The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1894-04-17
SILVER is DOWNED.
LATE Pence Says So Far as He
Can See,
Silver is DOwned and Downed
For a Long Time.
MATTER OF FIGURES.
Nothing to Do But Grin and
Bear 1t.
OF FIGURES.

Hon. AdOlph Meyer, one of the represent
atives from the city of New Orleans, has
introduced bill which he fondly hopes
will accomplish all and more than the
Bland seigniorage bill could have done,
satisfy the silver men for the present, rec
oncile the factions of the Democratic par
ty, pass both houses and receive the sigma
ture of the president Any man who en-
tiers with confidence upon 50 herculean a
task that is well worth listening to. In
a lengthy conversation Oh the general sub
ject Mr.. Meyer said:
1T is plain to my mind that silver has
received its final defeat. am not in favor
of free coinage in the present condition
and temper of the commercial world. 1
want the largest practicable use of silver,
but gold must be the standard. And all
this talk of free coinage on a new ratio is
beside the question. Practically it makes
no difference what the ratio is with free
coinage established, for there will be duc-
tuation just the same, and we should al
ternate between the two metals just we
did before, always using the cheaper one.
But all this is old. If we have free coinage
at all, am in favor of the old ratio
Twenty Dollar Bonds Proposed.
''The first part of my bill authorizes the
secretary to issue $50 bonds at per cent
interest, but not because / doubt his legal
power to borrow under the resumption act
of 1875 The argument against it seems
lar statute which has never been repealed
nullified by the courts and has been re-
peatedly accepted as still in force. OF
course it will continue the law until it is
repealed, and they virtually admit that
in seeking to repeal it. However, my bill
makes the power more specific popu1arizes
the bonds and fixes the rate of interest. 1t
also provides for coming the seigniorage.
Il take no stock in that talk about coin
ing n vacuum The surplus silver is there
and paid for, and have unques-
tionable right to coin it. This bill not only
does all that the Bland bill would do, but
more, for am sure the second clause of
that bill would operate to contract the
currency as much as coming the SeigniOr-
age would expand it. Down with us there
is a great deal Of talk, some of it wise and
a good deal of it unwise, about the neces-
sity of more money, SO much per capita
and all that sort of thing. Now, think
this is largely mere sentiment, but it is
quite general feeling all over the west and
south, and even a sentiment ought to be
gratified where it can do no possible harm.
Another point, and it is really the inn
portant one, is that this bill will satisfy
the president 1t is all very well to talk
about sticking to principle and passing
laws to fit first ideas, but it is the bust
ness of practicable men to pass measures
that can really become laws. IL the COM
mon affairs of life men very seldom get
just what they want, but content them
A Change of Views.
Mr. Meyer is a short and active man
whose features show Israelite blood, and
whose manner is all business, but just the
same he was an active soldier for three
years, leaving the University of Virginia
at the age of 20 to join the army The
views of the few southern men opposed to
any further coinage of silver are much
sought for just now, and commenting on
the new proposition Josiah Patterson says:
cit is not because am from a commercial
city (Memphis), for 1 think my constitu-
ents are for silver, but when this question
began to press on US studied it as never
studied a political question before. lit
orally shut myself up for months and stud
led every document on the question, and
with every desire to advocate free silver
in fact, with q very strong bias in its
favor-I was compelled to decide against it.
Il noted first that every really great and
progressive nation had accepted the gold
standard with silver as subsidiary, anc that
the greater their commerce and the longer
their experience with the two metals she
more were they set in favor of the gold
standard. Surely those nations understand
their own interest, and it is not the credit
or nations alone. We cannot say that the
experience Of all Europe must go nfor
naught, and that the Judgment of their
best minds on 1t is all wrong. I then con-
sidered the hundred and thirty odd mil
lion bales of cotton which the south had
produced since the war, and that all the
surplus of it, with very few and trihing ex-
ceptions went to the nations where gold
is the standard, and chiefly TO England.
1 could not consent to subject our people
to disadvantage in the exchange.
again, there is much said about the
concentration of wealth and the big for
tunes created, and satisfied that the
foundation of it was laid in those green
back times when the money was down to
40 cents on the dollar or less, and am
afraid that would happen again by the
fluctuations in the value of silver. One
thing more, the parity can only be restored
by a union of the great commercial ma
tions, and if we should consent to absorb
their surplus silver England and Germany
and the rest would never agree to such
union. / am as certain as 1 can be of any
thing that repeal of the Sherman act
and sticking to it have done more to bring
Europe toward favorable mind on bimet-
allis1n than had been done in 10 years be
fore. 4"
Opinion of LATE Pence.
That these men should consider the de
feat of silver final is not surprising, but
when their argument was presented to
Hon. LATE Pence a few minutes later it
was a surprise to hear him sadly admit
the same thing. so far as can see, - said
Mr. Pence, I'VE are downed, and downed
for long time, am afraid. have also
been Obliged to tell our people that after
looking for it long and anxiously cannot
see the slightest hope of any revival in ag-
riculture for six seven years at the very
earliest. Why, it IS simple matter of fig-
ures, painfully plain figures. There is an
enormous surplus raised Our foreign
market has been largely cut of by this and
| that Laws we cannot repeal must con-
/ tinue to work against Us and really can
see no show until the population grows