St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1893-12-21


POINT.
EDITOR CALIFORNIAN:
While l am fully aware that TIT
CALIFORNIAN constituency numbers
very few people who are friendly tt
silver, and that the majority are
more or less firmly welded TO The
single gold standard idea, | venture
to ask space to briefly present the
case OF silver in order that both sides
may have hearing. When visited
St. Johnsbury last summer after an
absence Of nearl y nine years, nearly
every one Of my friends and &C
quaintances asked me about silver
and the silver question. Now my
familiarity with this great issue is
very limited. The financial ques-
tion is, like the tariff, susceptible o.
widely different treatment. If we
all knew to certainty what to do
with silver and the tariff, and what
would be the best for the country,
we would 60 right ahead and do it.
But alas the wisest thinkers dlsa-
gree and we must continue to grope
and argue.
| wish every citizen could afford
the time necess p, .cr even a brief
study of the silver question. 1t is
great question, a lively issue. 1t
will not down. 1t has been said
that no man has carefully and in
diligently studied the silver ques-
ton without becoming a bimetallist,
firm advocate of the free use of
both gold and silver. We should
not take the word of any single in
terested class of men, and allow
them to formulate our belief in such
an important question as our none
tary system, be they gold bugs or
silver cranks.
Before entering directly upon the
discussion of the silver question, |
wish to call attention to the indis-
putable fact that the repeal of the
purchasing clause Of the Sherman
law, thereby stopping the purchase
of 100000 ounces of silver
month, has not in any appreciable
degree restored confidence, made
trade better or started anew the
silent wheels of the manufacturing
industry. But before the extra SEES
sion was called and all through the
extra session we were told that re-
peal was all that was necessary to
wipe out the panic and restore pros
perity. The men who started that
cry and keptit up knew better, but it
was part of their scheme.
In my humble Judgment the panic
was due to combination of causes.
First, there was the contraction in
the money of ultimate redemption
due to the decentralization of silver in
1873; second, the elimination of
an era of speculation and inflated
credits, such as occurs every ID or
20 years or even less as the regular
ly recurring panics show; third, the
of the money lending
rNss, the hoarders of gold, to reap
even greater profits from the contin-
uance OF the single gold standard
than they were before receiving
The addition to the volume of the
currency due to the operation of the
Sherman law was thwarting their
scheme; and think | may say here
without fear OF contradiction that
the escape from serious panic in
the United States in 1891 Gust after
the Barring failure) was due to the
relief afforded by the Sherman law
in the shape of regular addition to
the volume OF the currency.
The money lenders and Eastern
bankers generally knew that if the
purchase of silver was stopped the
currency would be contracted
and the purchasing power of the
gold dollar would be increased. So
they started, more than a year ago,
the cry that we must stop buying
silver and buy gold or the country
would be ruined by the too great
accumulation of the alleged "depre-
ciated" silver dollars.
The contagion of fear spread and
grew. The bankers overreached
themselves. They created a storm
which they could not control and in
pulling down silver they wrecked
hundreds of banks, caused thousands
of failures, destroyed public conf
dence and paralyzed business. An
awful responsibility rests on the
shoulders Of the men who are re-
sponsible for this, and now they
have had their way. The purchase
OF silver has been stopped, a gigan-
tic industry has been temporarily
stopped; but where is the promised
restoration Of confidence?
Sion huviru ;Iyar ,,I h., .oll