The herald., 1894-02-13
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IN A NUTSHRLL-MoNRY.

long controversy compromise was
agreed upon, by the terms OF which a
certain amount of that metal should be
coined each year. The amount was q
little over $50,000,0 900. This compro-
mise was the proposition of Senator
Sherman and the measure is known as
the Sherman act. Matters stood in this
way in 1892 when the national conven-
tions of the several political parties
assembled and declared their principles.
Each party embodied in its platform a
resolution in most positive terms favor
ing the free coinage of silver. There
was no prevarication or doubt
lef. upon the subject by either
party. There seemed to be, there
fore, no occasion for discussing
he matter during the campaign, 80
here was no declaration from any quar-
ter against free coinage. 1t may be con-
ceded that there was some latent oppo-
sition to it, but thst was confined to the
few money changers, numbering scarcely
one out of Thousand of tbs population.
The headquarters of this opposition, in
this country, is conceded to be in New
York city, aud is usually design ated as
"Wall street."
In face of the foregoing facts, President
Cleveland, before fairly warm in his
seat, called congress together in extra
session for the sole purpose OF annulling
that compromise of 1890, and putting an
entire stop to the coinage of silver dol
lars. Hardly any proposition upon
which Mr.. Cleveland had, but recently,
been elected was more pronounced than
this which relatad to the free coinage OF
silver, and certainly there was none in
which all the people are more deeply
interested. Had it been known during
the campaign that he was thus hostile
to silver, his defeat would most probably
have followed.
But the strangest part of this whole
business is that Mr.. Cleveland had the
earnest support of a large majority of
the Republican party in both branches
Of congress in his war upon silver,
though the platform of that party was,
if possible, more pronounced in favor OF
free coinage OF silver than that on which
Mr.. Cleveland had been elected. The
measure for which the extra session was
called could not have succeeded at all
but for Republican aid. The Lesson to
be drawn from this whole transaction ia
the overwhelming power OF money. 1t
brushes away party platforms like cob
webs; it dictates to presidents and to
congresses. Whatever it demands
is sure to be done. 1t is the
one power in this country that is ire
sistible, and it is growing with wonder
full rapidity. Without hesitation it vio-
lates and destroys whatever stands in
its way. This looks like new depart
ure in our politics. 1t certainly did not
belong to our politics in the earlier
stages of our history. 1t must be ar
rested.
Secretary Carlisle, in his talk with
the house committee ON finance, told
that body that the country had abun-
dant money with which to transact its
business. 1t ia generally conceded that
the gentleman who ls at the head of the
treasury department is good and per-
haps a great lawyer, but there is
nothing to warrant the assumption that
he knows anything about finance. He
based his objection to the issuance OF
$l50000,0 900 in greenbacks-a form of
debt which involves no obligation of
paying interest upon the part OF the
government-on that ground alone. Mr..
Carlisle forms his opinions from very
narrow purview. A pent-up Utica res
tricts his vision. He cannot see beyond
New York and the other money centers.
1t is true that the banks of Gotham hold
$4,000, 900 above the legal reserve, and
the same thing is relatively true OF Bos-
ton, Chicago and the other eastern
money centers. This, instead of being
good sign, is an infallible indication of
the pitiable state of the business inter-
ests of the country. 1t shows that the
blood has all gone to the head, with
threatened perilous results to lie, while
the rest of the body is faccid and pulse
less.
While it is true that there is plenty of
money in New York city and in two or
three other large centers of population
in the East, the great interior of the
country, the south, the west and north
west are suffering from an insufficiency
OF the circulating medium. France is a
conservative and wealthy nation whose
industries all Iate back centuries, and
whose resources are developed to the
last nicely, and yet France has twice as
much money per capita to do her bust
ness with az have the people of the
United States. And yet this country is
but in the initial of its development.
1t stretches over boundless areas. 1t
has every form Of possible wealth, only
needing the open sesame of capital to
pour unlimited riches into the worlds
channels OF trade. Without money to
utilize these treasures they must per-
force lie perdu. To deny the country an
adequate circulating medium ia to arrest
progress and to put back indefinitely
the hands on the dial Of time.
Mr.. Carlisle and the gentleman who.
like him, see through New York and
onldhuU 1naotaolar will And ont thoa