The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-10-14
sEArrLE. sxrusDAr. ocr. ~ !.
run FINANCIAL SITUATION.


II the silver purchase repeal bill could
be brought 10 vote il would have clear
majority and would pass. 1t cannot be
brought 20 a vote because 80 long as the
majority permits obstruction vote under
the present rules IL impossible. Republic
cans hare proposed eiotufe but the Demo-
Gratis will not permit IL. The political
msjorlty makes the rules. and even the
Democratic friends Of repeal refuse TO as
sent TO any change which win enable the
majority to execute its viii.
The explanation Of the situation lies in
che fact that the Democrats have no heart
In repeal. A majority Of the Democratic
senators are OPENLY and ohstsnately hos
tile TO IL, and those who nominatiy favor
II do so only because President Cleveland
insists upcn 1t. If Cleveland should relax
his pressure there are not half dozen
Democratic senators who would vote for
unconditional repeal. This explains the
haifhearted Democratic support Of the re-
peal bin.
IN vote cannot be reached on uncondi-
tlonai repeal. compromise or failure to do
anything would probably drop us back
again into the slough OF financial despond.
So long as the majority will not exercise
the powers of q majority, the minority
rules the senate. 1t is strongly suspected
that some of the pretended Democratic
friends OF repeal are quite willing that the
repeal bill should fail TO pass. II COM
promise IL made the Democrats will make
IL. for the Republicans will stand for I'M
conditional repeal; that 10, the Democrats
will defeat the express object Of the session
while the Republicans. with the exception
OF seven senators from the silver states,
will remain its only friends.
The Democrats oppose the repeal OF the
Sherman law because as a party they are
iniiationists: they were beaten in 1874 on
the issue OF fat paper money. and now
they are In favor of inhation through the
sherman law. and would be glad to enact
further imitation by free silver. The sher-
man Law with its silver purchases, which
are paid for by issuing new legal tenders.
Is rapidly increasing the paper money Of
the government and plling up useless pig
silver In the treasury. The new notes are
Reasonable in gold. and the gold reserve
has been steadily decreasing under this
law. The continuation of silver purchases
will exhaust our gold reserve and compel
the government 10 pay the demands on il
In silver, which would send gold to pre-
MUM and place us on deprecated silver
basis. just as the premium on gold during
the civil war sent as to q deprecated
paper basis.
The farmer and wage worker then would
be paid in silver dollars or silver paper.
The price of farm products would rise and
the price Of everything the farmer hough,
would rise in proportion. The repeal oi
the silver purchase Law would stop the in.
nasion of paper currency. and yet would
not contract the currency. because 1t would
stop the fiight OF gold at least by the
amount We are now paying out TO buy
silver, and by restoring the confidence OF
American and European capital would
unlock gold that is now boarded.
There is no lack of currency. In 1858. a
year Of imitation prices. the money ia cir.
eulasion was only Ssh. ta1. IA. or aboa, SIC
PER capita. The money in circulation In
the Uaised States. according 10 the state
ment of the treasury department for isa2
Was 81. col. 3ss ,elo while the whole volum,
OF money in the country including the re-
serves in the hanks and treasury wa.
ss.3522 597 GEO. or $50 per capita. This 1,
about shat 1t is today. for the paper none,
issued under the sherman law Is about
balanced by the expectation of gold dur
ing the same period. OF course II misgov
srnmeat in the share of pernieioas imam
eiai legislation produces panic and distrus
in the business community. money will b,
boarded and scarcity produced which
nothing can cure save = retarn OF nablis
confidence and there viii be no fnll return
OF public confidence until We provide Z
sound. honest and stable currency.