Santa Fe daily New Mexican., 1896-08-19
NATIONAL POLITICS.
AN ENGLISH OPINION.

The London Financial News OF March
10 last said: The financial situation in
the United States is very serious. The
senate has blocked all relief measures
proposed by President Cleveland, and
congress is at dead standstill on the
money question. The free coinage SEN
ators are masters of the situation.
The condition of affairs in the United
States congress demands the immediate
attention of British financiers and states
men. The trade of the world is now in
our hands, but it will not long remain
there if the United States goes to a bi.
metallic basis with free and unlimited
coinage of silver.
With the addition of silver to the vol
ume of money, everything in America
would take on new face; labor and in
dustry would gain new life. The grip of
the gold standard on the products OF the
world would be loosened and prices would
rise. Great Britain would lose her mar
kets in South America, Asia and Europe,
and American ships would not be long in
capturing the carrying trade of the world.
British creditors must now apply them
selves quickly to the American money
problem. The sound money men and
banking interests, led by Senator Sher-
man, Cleveland and Carlisle, with a
plentiful supply Of means have been
beaten. The American people are now
thoroughly aroused and educated on the
power and use of money, and made des-
perate by debt and busin sss depression
they are forcing free silver as the main
issue.
Great Britain need fear no injury to
her trade or investments if the Republi-
can party can force protection tariff" as
the main issue in the coming presiden-
tial campaign, but, if free silver domin-
ates the American mind and carries at
the polls, it will bring about change in
England that will be ruinous from its
suddeness and severity. The damage
that can be done British manufacturers
by protective tariff is slight compared
with the disasters that would be entailed
by change from single gold to COM
plete bimetallic standard.
It is evident that the Dem mocratic party
will not renominate man who holds to
President Oleveland's ideas on money,
and the only hope for continuation of
Mr.. Cleveland's financial policy will be
in the success of the Republicans in the
next election.
The success of free coinage will bring
down the rate of exchange on money
and cause an immediate rise in the price
of all commodities. When silver be-
comes primary money the American
mines will pour their products into the
mints and new area similar to that pro-
duced by the issue of greenbacks during
the civil war will begin. Gold will leave
the banks and enter into composition
with silver in the avenues of trade, and
the manufactures of the United States
which have been shut down or crippled
since 1892 will again resume their fight
for She English markets.
Itls doubtful whether the Republican
party can be held much longer 10 check
by sound money statesmen, as its adher'
ents are divided by powerful factions
The Dem ocratio party is also breaking ur
under the weight of the free silver agita
ton. It matters not to Great Britain
which party succeeds if the gold standard
is maintained, but either of the old par.
ties or new party which goes into power
pledged to free coinage will be inimical
and prejudicial to English manufactures
and trade.
The American people cling with won
derful tenacity to party organizations
but financial embarrassment and business
stagnation has become too severe fol
their patience and they are ready for any
change that promises relief. They are
becoming convinced that it can not be
found in the protection theory, as that
has been tried, and they are massing nov
on free silver. When that issue comes
fairly before the American people. Eng
land will regret her sympathy and adher
ence to the single gold standard.