St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-10
STEWART'S VIEW.
He Compares Cleveland's Message
to MIR. Gladstone's Utterances.

AAO - I'VE CSSa&C
to Mr. Gladstone's Utterances.
WAsHIN GToN, Aug. 9.-When asked
for an expression of opinion concerning
the presidents message, Senator
Stewart. of Nevada, compared Mr..
Cleveland's utterances with those
of Mr.. Gladstone in the English
house Of commons a few months
ago when speaking of Sir William
Thompson's motion to reconvene the
Brussels conference, and said: The
United States is indebted to Europe
nearly $500 100000, fully S2,000.0O 600
of which is held in London. The
Indebtedness is contracted pay
able in gold or silver coin.
Great Britain demands one
half of the worlds money shall be re-
tired, and payment be made in gold
alone, which has already appreciated
more than so per cent. Great Britain
demands that this Indebtedness shall
be paid i'll gold, because it Is Tor the in
teIest of the British creditors.
Mr.. Cleveland cOncurs with Mr..
Gladstone, and demands such action as
shall satisfy the greed of British bond
holders at the expense of the people
VI u utlCu OldlCS. 1uIIIitI uG-
mands that the United States shall
abandon the right to mine and coin
money and that it is not the duty OF the
United States to provide suitable and
sufficient circulating medium for the
country but that we shall have
such money and such money only as
foreign nations prescribe. Mr. Cleve-
land does not suggest that the United
States has any voice i'll determining the
kind of money that should be used by
foreign nations, and he demands that
we shall not, but that SO far as the
circulating medium is concerned the
United States shall be a dependent
attachment of England and other Euro
pean countries. He attributes the eX-
port of gold to the Sherman act, and
Omits to quote that provision of the act
which requires the secretary of the
treasury to coin sufficient amount
of the bullion purchased to pro-
vide for the redemption of the
treasury notes issued under the act.
The laws of France and Germany makes
it discretionary to redeem their paper
money in gold or silver coin. They pro-
tect their gold bv refusing TO pay it out
for export, but answer all who demand
gold for export by Offering them
silver. and thus maintaining the
patty VI blO wv lueIdIS.
has more than twice as much
silver as the United States per capita
and maintains the parity of gold and
silver at the rate OF Sl.33 an ounce for
silver by using silver as money and re-
fusing to pay out gold for eX-
port. The United States alone of
all the nations of the earth accommo-
dates exporters of gold to the injury of
her own people. Mr.. Cleveland cannot
attribute this to the Sherman act, and
he was careful to admit the mandatory
provision requiring the secretary of the
treasury to coin silver to provide for the
redemption of the notes.
After Mr.. Gladstone has suspended
silver coinage IN India to depress the
market and stampede congress. silver
fell below the cost of production, and
the administration failed to buy the
4,500,00 ounces in the month of July.
required by law, and bought less
than half that amount. Mr..
Cleveland does not explain this
failure, but those who have investigated
the question. understand very well that
there was not silver bullion enough in
the whole world to furnish four
and a half million ounces IN the
month of July. Any attempt to
purchase that amount would have adj
NohSSu oHhSl W par duu IuWdTleu the
purpose of Mr. Gladstone and Mr.
Cleveland in depressing the price of
silver to degrade and destroy it, and
thereby coerce congress.
Mr.. Cleveland does not explain how
S14S, 100000 Of legal tender treasury
notes issued under the act have caused
this panic, nor how the country would
be relieved by withdrawing that
amount from the circulation. The
only relief proposed by him is
to make less money by stopping
the issuance Of treasury notes and
adopting the gold standard in the hope
that foreigners might lend US money
for the present on the certainty of TAX
ing all our property in the future. My
remedy for the panic is more legal
tender money and | nave introduced a
bill today for its immediate ISSUE"