through the repeal
OF the sherman act. | myself was Il believer In the
act ard I am convinced that 1t served the best In
terests only OF the mineowners ana railway com
panies, but OF the public generally. There must be
serious suffering perhaps many will be ruined-but
sincerely hope that the financial sOundness OF the
United States will recfy the trouble. On such
an important question the people are bound 10 De
divided into hostile camps. 1t is absurd to contend
rs Is often done, that ali the fools are on the one
side and all the sages the other The truth
is to be found possibly, as usual, between the eX'
tremes.
DR.. Theodore Earth, parliamentary leader among
the Radicals, the trndesmans party, the Editor OF
Tie Nation and friend of the United States,
said:
"The United States have been brought near the
verge OF ruin by onesided and partisan silver policy
Nothing but the most radical cure Will now suffice
ANY attempt TO holster up silver or TO patch up a
peace with the silver men must result Only IN great
disaster All the silver legislation OF the last years
must be swept away. The nineowners ana railway
companies Will suffer. but they must be made to sulier
for the benefit of the Commonwealth, whose pros,
pery Is at stake. silver must cease TO be rcearueo
as money, and must pass. for what 1t generally has
become namely, merchandise
DR. Barth ridicued The suggestion that such action
by Congress would be followed 10y scarcity oi gold
and u general fall Of prices After discussing the
silver situation In the United States Dr. Barth gave
at some length, his opinion concerning the prob
of the Cleveland Administration. The decrease OF
revenue resulting from a reduction OF the tariff he
said could be replaced easily through taxation OF
large fortunes. This plan OF taxation has been IN
troduced recently in Prussia, he said. and was work
ing well in every particular the tax In question
affected only those fortunes well able TO bear IL.