The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1893-07-24
DEpEW SAYS THIS
An Interview with the Distinguished
New Yorker ON Financial Con.
ditiOns.
The Business OF the Country at Large
Is Undeniably I'm Excellent
Shape
Were It Not For the Senseless Scare
Now On Sherman Law Must Go
First.


New York. July 24.-The Tribune
prints an interview with Chauncey M.
Depew, in which he talks, among other
things, Of the financial situation.
THE absurdity of the present scare,
from business standpoint, Is illus
trated by the general conditions OF the
country. It is not q bank failing here
and there in congested districts, but it
Is the conditions as they exist in small
as well as in big centers of industry
everywhere which indicate our situa-
ton. The best barometer of business is
the railroads. II people are doing well,
they travel. II they are not doing well,
1t is the enjoyment which with the
least possible sacrific they can afford to
do without. The movement of freight
is criterion of the interchanges of our
internal commerce. The principal rail-
roads OF the country showed an in
crease in both the freight and passen-
ger business for the month of June, and
also for the quarter ending June 30. l
was the rule. These conditions show
conclusively that If the normal condi-
tions of confidence had existed, gen.
eral business which was so prosperous
in spite of financial difficulties at finan-
cial centers would have made the year
1893.
One Of Our Hest Years.
The operation of the feeling of distrust
and the way in which in adverse times
things are taken for granted without
investigation, are unhappily illustrated
in the conditions at Denver. Colo. A
mass meeting, at which the governor of
the state is the principal speaker, de-
clares that silver mining is the industry
upon which the prosperity Of the state
depends; that unless the government
buys silver at from 10 to IL per cent
more than its market value. Colorado
cannot afford 10 mine it. and that IL
Colorado stops mining silver che cannot
pay her debts, and 40 consequences all
her business would be stopped and her
territory depopuiated. 1t required only
q little examination to show the
Colorado would be prosperous state ii
she produced no silver. She has coal,
iron, grazing and agricultural lands
and opportunities which have scarcely
begun to develop
The first act in the tragedy of gore
before the blood rises to the bride oi
the governors horses is the closing oi
the banks and the general paralysis oi
the state. The banks are undoubtedly
solvent, the state is actually prosperous
and its future is precisely as hopeful
and as safe as it was year ago. or as il
has been at any time in its history.
The First Prescription.
''The first and ut present only condi
tion for here sentiment comes in again)
which will release us from this thrall.
dom Of fear and bring to us the conf
dence Of our own people and of thu
world, is the repeal OF the purchasing
clause of the Sherman act"
What about the proposed interfer
ence with the existing tariff
my opinion is that our industries d.
not need to be alarmed"
would it not have been an advan
tage IL congress had met earlier thar
the date upon which it has been sum
moued?'
1T certainly would said Mr.. Depew
'.if no other reason than that it is tn,
plain fact that it Is the only body com
petent to apply the remedy. The soone
the remedy the sooner the cure of tn,
disease.
Business ON q Sound Basic.
THE conclusion that arrive at thel
is that the business of the country is o,
an unusually sound basis, and there i
everything in the appearances Of tn
crops and other sources of nationa
wealth to show that our finances ar
based on sound foundations. The re
peal Of the silver purchase clause vii
release money here and will brin,
money here from abroad, it will do in
tinitely more.
when was abroad last summer,
talked with several Of the leaders q
both the great English parties. Their
was some bimetallic sentiment in tn
Tory party, and this led to their favor
ing the Brussels conference The lif
eral party, however, were q unit for th
single gold standard. The most pre-
nonnced advocates of that standard Ii
Europe are Mr.. Gladstone and Sir Will
lam Vernon Harcourt, the chancello
of the excheauer. The belief among
English statesmen is that with gol
standard the finances Of Great Britai
are always on sound basis, and tina
London will be the financial center o
the world. They believe this SO strongl
that I heard a prominent and infiuer
tial English statesman say that even
Great Britain would have to cut Indi
adrift to shift for herself she woul
do more with single than doubl
standard. From my observations
came to the conclusion a year ago tina
there was not the slightest chance 4
the double standard being adopted b
Great Britain, nor as long as she hold