St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-04-04
THE PEOPLES MONEY.


The most interesting and perhaps
valuable of the publications of the
sound currency committee of the
New York Reform club is No. Z,
condensation of the work of the late
comptroller of the currency, Hon.
William M. Trenholm. The style of
the larger work is so clear, its state
ments so simply made and the
thoughts are expressed in such short,
Succinct sentences that the abridg-
ment given in this issue loses none
of the strength of the original.
Forced on the one side by the panic
of '93 and it's resulting financial de-
preston, and on the other side by
the customary rise at such times of
the clamor for more and cheaper
money, and taking now the form of
a demand for the coinage of silver
at a false ratio, as after '73 1T took
the form of a demsn nd for paper cur
rency, the money. question has come
to the front as the present and alb
,sorbing question. The same old
weary struggle is again on that
nearly every nation has at some time
or another gone through, in which
the sophistries of finance are spread
by place-seeking demagogues, catch
ing thoughtless people by their gilt
ter, and often resulting in a moon
beam currency that falls into dis
astrous ruin at the first pressure.
1t is little to the credit of the gen.
eral intelligence that book so full
of sophism, of half-truths mingled
with falsehoods as is the much-read
Coins Financial School," should
have so large a circulation and pro-
duce, apparently, such an effect. Ii
we are to believe the talk we hear
it is sweeping Republicans and DEM
ocrats alike, business men, who
should have more common sense,
into the ranks of the new silver
party. Against it and the class of
pseudo-financiers it represents is
the experience of the business world,
of states, nations and colonies, not
to mention the practical effect of the
application of it's fancies of finance
today, right under our eyes, in the
republics to the south Of us.
With Mexico on a silver basis,
freely coming silver, where there are
two standards of price measurement,
one a gold and the other, twice as
large, a silver one; one price for what
one buys with gold and another,
twice as much, if paid in silver;
with a standard dollar of the United
States worth two Mexican silver dol
lars, though the latter is the bet
ter dollar, one marvelS that any
man can advocate a policy that
would reduce US to the same condi-
tons. Venezuela serves notice on
the foreign holder Of her bonds that
it will be impossible to pay the inter-
est, as the premium on gold, in
which the interest must be paid,
more than doubles the rate of inter-
est. Argentina is still struggling
amid the ruins caused by her ex-
pertinent in cheap and plenteous
money. And with these illustrations
of what a silver basis means we
have men, rated as intelligent, join
ing the noisy crusaders in their as
sault on the currency of this coun-
try.
The publications of this commit
tee should have wide distribution
and reading. There are interests in
volved that should see that they
are distributed widely We do not
lose confidence in the DeOpIe Thav
want to be right, and to have done
that which is right. When the green
back lunacy was affecting the coun-
try and threatening to sweep us into
the rock-bound rapids of an ire
deemable paper currency, the cam
paign of education carried on for
sound money taught them the falla-
cieS Of the movement, and they with
drew their support. So they will do
now if the same efforts are made.
A portion of the press is doing it's
work, but it should be reinforced.
The means Of distribution are at
hand. The Democratic association
can reach 100000 voters. The Re
publican state committee can prob
ably do the same. Either or both
will undertake the work of sending
out these pamphlets if supplied with
them. The enemies of sound cur
rency are organized and are con-
Quoting their campaign Of miseduca-
| ton vigorously. The friends of
sound currency should do the same.