The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1894-05-12

tAN Afit p NHNh N > "a y Af
OfaIl the Now lars Journals the New
York Sum was originally rredisposed to
be- most favorable tr b.metailsm But
when the times became bad succeeding
the Barring failure ana Wall street, not
knowing what was tho matter with Do
began senseless rrusude against
further silver coinage in the United
States. tile SUMS usually clear vision
became c.ouded and 30 joined the rest Of
the eastern press in demanding the
complete decentralization 70 the white
metal Its able financial writer Matthew
Marshall. became the oranHest Of an
the crauks in attr.hutuE all the evils
that con cted as 90 tho purchase at
100000 ounces OF silver q month Tn
yiturperativc zeal and uniairuess OF
statement tins writer outstripped them
ALL Seven months have passed since
the enemies of silver secured the re-
peal Of the sherman act, the harmless
httle no-acc0unt seignorago bill has
been bur. FOR six weeks, aud yet Wall
street Says and shrinks and the false
prophets 90 about the street explaining
10 one another how it happened that all
their predictions proved wrong.
But there Is ono honest man among
them. Matthew Marshall has owned
up. He did not know it all, and be says
so. In his latest article, in last Mon
days Sun, this eminent fnancier makes
public confession Of error in a most
frank and remarkable fashion. Start
ing out by dating the origin Of our
troubles 20 the Barring failure in 1890
Mr. Marshall admits that this country
did not feel that blow because "the
Sherman act was steadily pouring INTO
our currency the Si5000lO per month Of
notes issued FOR the purchase Of silver
So we pulled along until the summer Of
1898. when our own troubles really be-
gan. I'VE ilattered ourselves" be says,
"that the trouble was only temporary
and that we should recover from 30 as
speedily and with as little substantial
loss as we did from the furry os 1890
especially as the majority Of our tinanc-
ial magnatos attributed II entirely 70
the continuance OF silver purchases uu-
der the sherman net, and predicted
complete relief from 10 as soon as those
purchases were stopped They were
stopped in September, but the good re-
suits expected did not follow"
Was ever an admission OF wrong more
complete: But our fnanc.er does not
stop there Wall street, he says. fooled
itself again with false hopes over the
veto Of the seigniorago b.lL lie goes on.
"What would have happened if the selg-
niorage bill had become law ls. Of
course, only matter OF con lecture, but.
as ! contended when the bll was eth
under discussion in The senate. It's evil
tendencies were immensely exagger-
ated, and even ita provisions we're by 70
respectable "a body Of gentlemen as the
New York Chamber IT Commerce woe
fully misunderstood'
But like tho good, old-fashioned gold
bug that he is Mr. Marshall cannot 10.
come a silver man with q skip and a
jump. He Is quite bewldered by the
demonstration 10 England in favor Of
restoring silver to It's money function,
but he wipes his spectacles. looks az the
movement second time and having
been fooled once cautiously remarks
that DO is not yet convinced that tho
remedy Tor bad times is that proposed
by the English bime'aIasts.
The evolution " This very positive