Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-11-09
The Missouri Senator Interviewed
ON Sherman Law Repeal
ae Declares That It Means Currency Con.
traction, with No Provision Made
for the Demands of Increased
Population.

o1'OoO,OOO ounces per year, is discontin-
ued, and that, of course, puts an end to
the issue of bullion notes in payment
for the silver.
The population of this country is
increasing, according to the last CEN
sus, at the rate of about per cent per
annum, but this law stops the volume
OF money where it is, and no provision
Is made for any increase of the volume
IN order to meet the demands of an in
creasing population.
France has about one-twelfth of our
territory and about &C, 0O0, 900 of people.
France is a finished country with a sta
tlonary population, but. the per capita
distribution of money there is about
81 to each man, woman and child.
Inc statistician of our treasury depart
ment reports the per capita in this
country at $25.S9, but every intelligent
man knows that this includes the re-
serve gold fund in the treasury and the
$4,000, 600 of silver dollars in the treas
ury, together with the 81. 900, the $500
and the $lOo notes not in general circu-
iation. It can be safely said that the
per capita distribution of the United
States is really about s14 instead of
325.2a
CONTRACTION DIscoURAGEs ENTERPRISE
The experience of the world shows
that the contraction of this volume of
money so that it is not in just proper
ton TO the business demands of the
oountEy always produces business de-
preston. 1t discourages enterprise
and makes men timid and inactive.
1 hope that the prophecies of the
friends of unconditional repeal will be
realized. and that we will have an era
of great prosperity, but if this should
be so the lessons of history will be
overturned.
Another remarkable fact as to the
present situation seems to have been
overlooked. The act of 1878, which
struck the silver dollar from coinage,
is the most odious legislation among
the masses of the people ever placed on
the statute book. When the people be.
came aware that this law had been
passed they elected, in 1878, a con-
gress which enacted the Bland
Allison law over the veto of
President Hayes within five hours
after the veto message had been
sent to the house of representatives.
The unconditional repeal bill Just
passed RENTS the people of the United
States to the odious act of 1873, the
Bland-Allison act having been wiped
out of existence by the Sherman act
and the repeal of the latter not having
the effect of reviving the Bland-Allison
law. i do not believe that the people
of the United States will cheerfully ac-.
-cept the act of 1878, and 1 have no
doubt that in their action at the polls
they will stamp their disapproval upon
unconditional repeal law. !
TRIED TO FORCE GOLD BONDS.
1.-THE truth of the whole matter is
that the national banks of New York
determined. months ago, to secure an
issue of gold bonds by the government
and started a monetary panic in order
o.force the president to call congress
together for the purpose of issuing
bonds which could be made the hasis
of national bank speculation. The
bonds which now constitute the basis
educational bank circulation fall dine
in 1907 and the bankers realized that
new bonds must be issued in order to
insure the continued existence of the
national bank system. After they had
commenced the panic and the people
of the country were thoroughly
alarmed they were unable to control
the storm and it assumed proportions
they had mot anticipated. Mr.. Carlisle
has stated that when he went to New
York with the president some months
ago to view q nautical display in New
York harbor he was invited to the
Drivate residence of q national bank
president and found there all
the national bank presidents of
New York city. They immedi-
ately assailed him on the sub
ject of issuing bonds He told
them emphatically that he would
not, under any circumstances,
favor a bond issue. They warned
him that all the gold would be
taken out Of the United States treas
ury and that the business of the coun-
4ry would be entirely ruined unless his
1old reserve was fortified in some way.
He then proposed that they should
bring their gold, which amounted to
over s45, 200. goo, to the United States
4reasury and take out certificates for
Il. He assured hhem that if they would
do this it would make the treasury SO
6ETOnR Cuob baAE atsuSHS uPoh ~ "ouAN
cease. The bankers unanimously de-
eaared that this should be done. But
when the time came for action, not one
dollar in gold was furnished by the
New York banks to the national treas
ury. Boston. Philadelphia, Chicago.
San Francisco. st. Louis, Nashville,
New Orleans and even Denver sent
,pold to strengthen the treasury. but
the New York bankers deliberately sat
down on their gold reserve and refused
all assistance to the secretary.
no IMMEDIATE SILVER LEGISLATION.
81 do not think there will be any
other silver legislation during the next
congress. There is a general DISPOSE
4;on among congressman to allow the
present financial policy Of the admin
;stratioa to have a fair trial. 1t is a
souare issue between bi-metallism and
the single gold standard, NO matter
that may be said to the contrary by
the friends of unconditional repeal
..The coinage of silver has been ar
rested by an act of congress, and ii an
era of prosperity now begins the gold
men will have a conclusive argument
in support of their assertion that the |
continued coinage of silver was a |
v,erace TO the business interests OF the |
country. If, ON the other hand. these |
.-1aen promises are not fulfilled it will
Love that the continued coinage of