Birmingham age-herald., 1895-05-27
WORDS OF WISDOM, THESE
AN EMINENT cHURCHMAN ON FINANCE
Archbishop Ireland Says Silver Agitation May Check the Tide of Prosperity-We
 Cannot Carry Silver Alone.

Chicago May 26.-Archbishop Ireland
 of St Paul, Minn., returned yesterday
 from trip to the east and left at 6
 o'clock last night for his home.
 The archbishop was asked what
 might prevent the tide of prosperity
 evidently now just setting in, from
 reaching it's greatest height, and in his
 reply to the question he fully defined his
 position on the silver question. He
 said: .a.
 'The present silver agitation might
 check the period of prosperity which it
 seems is about setting for us. l speak advisedly, after reflection, and feeling that may be criticised for what 1 say But it is the truth, and what does it
 matter whether 1 say it now or later "Without entering into the merits of
 the difficult and intricate questions in- volved in a discussionj of the silver phase or craze, I would say that so long as there is no international agreement between the great governments of the world-the commercial nations-an at tempt on the part of the United States to return to free coinage of silver would be fatal to our business prosperity.
 "The United States is largely a bor- rowing nation. A new country unde- veloped is necessarily borrower of the old nations and that must positively De taken Into cOHSluerdtlon WHeh NC lightly speak of changing the form Of
 our financial basis. It is out of the question that we by ourselves can create a silver
 the world, willy nilly. We are an in tegral part of the commercial world extending over every continent, and what we propose or what is proposed by those who favor silver is only feasible on the supposition that the whole commer- cial, world agrees with us to accept a bimetallic standard.
 What we borrow we must receive abroad and the foreign capitalists will not invest in our millions of securities if they are to be paid back for their ad-
 vances In silver when they can buy the bullion of that metal at 50 cents. They
 simply will not do it. and it is absurd folly to imagine that we can compel them to do so. l have said that we are necessarily one part of the general com mercial world, and whether we like 1t
 or not we must harmoniZe with the other
 parts of the world far outnumbering us,
 and if we do not, we alone must bear tho consequences. We can only hope to
 maintain our prosperity by maintain ing with them cordial and honorable entente. This is the simplest phase of the silver question. The way Is very plain and clear. We are in no position to stand aloof nor to restore confidence | in our business institutions except by agreeing, as we have in the past, as to
 our financial basis in the markets of the
 world where we meet all that is in com petition with us and all who will pos
 itively refuse to accept our proposed sil- yer basis as that of a whole world. l do not see how there can be any ques- tion of the facts involved in my state
 ment of the position of the commercial world towards us from whom we must borrow money if we desire to advance and attain the eminence which appears we should have with wisdom on the part of our rulers and prudence in the political action of our people,"