St. Paul daily globe., 1896-02-07
j. J. HILL TALKS ABOUT THE Sue
CESS OF THE POPULAR BOND
ISSUE.
SHOWS CoUNTRY's ABILITY
TO TAKE CARE 7oF IT'S FINANCES
WHEN FREE EROM CONGRESS
SIGNAL OBSTRUCTION.
STOP TINKERING WITH SILVER.
Measures Urged by SO-CalIed
Friends Would Absolutely De-
strOy Its Value.

James J. Hill finds in the marked
success of the recent popular bond
issue refutation of the idea that the
nations prosperity may be impaired or
even destroyed by the arbitrary action
of a few men occupying high positions
in the financial world. and believes that
existing financial troubles would soon
end were 1t not for the constant chang
ing by congress of the monetary stand
ard, and the efforts of so-called silver
men to keep, that precious metal on a
parity with gold.
AT the time the plan Of a popular
bond issue was first broached, even
when the country was discussing the
possibility of war with England, Mr.
Hill prophesised that the idea would
be favorably received by American
bankers and financial men, and now
sees his prediction more than verified,
his comment yesterday being that he re-
GREETED that the issue had not been
made double the amount fixed by the
administration. Mr.. Hill had the fol-
lowing to say anent the subject yester-
day:
THE large amount of subscriptions
clearly indicates the ability Of the
country to take reasonable care of it's
finances, when it enjoys fair degree
of immunity from congressional OBJ
struction. In December when it was
known by the government that foreign
bankers were not likely to subscribe
owing to the possibility of hostile COM
plications, and it was forced to the al
tentative of placing it's gold loan
through American financial institutions
(mainly the New York banks and
others associated with Mr.. Morgan) the
prospect for placing one hundred mil
lions at even 105 or LOG was very doubt
full; but as the possibility of a foreign
war or other complication cleared away
and the people had an opportunity to
think the matter over, the premium on
the bonds steadily Increased, so that on
the whole the loanlmay be considered
a very great success. If congress would
only let the monetary standard alone,
and if men who profess to be the
friends of silver would insist on des-
through maintaining it on parity with
gold, matters would soon right them
selves. The constant disposition on
the part of the senate to interfere with
the standard of. money values, has
already cost this country, since 1890,
in depreciation of securities, losses in
business, etc, not less than $1,000, ,000, 900,
or as much as the entire silver product
of the country for twenty-five years.
mo one has a greater interest in the
widest use of silver than those 1 rep
resent ,and I say with sorrow that the
measures urged by some of the So
called friends of silver are such as
would absolutely destroy it's value and
also that of every industrial interest
in the country. 1t would, [ think, have
been very fortunate could the admin
istration have foreseen the success Of
this loan, and have made the amount
800, 100000. and in that way put at rest
the notion that few men on account
of their positions can, for the time
being, destroy or sadly impair the busi-
ness of the whole nation