The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-08-09
THE
ruE PRESIDENTS MESSAGE.

President Cleyelnnd's message
what was expected. That he favored
an immediate repeal Of the Sherman
law was known some time ago, and it
was rightly anticipated that he would
give his recommendations with custom
nry yiror and directness. 1t was not
believed. however, that his breadth OF
vision in other matters would permit
him to say that the many forms OF COM
mercial depression are principally
chargeable to congressional legislation
touching the purchase and coinage or
silver by the general government
That is insularity, indeed, and is not to
be excused by the fact that the inviron-
ments of President Cleveland naturally
lead him to the gold bug side of the
issue.
The silver question has not the re-
hottest connection with these troubles.
It surely does not affect the confidence
of foreigners in American investments,
as he alleges, for the very patent reason
that during the operation Of this law
foreign investments have steadily in
creased. Mines, manufactures n
large irrigation enterprises have sue
cessfully invited a vast amount of Eng
lish capital until very recent date. The
falling off is due simply and solely to
the unfortunate results Of Investments
in Australia and the Argentine Repub-
lie. As a consequence, English capital
lists have to-day not only ceased. buying
American securities because they have
no ready money, but have been forced
to sacrifice these holdings in order to
meet obligations. 1t is quite as reason
able to argue that the drop in Montana
real estate is t raceable to the govern
ment's monthly purchases OF silver.
Nor is there better ground for the
presidents view that the export Of gold
or the threatened depletion of the treas
ury reserve were caused by the silver
purchase act. Last fall it was shown
most conclusiveiy why our gold was in
demand abroad. The rehabilitation of
the Austrian governments currency
upon a gold basis, Germany's need of
the metal for increased army expendl-
lures, the Panama scandal in France,
and consequent retrenchment Of re-
sources united to make an abnormal
drain of gold from this country. Later,
as we have said, the Australian panic
added to this drain when English in
~vestors we're forced to make a call.
Now, then, these very ills OF which
the president complains are curing
themselves by a return to normal con-
ditions. Despite alarms of hypocrisy
from Wall street, the gold has been
steadily returning to this country. The
reserve is once more to the 800, 100000
mark, while the days dispatches which
brought the presidents message also
told of 100000 in gold on the way to
this country.
The presidents view that the repeal
of this law will prove a panacea for all
commercial and financial evils we be-
lieve will prove an utterly mistaken
one. 1t will result, nevertheless, in
cementing the silver interests together,
in strengthening their cause az the dis
cussion continues and in firing tho
spirit OF the fighters. In this way 1t
will accomplish good, but we predict
that history will record this state paper
as one of the least sound of the preai-
dents utterances-the incorrect con-
illusions of an honest man.