The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-12-26
FALSE PROPHETS.
The People Are Waking Up-WOn-
dering What Ais Them.
Repeal of the Sherman Law Has
Fulfilled Expectations.


In August, 1893, says Kate Field in
Washington, with due -contfiteness,
there appeared a financial article in
this review which was a compilation
OF speeches made in congress by NJ. ID.
Harter, of Ohio, and j. S. Hendrix, of
New York, for the purpose of hasten
ing the repeal of the Sherman law.
These monometalists assured us that
with the repeal of this law millions of
dollars would leave Europe for our
shores to fill the veins of commerce
and congcst all the channels of circu.
lation. Money would be so cheap as
to be borrowed on good collateral for
less than 2per cent per annum, and it
would flow all over this broad land.
Within three months of the repeal
England would make proposals TO the
United States to come into none
tary conference for the sake of her
ward, India, and trade would resume
its normal condition.
The prophesies were made eighteen
months ago and l believed them.
took it for granted that men of ac-
knowledgcd ability who represented
intelligent constituencies knew what
they talked about. st is easy" said
Abraham Lincoln, "to fool all the PEG.
pie some OF the time, and some of the
people all the time, but you can't fool
all the people all the time" I've been
thinking great deal about Abraham
Lincoln recently. l find that he fore
saw what is now happening, and am
sure were he alive he would be BIZ
mctallist.
The repeal of the Sherman law has
not fulfilled the expectations of the
monometallists. Millions of dollars
have not left Europe for our shores,
cheap money is not flowing over our
broad land and England is as obstin-
ate as ever in refusing to consider BIZ
metalliSm. Moreover. she will remain
hostile as long as the Liberals retain
power.
Not being fools all the time, people
have begun to distrust their prophets
and are doing no ere thinking for them
selves than ever before. Wherever
two or three are gathered together the
subject of discussion is finance. Silver
is ia the air. and unless l am as poor
in prophecy as the learned gentlemen
l have quoted, there will soon be two
political parties only. Whichever adj
vOcates bimetalism with or without
the cooperation of Europe will walk
M n 10 to
Should Mr.. Cleveland advocate and
obtain the repeal of the 10 per cent
tax on state banks a reign of wild
cat" money may put off the issue, but
it is coming.
In recent issue of the New York
Evening Post is published from the
Nineteenth Century Dunning Mac
Leod's reply to bime tallists. The Post
pronounccs Mr.. MacLeod's argument
the most trcnchant exposure of bime-
tallic fallacies it has ever read, and
concludes by stating that he asks one
question often asked by the Post, but
which has never been answered:
I'll it were possible to establish a
fixed ratio between gold and silver by
international agreement, it would be
equally possible to fix the value of all
commodities. Innumerable mercan-
tile catastrophies are caused by the
unexpected change in the value of
commodities; why not then fix the
value Of all commodities, and so re-
move the cause of multitudeS of mer-
camille ca!amities?''
is there not special power in the
constitution to regulate the value of
money? Does not every government
possess similar power? May not this
power be exercised individually or in
concert? Is there anv power in the
government of the United State or
any other civilized government to reg
ulate the value of products generality
DO not these questions answer the
Posts question?
| have read Mr.. MacLeod's article
with an earnest desire to learn the
truth, whatever it may be. l do not
find him trenchant, but quite the re-
verse. L am not convinced. / find
that the constitution of the United
States gives our government the power
to coin money and to regulate the
value thereof. | find that Alexander
Hamilton. in his first message to con-
gress, advocated bimetallism, and that
until recently this country has known
no other system of finance. There
must be some virtue in bimetallism.
Certainly the present condition of peo-
pie and trade does not fill us with en-
thusiasm at departure from the WAYS
OF the founders of the republic. Gold
is at premium for the first time since
the resumntion of specie payment: yet
silver is demonetiZed and there's
money enough for every body. Is
there?
&c