New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-07
VIEWS OF Mr.. HIGGINS.
A. Foster Higgins spoke next, saying in par


A. Foster Higgins spoke next, saying i'll part
Mr. Chairman 1 think that to address any remarks 70
this Chamber hearing all opposition q what has been
presentd Will not be well received but sir feel slictol
that this Chamber should exhibit TO the citizens oil 'he
United tendency to consider both sides oil ''s
question We have heard it stated that our present hha
eial difficulty is due very largely II not ehthey !" inc
nprchase Of silver under sherman act quite agree
with my friend Mr.. Claim in all he SAID about 'ho u
"a 70 It's cause l differ with him entirely The question
Of what has been Of our diheuy Is TOO wle
for me 70 enter II is very true that thee seo' "
=. unanimity Of opinon the Sherman Dill mas uce
one OF its principal causes. When we cry MAJ uos q"
dor running street the best plan Is 10 Nil "c
dog because he will somebody 10 de'th II ne "'c
NOT bite somebody Now. this sherman bill appears L.
be soaring everybody but for one want TO Object 10 W
repeal and TO reflect upon what mas ''e" SUM
upon this subject 49,, rho he,,ar
feel very gravely upon this SUBJECT Inv -,
oss in the United States are by far the grcatr hup
of the PEOPLE possible that we are % nave sa
sion that is in total disregard OF their ngh's' M
what was done ia 1879 when this country Ie'uin'u "
specie payments. Thousands OF men were r"i"eo o' "
No attention was paid existing contracts man "a
compelled to pay his debts in gold Irrespective OF @ N'
"a the price OF his securities, ana property "i'" "c nov
uurchased Yet here again to-day proposing to GO
~. ..ue thing Now the wisdom 10 tel "hit
Is the remedy th, situation may be iaha'ie' oD
I do believe that Of the two evil wouu ra'hcr SCI .
rrfecty free coinage Of silver than the maintenance
the single money.mealc Lasis That Is my feeling "ch
,s induced nv an actual study Il this subject The
amount Of gold In the world Will not begin 10 supp, @
demands for IT, Here is 5000 900 Of gold actually
added to the circulation each year. and OF th amount IN
sciences and the and dentistry cohsunr sooooooV'
MIR. cLAtIIN REPLIES TO THE CRITICISM
Thes. words brought Nh Claiin to his feet and
lac said:
I'm view OF what my friend Mr.. Higgins. has SAD
n think 1 aurht TO few words IN reply HIS
rcrarks have been very interesting. l ON peHec'N
familiar with the book from which he has been reading
we'll Of
,ha. rovol commission OLehaf Of that royal commission
tholght that ought 70 b" rernonetizcd the oef
half thought not They agreed however. substantially
as Mr. Higgins has stated that large part Of the dsrut
n, the world was probably due 10 the characterization OF
silver have ALWAYS b-el most hopcni uh''i fe'en'V
that IL would BE- ssiblc for the nations OF The cdfh
"a Get together aud remonet7e silver should be
glad II we could eafey rcmonethe silver ourselves but
seen,s "a me that in view Of the experience "hch we
have had it would be the mos hazardous EXPERIMENT
.hst could possibly undertaken for US to endevor 70
silver alone, ana that ~ "hdI We dic H'"e w
do with the SHERMAN oct
Now whatever may he the ultimate merits oi 'h's
controversy II there such possibility tDat shNef
NAV b, restored to it, old position among inc hnance'
=, ,ho ,vord-and I hone there may bc-I believe the
.nly DOS sbe way bring about Is 1or us 70 stop inc
a,e OF silver and join In the worlds struggle iof g'u
Applause feel quite a. MI higgins docs thst IL =
a shame that silver shou1 be demonetzcd; bu' slf'
practically the world. except ourselves has been de-
monet, Ting silver and have made IL easy for them 10
demonetIze silver because VIC have sent them our eod
have been ping up golu "hIc We ha'c oc'i
plinc up silver coll your attention TO the Bank
Of France. About a year oge-and certainly not moro
than eighteen month, agotho Bank OF france han We
will say 81. GOO 900 pounds Of gold Within That time
the Pank Of has raised Its reserve Ia god rom
80 600 600 pounds to Oo0. 900 100000 pounds
Now we have just made it easy for them 10 increase
tina; reserve The Bank Of France we oil Know has
TITS odd million pounds Of silver wear or more
,co hsd an even amount Of silver and gold just about
Now IL has 60 900 900 pounds OF gold and JO,OOO,cOO
pounds q silver. We have mad It easy for them "
reinforce Themselves in thai waN
We have m1de II easier for Ausra'lluhe'W 10 get
on gold basis
We have made easy for the BANK Of Eagand to
raise hor reserve average Of 1900 900 pounds
sterling Up 10 80 900 c0c.
Now lust one point before | close Mr.. Higgins
said that 70 was the gDra opinion OF the authorities
that out per cent Ierhops, Of the worlds business
contracted money. and the other % per cent on
credit Something be generally Iecoe
suppose could the currency Of the coun.
try per yea and suppose by doing that We should
diminish ne coaid,rcc and consequently the or dit only
10 per cent likely would diminish II 20 per
cent or Ten per OF thousand dollars is one
hundred dollars That the amount you have incr as,
zach thousand dollars have an additional one
hundred dollars You have gained one hundred dollars
substantial money, II YOU please. and you have 10
one Thousand dollars IN credit AMI practically We ar
jrst that much vase of. Why We could better AFFORD
70 lose 10 per OF money If by that means we
could r'galn eondnce than could AFFORD TO gain 10
per cont OF money ana osc per cent Of confidence
applause
Now to these particular rc'oIutons-and. by tn"
way, after 1870. doubtless Mr. Higgins remembers, when
We 10 specie basis, not In III, depths
u depression or distress remember rightly 1879 AM
1850 about the best years / remember CAP
pause.l
LITTLE SPARRING.
To this Mr. Higgins replied That was due
70 a great many natural causes, and had nothing
TO do with the currency whatever This country
became very large credit exporter, and the bal |
ance in favor great that the money
came hack 10 lis in large volumes"
Mr. Clafin answered
Very likely you would state much accurately than
the facts but recollection Is the
imports OF this country following the
specie basis vay OF the imports that would
duo the balance OF trade think without
Of contradiction that there three times
- large showing, plainly. as remember it. that the