The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-07-05

ment in the present situation, politi-
cal and industrial. This is the prospect
that within the next four months we
shall be able to emerge from the UNI
certainty. that has Frustrated business
and cost untold fortunes and kept the
American people anxious and helpless
for four years past The great good
that is to come out Of the approaching
campaign is the settlement Of the
financial question. No one who knows
the position of the G / O b e on this is
sue will be in doubt as to the impro-
lance which has attached to it in our
minds; and yet we are frank to say
that it would be better for this country
to go to the silver basis at once and
definitely, if that thing should have to
happen, than to endure four years more
of uncertainty and danger. A sound
monetary system would restore our
industries and put us in the condition
of prosperity to which we are entitled
3 by our magnificent resources. A slump
to the silver basisE would be a tremen-
dous disaster; but it would be, at least,
the beginning of the end. The United
States would then ehter upon a prac-
teal experience with the evils of de-
preciated and fuctuating local cur
rency, which are too vague in the minds
of this generation to be feared as they
ought. The sooner. it began this pro-
cess Of education the sooner it would
be over, and ii We be ready
for the restoration of universal
standards that would come later,
though at terrible suffering and
cost If we have to 2 traverse that
thorny path, which the G. 0 b does
not believe, the sooner we enter upon
it the sooner we shall reach the end.
Anything is better than the mainte-
nance Of the present intolerable situa-
ton
For the last four years, ever since
doubt of the ability of the govern
ment to maintain the gold standard
first became prevalent among the peo-
pie, the United States has been in the
condition Of a. befeaguered city, It's
wretched inhabitants have been com
PEELED to live ON their accumulated re-
sources. and unabIes to exercise their
productive energies at Wfll. This has
followed the znatura ndisposition OF
capital to seek Investment while there
was any possible question Sas to the
/ terms Of repayment During all these
! years the capitalists Of the world, in
Guiding those of our own country, as
well as those of Europe, have simply
stood aloof and watched the progress
of affairs. When we say capitalists
we do not, by any means, refer to mil
Honaires. We mean the owners Of the
gathered savings of years and genera
lions, whether individuals or banks
or loan and trust companies, acting as
the agents of the small investor. All
Of them, including every person in this
country who has laid by some of the
products Of his industry through fru-
gality and self-denial,zh been UNI
willing to- risk. it. In any enterprise
while conditions werepunstable.
Ask any business man of your ac-
quaintance how he looks at the situa-
ton from his PERSONAL point OF view
and you will not long be uncertain as
to the causes of the general and CON
tinued depression In trade. Go to the
banker and solicitr aTIoan for the pur-
chase of merchandise sor the starting of
factory. What Is his reply? It is,
invariably. that he cannot contract to
give-yo a large sum Of money for any
considerable time, on: TO renew large
loan when 1t falls due, because he may,
by that time, be In financial straits
himself. IF there is to be a decline to
free silver, and If this should make a
large demand upon him for money due
to his depositors, he proposes to be in
position to meet 1t without danger
to the institution that he represents
Go to the merchant and ask him how
he is preparing for the future. He
will tell you that he is buying just what
stocks he needs to supply present
trade, and not a dollarEmore. He does
not know what to expect. He dare not
sell goods on long time, because, having
bought and paid for them in money
of the present standard. he would not
be willing to have obligations to him
discharged in currency by that time
deprecated. Moreover, the merchant
everywhere depends on the bank fol
accommodation. Very few large con
Germs operate with an all cash capital
a large part Of which would neeessar.
lily lie idle duringe most Of the year
They extend their. business by tempo.
rary loans from the banks. and such
loans. as we have already seen, are moi
made readily while theeflnancial ques.
ton remains unsettled
Go to the manufacturer and you viii
find that he is only another one Of this
row of bricks. a blow 5at one end Of
which will toppleA eli cover together
He Is restricting tlpro<suction to Thu
narrowest margin. both because 1t i.
safe and because there Is practically
no demand. The merchant, who /.
limiting his purchases to the minimum
Is no longer a good customer OF Thu
rnanufacturep The manufacturer dart
| not Invest largely In the purchase o.
raw material. and In the payment d
wages to produce something which L
not at present saiabIe. and abou
whose future value he can know little
| Or nothing. Moreover, he, In his turn