The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1894-09-08
Villas 10 OPPOSED TO SILVER.
Hs 10 eurs Ne 1asws An Absst the
.a sf,nt fss Whols ouhleok

"Hf,nn W. Whole Subject.
NnwAuHEE, Sept. Tin the democratic
convention here yesterday Villas reviewed
the financial history of the country from
the bsginning Of President Clsvsland's
first term. He made special mention Of
the eiforts during Arthur's presidency 10
avert disaster to the treasury and related
that Hugh Mccullough Was induced 10
take charge Of the treasury, and that Nc.
Cullough stated that the most he could do
was TO postpone disaster until after the
close Of Arthur's administration. Then
followed statement Of how McCulIoush's
SUCCESSOR, Daniel Manning, bad sacriflosd
his health In . successful effort TO
straiehtsn out the finances. and had
handed over to the Harrison administra-
ton large cash balance, and how the r.
publioans then returned to power, bad
dissipatsd the wealth.
The evils that bad fallen upon the
countsy Senator vilas attributed TO three
causes, namely; The Fifty.nrst, OF 20.
callsd billion dollar congress, With all its
mlsdeeds, its silver purchasing laws, its
Mckinley protection acts and its unsx.
amplsd sxtravAsancs, not only In direct
appropriations, but entailing future obi.
Cations yet TO b discharged.
The Sherman law was next taken up.
The national democratic convention Of
1sa2 had accepted the designation given Il
by the democrats Of Wisconsin and de.
clared Il cowsrdly makeshift 10 ward on
the loss Of tho electoral votes Of tho west.
eru silver states. Tho latter had flrst
made demand for the FREQ coinsge Of
silver ct the the old ratio OF Is grains to I,
while excessive production and other
causes had continually decreased the
value Of the white metal until, Ia 1889, II
required 20 grains Of silver 10 buy one Of
gold, with further fall In prospect. The
proposition that the government should
coin dollars ct l6 to /, and give them 10
the mine owner who furnished the bul.
lion, implied that the value Of the dollar
should fall to the value OF the silver In II,
or II the governments crcdit was TO sup
port II, that the government should give
the silver producers tho gains Of coining,
about IS per cent. or moro.
The Fifty.frst congress equally fearing
to grant or refuse this demand devised u
compromiss, equally pernicious, by which
the government was compelled to pur.
| Cu1W3 40 t0n1 VI BhSCE - tuouUt,
which Il had no uso for, thus forcing the
issue Of federal promissory notes at the
rate Of q ,000, 900 month. BY this means
the western republican silver states wcrc
furnished Q Gust omcr at tho expense ol
the whole country. Tho inevitable con-
sequsnces followed. The governmsn,
was cot to work initiating and impairina
the currency Of the country. Distrust
crspt into the channels Of business, capi.
talists abroad quietly pushed their Amer.
ican securities upon tho market and gold
began making its way TO foreign lands. II
was ln another form tho triumph Of green.
backism. The silver dollar WAS made
legal tender, yet silver continued to de-
cline In the market. A thousand million
dollars Of silver certificates had been
issued. which tho government PRACTICAL,
bound itself to redeem in gold because Il
1t redeemed them in silver IL dropped the
currency at once to basis OF silver mono
metallism, while their redemption in gold
would not only impose a ruinous loss, but
il was practically impossible.
Mr.. Cleveland, on his return 10 the pres
idency was confronted with ;rcasur,
with sG0.o0o,0 less money in il: with de
ferred and accumulated demands to bt
met and appropriations to be paid durin,
the ensuing l6 months, S75,OJp,0O greater
in amount than there was revenue ts