The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1894-06-01
SOME VIEWS ON:SILvER.
Ex-Speaker Thomas b. Reed Expresses His
Views in an Interview.

New York, May 3l.-A, London special to
the Press of this morning says that the
Fortnightly Review publishes an interview
with ex-Speaker Reed of Maine on silver.
The interview is as follows:
MIR. Reed said the correspondent Il
want you to give me a glimpse of the future
policy of the Republican party We in
England are infinitely concerned by the two
great issues silver and tariff. What are we
to expect of your party if your party re-
turns to power?"
II suppose said Mr.. Reed THAT what is
on your mind is this: You in England want
us to lower duties. What will you give in
exchange? Will you open your mints to
silver by agreement? One thing at least you
may rely on. You will not find the Repub-
lican party offering the other cheek as these
Democratic gentlemen do. For years past
they have been posturing the friends of
silver and because you in England close the
m1nts and put duty on silver bullion these
friends of silver are now preparing to re-
ward your generosity by lowering duties all
round. One thing at least l have learned
since the cessation of silver purchased last
year that cheap silver is an effective stimu-
lus to Asiatic exports, and this being the
case, we have not to consider the silver and
tariff as two issues but as one. 1t is
evidently no time to lower our tariffs when
the currency of seven hundred millions of
Orientals is depreciating and their export
ing powers to gold using nations, is thereby
increasing"
But what do you propose to do?'' Mr..
Reed was asked ''lf cheap silver assists
Asiatic exports, and no doubt this is the
case, no tariff corrective here can help your
farmers. Cheapening silver must continue
to reduce the prices at which Asia can
afford to sell wheat and cotton in the
markets of Europe"
Yes replied Mr., Reed, 81 agree that is
the aspect of the silver question, which
am frank to confess has only since last year
attracted our notice in the Eastern States
The fall in silver, its value to pay wages,
and to buy producets in India and China be-
ing as great as ever, this it is that makes of
the silver question an issue that we are
forced to face. You recognize of course
that the position has entirely changed in
the past six months. The previous enor-
nous compulsory monthly purchase of sill
yer, most vicious proceeding, went far to
confuse mems minds and disguise the fact
that there really is, in the background, a
serious currency problem to be solved.''
"And do you regard it as solved?''
"Certainly do said Mr.. Reed, 81 under
stand that Eng land is the only difficulty.
Now what are you in England going to do
about it? You cannot, as ! understand,
keep the mines of India closed, neither can
you afford to open them again, except after
an international agreement If the India
crisis does not force England quickly into a
larger monetary union with silver using
nations, which union we will gladly join,
then there may come time for the nations
friendly to bi-metalism to unite, not in a
monetary union. but tariff union, recipro-
city being the reward of free coinage for
silver. This should be our policy. We rec
ognize the great increase in the burden of
our gold obligations payable abroad, be-
cause of the vast subsistence of prices; we
recognize that falling silver by lowering the
eastern exchanges favors our competitors in
Asia who sell similar produce, wheat and
cotton in the markets of Europe. 1t is,
therefore, evidently important for debtor
nations, on which list we stand. first to
raise the price of silver and thereby reduce
that bounty on the exports which Aais now
enjoys. This can be done best by an agree
ment with other nations favorable to such
scale of high tariffs against those nations
which reject the monetary agreement as
will insure us favorable balance of the
trade. In short a higher price for silver by
reducing the Asiatic exports to Europe will
increase ours. Add to this high tariff and
sold, it will quickly come back again.