The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1895-05-25
THE GOLD STANDARD,
4 sound-Mcney Letter from John
q Inman.
Answering Queries from the south-uhy
the Dsp-ssslon Lasted 50 zonx AFTER fss
Repeal Of the shcrnzn silver Law
conadsnce Again Growing.

NEW YORK May 20.-The sound
nacney subcommittee Of the New York
chamber Of commerce has received the
following communication from John
II. Inman:
During the past year we have had
many inquiries from the south asking
why the general depression lasted 50
long after the repeal of the Sherman
law, when It was promised that we
would have better times after its re-
Peal. The answer Is that there was
constant fear, even after the repeal. In
leading financial centers that owing to
the uncertainty Of congress, this coun.
try would go on to o silver basis, and
those who took this view were pretty
nearly right, as ali who are familiar
with finance know that we were on
the verge Of this very thing only three
months ago. that Is TO say early in last
February, when the situation was
gloomiest with cotton and other prod
ucts at their lowest, we were on the
verge Of q silver basis.
with the immense crops maturing
all over the south last fall, we would
have had recovery then, but for the
dread in the money centers Of the east
that we would 60 on q silver currency.
What we were afraid Of was, that, when
Mr.. Cleveland sold the two lots Of ss0,.
oO0, 900 bonds. he would say that he had
done his duty and would leave the
balance to congress. But when
he got into the month Of Febru-
airy and he sold the s62. 600. 900
to the syndicate and assured the gem
tiemen who went to Washington that
be would sell as many more bonds as
was necessary to keep the country on
a sound basis. we were assured that
the finances Of the nation were settled
for at least two years, or at least dur
ing his administration; and believing
that we could elect q hard-money can-
didate in 1896 felt that the country was
permanently on q sound money basis.
Take cotton as an example; a party
of men who were quick to see future
results, looked over the situation at
once, and feeling that the money ques-
ton was settled for q long time, made
up their mind to go heavily into cot
ton at 81 to 5% cents in the New
York market. But for that sixty-two-
million bond transaction, however, the
same set Of men would not have
touched cotton or any other com-
modify, but simply kept their
heads under cover; in this ! am
speaking from personal knowledge and
may say that in my opinion unless the
bond sale had occurred, or some such
action taken by the government there
would exist to-day throughout the
country a worse condition of affairs
than we have had at any time and that
cotton. instead of selling as it now is,
at about z cents in the New York mar.
ket, with prospects of a considerably
higher price before January, would
still be selling in the neighborhood of
8 cents.
ut Is asked who are the chief advo-
Gates of free coinage. Ask the mine
owners in the west who wish to profit
by the increased price Of their product.
It is a fight between politicians in the
south and west and the solid business
men Of those sections and the east. In
the south we find a large proportion of
the conservative men in favor Of sound
currency, and my information ais that
there are q great number OF in
telligent farmers who take the
same stand and many others who
have not made up their minds on this
question and will not do so until
they have sufficient information to an
alyze 1t fully; and when they do. ! am
of the conviction that they will vote
on the side of sound money, it being
clearly to their interest to do SO.
.As to the final outcome, I think
there is no question about it. Sound
613nce will whip in the fight. The
politician who expects either to retain
or ride into Office on silver will ma
tionally be showed under, and the
sound-thinking American people will
win.
"Let us see who would be the gain
ers by the free coinage Of silver.
There would be practically none. ex-
cept the silver miners in half q dozen
Rocky mountain states and the silver
producers of Mexico. These few
Rocky mountain states mined in 1899
and 1898 q yearly average of silver
bullion worth s4o,0 O0, 900 in the mar.
kets of the world. If they could
get free coinags of silver they would
receive each year about so. 0o0, 600 sill
yer dollars for this same prod
uct; therefore, the miners Of these