The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-12
SIGHT
Continued From First p.v.

. shOrI
seled the United States to 90 ahead and 1 ,ui
tno experiment all alone? Yes: and snnae
| IT. tcans quote his advice as an autborf4,,
me sly old fox would indeed he nlaasod ~ y :
/ The h a4tda make the experiment-and N ~
ing bottom OF the sea, -" 8" 10
Free coinage then will x,
Iitt 80 Al the commercial market OF the vii
i niue over half it's nominal yaue No IA,
gives value enc" +" Inc 9o stamp of the government
/ fifes - u &c 70 piece of metal; it merely GER
I VIZ 10 70 tne quantity and quality. 0tber
| ans az government stomp might az well ba
a aniAeu 10 copper, or to mere nanar n ~ po
/ government stamp gave value +P II the
ouais ISSUED in the past by mpecnn;ons %
/ Of fbosa "o rar not have ruined the subjects
H. r. 1nose sovereigns; and the assiorra1Js
Of f@ nee. and the paper issued bv FsrdiS o5
| sold ~ century ago, would NOT hava
rags Legal tt andost almost as government
nepe AGAINST their Will money abouo 70 &C
| is rsnL iEaiue In the markets of fba VIII
mar n ~ injustice. The early fnanciaI ~otIu'
tn OF America-Jefferson Mn.rtd aai STATES
of ooi thought of making tha ie;s,oi nii
! the metal 81 , than the commercial value Of
therefore,. with the passage If f tnaue.
| at its 80 We Snali nave currency rAiected
world unstahIo Value from the markets Of tbs
| Rnsin,o Unstable and fuctuatng in real yaI,
r BUSINESS cannot prosper WITH sr nSai Falue.
ness T. me nrst condition of the life of brI
invest money 'y OF the currency. None win
| comnaeron OF certain value today IN
r ronnnIerce and industry If bv tbe tiu,oS ~. IN
sbia iuaterlai mas been turned into r,arl, ,o
IknIy
1nanged In value. Business in ali b nave
" "Ouiu become speculation eambIo aS
No Tno awe capital would keep out Of sseht
~ ioSns would be made II il nonSange -.
gay tnat capital must put itsaIS i4 lse 70
htrneIicdh market, whether the canjtoI he
dendnd !, or european We should not be
So G.u oN oy words. We may clamor in yoiD
t ~ capital. 1t would not come In 10 u,Ion
ti ieie were security for it. Il will remsir 90
the world " wb saaety, or go to other parts Of
e TAN: and without capital there will he M
am pll a6soI ana no work for the people
classes will suffer the most Of oil fn aoot Ing
a aiipel coinage And yet the Iaboring niasses
naaIe 5"o to tnat are the most urgently an
d dnan VINO talks against free silver Is nTt
nomn a. once as an enemy Of the f.common
he caIiod w Wen, Tor my part, am willing to
the common people" If l am in resiite1 90 3l
WISH tislhg them for their good, and serving their
true interests Those above ali otbarr e .i .I
land who should today be on tbeir 81 ons
| OF America. ZIG 4"Dorers
| but VIII not the farmers be beneftsd9 VIII
tney not receive a higher price for +hair
proaucts? Maybe, higher price-buf NOT
daHn value: OF what use is it to have 4
doliar instead of a half-dolIar n tba doi1ar
can purchase no more than the haIf-doI1arr
ana VIII farmers receive even nominally
inuch higher price than they do now? The
pest market of the farmers prodnct Ia he
own country. And If his own country Is i l11o
poVerisned II factories are closed If Iaborers
/
ce1ve but little for his harvests
Men on salaries will scarcely hone ID have
t Their salaries tha doubled, even nominaly-and,
tnen, their salaries, such as they NAV Ia
VIII have only half the purchasing mower
! they have today Po"0i
49, Those who owe debts payabIe-principal or
interest-in gold will receive the same sai-
aries as To-Day. and their salaries will have
put put mar ar the debt-paying power which they
But those who owe debts, not navahIe q
goid? Well-if the country is ruined where
VIII they find even silver to paw their debts
In silver? The only men benefited-and tbeI,
are few today-and 1t is scarcely wortb tlEy
70 Drlng around revolution in the co1Intrv
t 70 Denent them-are the debtors, who have
coinage. will have their store donbIed IN
nominal value, and will be enabled to reduce
t enelr debts by one-half. And for those the
question remains Is it honest?
