The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-06-07
Reeds Currency Solution.

10 the majority OIL laW-lOlulug ciIlHths'
Reeds Currency Solution.
A new element of complexitY has
been introduced into the national pol
itical situation ny the appearance in
the London FortniShtly Review Of an
interview with ex-Speaker Reed, in
which he enunciates novel policy
with reference to future currency leg
islation. That interview although not
Yet acknowledged by its putative par
ent is clearly significant aud moment
Gus; in every respect as much so as
was that other great feat Of mingled
statesmanship aud political exDeiiency
which also emanated from distin-
guished son OF MGine--Mr Blains's re-
ciprocity policy, Tie position. once
held by Mr.. Blaine is now Mr.. Reeds,
by natural inheritance. The fire, the
firmness, the magnetic personality Of
the one is repeated and even amplifisd
in the other; and it takesno great
prescience to roresee that IN Thomas
B. Reed the Republican party has
leadership and following that are to
be factors Of unequalled magnitude in
future nominating conventions. The
repeal of the Sherman law tided over a
temporary ana largely fictitious chasm;
but il left the great currency problem
unsolved and almost unaffected If,
therefore, it should fall to Mr.. Reeds
fertile brain to succeed in evolving a
permanent solution, uniting political
ehrewdness with q substantial UNDER
current of genuine statesmanship, the
effect which such q contamination
would have upon our politics is not to
be oyerestimated.
The first casual suggestions derived
from the reading Of "a cabied synopsis
of Mr.. Reeds interview were not reas.
suring. The article seemed to SAVIOR of
Il mere politicians artificial bid. But
Mr.. Reed is not au artificial politician
The sturdy Puritan fibre in him
amounts at times to what the poets
would call 'jiyine obstinacy." He
does not yield one iota in question OF
principle. This was Shown in his
Quorum.counting fight 1t was shown
again in his steady championship of
honest elections, against the force bill
hue and cry into participation in which
TOO many wavering Republicans were
deceived by Democratic howlers. And
it is shown anew. we. are inclined to
believe, in this silver Interview, when
that utterance is carefully weighed
and properly understood We wish
we had room for all that MIR. Reed
said. AS il is, We can give only one
vital excerpt:
II the Indian crisis does not force Elg-
land quickly into larger monetary union
with silver using nations, which union we
will gladly join, then there may come q
time for the nations friendly to bimetal-
ism to unite, not in monetary union, but
tariff unlon-reciproclty being the re-
ward OF free coinage for silver. This
should be our policy We recognize the
great increase III the burden of our gold
obligations payable abroad, because OF the
vast subsidence OF prices; we recognize
that falling silver by lowering the Eastern
exchange fayors our competitors in Asia,
who sell similar produce, wheat and cot
ton in the markets of Europe. It is, there
fore, evidently important for debtor ma.
tious, on which list we stand first to raise
the price Of silver and thereby reduce the
bounty on exports which Asia now enjoys
This can be done best by agreement with
other nations favorable to silver, and by
such scale OF high tariffs against those ma
tlons which eject the monetary agreement
as will insure Us a favorable balance of
trade. In short, q higher price for silver
by reducing Asiatic exports TO Europe will
increase ours; add to lhisla high tariff, and
We can keep our gold at home, or at least,
If sold, it will quickly come back again.
In common words, what does this
mean2 We have seen no better expia-
nation than that given by Representa-
tive William A. Stone:
There is so much silver in this country
and its production is one of our indus
tries, that its protection becomes matter
Of as much consideration as protection of
any other metal. There is no demand for
it except as money-no sufficient demand
10 meet the production. As understand
Mr.. Reeds proposition, it is simply to ex-
tend the Republican doctrine of reciproc-
ity to American silver and give to such
foreign countries rs will take our silver
product and treat 1t as a money standard
certain privileges by way Of recompense
and to withhold these privileges from the
products OF all countries which continue
their discrimination against silver. This
doctrine, If carried out, would force Eng
land to bimetallism and give at once a
great stimulus to the production Of silver
IN this country. 1t is the only plan yet
proposed that will give silver producers
and labor in its production relief. 1t is
sheer nonsense to undertake to give a
market to silver by free coinage alone in
this country for the reason that the sup
ply is so much greater than the demand
and constantly increasing. We produce
no silver in Pennsylvania, but Pennsylva-
MIA Republicans do not alone ask protec-
tion for the products of our state, but for
the products OF all the other states, in
cluding silver produced in the states of
the west. We cannot encourage this in
dustry by tariffs on foreign silver and the
only practicable way to encourage it is the
plan suggested by Mr.. Reed. 1t is worthy
of him. today the foremost statesman in
this country, and when understood will
be generally indorsed by the Republicans
and accepted by tho silver men of the
west as the only practical road out Of
their difficulties. Let no Pennsylvania
fear that the plan suggested by Mr.. Reed
will let foreign products into this country
free Of duty, from those countries opening
fhair 6nora N cilvar but nnlu a1oh Nro