St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-07-01
WALL STREET NOT IN THE
LEAST FRIGHTENED AT THE
yA1 SILVER BUGABOO.
PEOPLE TOO CONSERVATIVE
Tt9
TO ALLOW THE COUNTRY TO BE
II DROUGHT TO THE VERGE
-zl3 OF DISASTER.
On the Free Coinage Agitation
a n and the Financial Condf-
81. lions.

Special to the Globe. "A
NEW YORK,June 30.-In his week
~ review of the financial situation.
Henry CIews says:
wall street is not in 2 mood to
borrow trouble from the drift of the
silver agitation. Above all interests.
1t is most disposed to put faith in
the safety of the final common
sense conclusions of the popular
judgment. 1t has too often seen the
country brought to the verge OF
seeming catastrophe only to be res
cued by the eleventh-hour consery-
atisnl of the people, to have any fear
that the craze for the national free
coinage will ever be consummated.
Our people are not given to violent
revolutions; they dislike changes
Which are purely theoretical and ex-
detrimental, and although they rather
ENJOY the excitement of an agita-
tlon upon some great question or
principle, yet, when the stage for
say no to the schemes of mere agi-
tators and to the abettors of the mere
alterations of factionists. It may
surely be taken for granted that the
great mass of our people are fully
capable Of understanding that free
coinage at 16 to 1 means sweeping
revolution in every interest, finan-
fol
CONFUSION that would leave behind
no stable basis of prices, no fixed
standard of money value. 1t needs
no more common sense than our
citizens exercise at every election
to discern that such a change would
end in business DISCRIMINATION, ma
tional discredit and widespread ruin;
and Wall street reposes confidence
in the final protection of this safe
guard against an insane monetary
revolution. Nor do the men of the
Stock Exchange take the politicians
at their seeming worst in this mat
ter. It belongs to the willy tactics
of politics to humor even the widest
vagarieS that crop up from popular
ignorance and prejudice. So far as
such vagaries may be likely to in
fiuence votes, their devotees are fiat
tered by promises of representation
in platforms and legislation in con-
gress; and hence any sort of folly
receives a measure of federation.
But, at the same time, the leaders
who finally control the
DRIFT OF POLITICS
have to maintain more respect for
the reputation of their party than
/ for the humoring of monetary va
garists; and it may be regarded as
an impossibility in practical politics
that a majority Of either party would
finally perpetrate the suicide of
sanctioning unlimited coinage of sill
yer at 16 to 1, or any other policy
that would endanger the permanence
of the supremacy of the gold stand
ard in the United States. 1t is con-
fidence in these general conclusions
based on the working of our politi-
cal institutions that keeps Wall
street calm and unapprehensive in
lilO iAi1NSt VI lAiC ~ CIV S%AClIC-
ment on the silver question. In
word, it's estimate of the preponder-
ant judgment and conservatism of
the American people is one that ex-
cludes the possibility of silverism
ever becoming the law of the land.
This conclusion might be less trust
worthy were there any possibility
of Immediate final action upon the
question being taken. But politi-
clans most familiar with the COM
plexion of congressional sentiment
on this question agree that the new
house of representative stands two
to one
AGAINST FREE COINAGE.
And were the attitude of congress less
certain, there still remains the fact
that, so long as Mr.. Cleveland retains
authority, no law favoring silver could
escape his veto; so that, until the as
sembling of congress in the winter Of
1907 rOccif1ititU 0f ny