! 1t is delusion to imagine that silver viii
circulate SO plentifully that 1t can be had
e ed, ~ by an and that the quantity will make
ooes not increase in commercial value, silver
VIII not De produced in Quantities; and az
In exchange for commodities or labor Ubiab
they deem useful and valuable, il the bust
neo5a OF me country Is not prosperous the
| no profit from free coinage
But-and here Is the popular argument IN
t tavor 90. OF free silver coinage-we have had
nara times under the gold standard That ia
true, and what is also true is that under tha
silver standard shall have much hardar
fallaCv ha dnv 70
De attriout1ng our hard times to the gold
standard. The craze for free silver as a cure
| Ior hard times is applicable on the same
tneory that man who has been a long
time sick despite the attentive care Of erner1
| physicians, will call for any quack who adj
yertises to cure all the ills of humanity.
| Hard times have come through the severe
! and resistless working Of economic laws
! which go their way In spite OF legal enact.
Inents OF parIiaments or congresses. Our
| hard times have come from the general com
petition with the countries of the whole
globe into which we forced by cheapness
ana facility Of transportation-from oyer-nro
| duction in past years, from extrayaRance dur
ing good times, and from our own social ana
political agitations. One of the chief causes
radical change in the currency of the coun-
Try. II the American people put down by
an overwhelming majority this agitation
bury 1t out of sight-one chief cause OF hard
times Will be out OF the way OtheS causes
may remain. more or less. That of the gen
eral competition with all the nations Of tha
earth must remain. Good times however
may be expected to come back even If only
gradually. The overproduction that glutted
anxious to do something with their money
II 1t can be invested safely; our wondrous
natural resources invite Investments to de-
velop them-and, confidence restored the
outlook is bright. But the essential thing IA
confidence Today IL is confidence that is
needed far more than an increase in tha
volume Of the currency The volume ~ thS
currency IL large enough; to increase It 1cti
tiously; surely. Will not help US. Ninety per
Ncub VI I'LL DuSAHcHS IL OOno without CuFreQCY
by cheques and drafts of which tile whole
foundation is confidence. Those who suffer
from hard times-and they are the MANY
must hearken to reason silence passion turn
away from deiusiye remedies-and the coun-
try VIII be again put on the road to pros
perty.
ask is it honest to try to pay debts with
half the money which we received when
| contracting them? National or private debts
contracted upon financial system such that
those who loaned money gave 1t at a certain
commercial value. and believed az they could
not al the time have helped doing that they
| would receive IL back at the same CONNER
| oiai value. should be paid in values Of that
same financial system. That the great Amer
| lean republic will, an a nation declare to the
world that 1t will now make q law compelling
| its creditors to be satisfied with half or
little more OF the money they loaned to it
and go on record in the eyes OF the world an
broken-down, bankrupt, repudiating nation,
In Justification Of such a possibility, that
America is compelled by nationSi poverty to
90 SO. Then, no one should be able to gav
that ahe thinks Of doing 80.
There are a hundred aspects Of this question
which I do not touch upon. I merely throw
cut soma thoughts, which show reasons for
my own present political faith, and which
may be OF sofne benefit to others in forming
their own Judgment.
may, Of course, be mistaken. But have
con CONS 70 look upon the present agitation as
ular sovereisnty. Can the people defend
pubic honor and the institutions Of the coun-
tTy at the polls. az they have done on the field
OF hattle?E Can they be so calm and deliberate
II their judgment. so careful to weigh all
eli rash experiments, that they can be trust
ed with toe settlement OF grave social and
poisticai Droble1lz. That Is the question that
Is De.ore us at the present moment.