The Greenville times., 1895-02-09

srrrtf refsiseeHcr -f0 liu-tNh~ "at-u 4
Tfl h. ex.feiaels difficult 70 destroy,
namely. lis mnnas qtes ioe
n lie United s.atas, a il the AT
gspline Repuhl, there prevails AZ er-
ror deepiy impFt ssed in the minds Of
he people. let Us hesr on tbls I'M
nortsnt point President Louis SAenz
Peus himself (message ls94:)
sIt i asserted hat he paper ia cir
eul,tion j. beeomiug sesrer. and from
M. he inference is drawn thai more
of n should be issued, withsut tskiug
fnta account the fact thai the void ~
n. circulation proceeds frou want
of cont icacc. am not from a want oil
money. A new issue would be new
cause for distrusi, aud would only iu-
crease the evil Il Is really sslonish-
mo that such not ons should sill have
enthusiastic advocates. II seems that
errors III The pa aud lie experience
aeamred are dead letter for those
Who sufftr from them. and who still
suffer from The effects 4 the crisis"
These prophetic words probably APP
ply exactly to tue United States oi
Americs, with humorous and very
honorable exceptions. indeed, but they
predomiuate ia the imaginaIions OF
An who have set ont TO make their
fortule rapidly. burning up every
thing before them; only, what they
wish to take refuge in is not the issue
of paper, but of silver, which, from
certain poiuts oi view, is even worse
| One can easily understand why Tho
silver niue men do not fail TO encotr
age aud support this currency, So IA
yorable to heir dividends.
The monetary error Of the Amerl
eaus, supported BY the owners o
silver mines, remains a yeritable eeono
J mic peril for the United States, be
eaase. probably for many years, th
American milieu will not change iron
lhe Intellectual point of view. In th
same degree as the center OF affair re
eedes from tho old states of New Eng
: land. the Influences Of the eztraord
pery mixed population of the Mlssl'
sippi valley, tie Rocky Mountai
states and the Pacific coast Increase
We have already pointed out the IN
: portance Of the iusions which hav
iaktn place in these states; we pu
, pose TO come bs k TO this point betor
long. for the character and future
civilization in the United States are d'
pendent OH them
! In these surroundings, as IN the A
gentine Rcpublic, the amount OF none
G win long continue to bo looked on
y iutimatel, connected with the pro
u perity of the people, the size of sala
l. les. aud the level of prices so It Is ea'
+ TO see already IL the newspapers,
J. views and books Of the United State
/ but a few months after the repeal
I, tie silver bill, bow serious the que
q tion of free coinage 10 destined to b
l. come IN the United States. This IT.
coinage is exactly the free issue
paper 70 which the president OF q
/! Argentine Republic refers IN this me
sage. The purchase of silver metal
= the treasury might suit the interests
y silver men, but to-day these interests =
IS no longer of prime Importance; VII
~ is OF prime importance isthe Americ
8 conception of the money question,
y London Statistl
~ president Cleveland's message
- pears to be wi.e and statesmanlil
!, AS the law stands ii is quite clear Il
oi large sum should not be berrow
~ in Europe, as there is doubt
" specling the Pi sident's ability to c.
- tract TO pay GOLD. This would be ia
s' ~ to any projected loan. Money can
~ ways be had at q price; but the G'
ernmsnt of the United States cant
act as If 1t was bankrupt. Its ere
would stand ii high as that of q
country in the world If Congr
would only do its duty. II tho pr
i, ent Congress does not act, II Is gre
ly feared that il viii be 100 late 10
. ply to the new Congress, a, betor'
D can bo called together, q crisis
probably have occurred. II Is qt
tionable whether under the exist
l., conditions, ihe President can even b
row home. rhe bauks, IN order
avert a panic, ray furnish him 90
but. even then II is quustiona
whether, when doubt exists resp
Y ing payment in gold, enough gold
be got In an, case, more borrow
> viii not avail, rs the experience of
past year has shown that sooner
II later there must be contraction
= tho currency or there will be pau
aIf gold ia demonetized IL is peri
q. " clear that there will bo q z
Q; transfer of property from the capt
o: ist aud lending classes 10 the prot
q ing aud borrowing classes.
O: would be of immense advantage
Q. the West and South, and would pi
ci serious less to the Eastern States
9: to Europe.
@: While tho lending
q creditor classes would suffer, {
8: losses would not affect produc
q to anything ike the same extent
o: gaius of the producers would.
g ther, there would be a very ser
o: fall IN securities. which would in
q capitalists and lenders both IN
- United Staies and in Europe.