St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-07-08


useless to waste time in predicting what
dim and distant future.
ONLY a QUESTION OF METHOD
We would like to accord to the Pioneer
Press our belief in the sincerity of its
declaration that it is in favor OF the
fullest possible use Of silver as money
metal, but we are obliged to withhold it
because our contemporary conditions
this use upon an Impossi bility. 1t is
everywhere admitted that no scheme of
international agreement is possible
without the consent of England, and
there is nothing to indicate that that
country can be induced to change its
habitual attitude. The fiat failure of
the recent German conference indicates
that that country also would refuse its
assent. Under such circumstances.
there is a hollowness in these profess
sions or desire to utilize silver if all of
the nations can be brought to consent
In fact, we believe that the present Re
publican attitude of international agree
ment is mere suDterfuge to avoid the
discussion of question which they feel
incapable of solving.
Notwithstanding the dissent of our
esteemed contemporary, we still adhere
to the opinion that it is competent for
| any nation at ANY time TO use in its
coinage any metal which its people are
willing to accept as medium of eX-
change and standard for the measure
ment OF the value of their products, and
70 do this without regard to the action
or lnaction of any other nation. We also
adhere to the opinion that no nation or
congerie of nations Can arbitrarily fix
| the value of these metals or OF any of
them Witch used for coinage or anything
else, and that. in adopting them and adj.
! Justing their relations in the coinage to
eacn other, any nation and any number
OF nations must be controlled by the
value of these metals as established in
| the markets.
There is evident and encouraging
modification in the attitude of that
| Silver school which stands at the op-
p0slte extreme from the one of which
our contemporary is an able, if not an
entirely frank, representative. The
] r "a. sseAOPiSo W IliO MlSSOuIl Sldlt
convention recently, and which Mr..
bland accepts as representing the views
OF MS school, demands the Immediate
restoration OF silver to free mintage at
the ratlo OF IL to /. with the quaIiica-
ton that there may be at some time in
the future, when the full effect at this
movement on the market value of silver
has been reached, readj ustment of the
| coinage to accord with the commercial
| values. The encouragement which this
new attitude gives is in the abandon
ment of the position heretofore strenu-
ousiy maintained that the value of
silver as commodity can be fixed by
legislative fiat, and the admission nee
essariiy involved that silver is but
commodity, whose value is dependent
upon the same laws that fix the value
OF any other commodity. There is also
the further value of the recognition
that the ultimate result might be a
ratio greater than the present one, and
n willingness to accept it.
The question then becomes simply
one of methods, with hardly dispute
as to the fundamental principles. MIR.
A|'eshN iiN ehO VI
Clubs would begin by restoring the
white metal Il The full use and highest
position it held prior to 1878, and
would then await the attainment by the
metal under the operation OF this use of
point of stability of value which
/ would warrant the REIMBURSEMENT OF our
! coinage. While there is no doubt that
this method would result in the attain
ment OF such position by the white
metal. there is also no doubt that the
movement would involve our entire
monetary system in confusion. discredit
our paper money, eliminate gold from
our commerce as medium of exchange
while retaining it as a measure of val
ues, and precipitate the country imme-
diately to a silver basis. We would
have double set Of prices, one con-
ditloned upon payment in gold-the
other. a much higher one. payable in
| silver or paper money. The Bland
school. OF course, strenuously deny that
this would be the result. but the appre
henSlOn that it would be is widespread,
and is based upon similar results from
similar causes wherever such a method
has been adopted.
There is truth in the contention that
the value of silver has been deprecated
by the cessation of its mintage. There
is truth in the claim tn at its restoration
to mintage. adding to the demand,
would increase its value. The practical
| question is whether there is not
method by which silver can be fully
used in our coinage without causing the
| disturbance and loss involved in the
method proposed by the free coiners.
II such is the case, silver would be left,
like any other commodity, to establish
its value under the operation of all
the forces which fix the value of all other
commodities. Its use as money would
compete with its use in the arts, aud
this demand, influenced by the cost of
its production, might be reasonably ex-
pectrd to give it such a stability of
value that the change in It's coinage
proportions to gold might be safely
made. We believe that such method
is feasible and could be adopted with
out endangering the stability of our
other forms of currency, and we believe
that the adopting of such a method
would relieve the country from the
| Irritation of the present situation.
sF MANY-SIDED JOHN.
Senator John Sherman must have be-
come convinced in early life that truth
is many-sided. On oother theory can
| his appearing at different times on op-
poslte sides OF most of the public ques-
lions of his day be accounted for if his
honesty be conceded. In the decade of
1860 he was strenuous advocate OF
! commercial freedom. In his later years
he has just as strenuously apotheoS lied
| protection. In 1870 he iauded the in
! come tax as fervently as in 1891 he de-
| nounees it. AT Nashville he made a
| i,nrrcn drnrecating Sectinnahsn and ,t