Omaha daily bee., 1896-06-01

Some years ago one of America
humorists delivered n rambling dis
course on every conceivable subject
every section of which ended up will
"And what shall we do with our girls 2
There was really precious little abou
girls in the entire lecture, but that fac
only made it the more grotesque.
forcible reminder of this satire
presents itself in copy of the SAL
Lake Tribune Of May 2G. with the blue
pencil annexation "Mr. Rosewater-Deai
Sr-Dld you ever think of thisY
The Interrogation refers to a marked
editorial in the same paper comments
ing on an extract from st. Paul
Mimi, paper which devotes itself to
the cause of 16 to l free coinage. re.
gardless of all other nations. The ex.
tract reads as follows:
Candor compels us to admit that this
city has not seen such stagnation in thirty
years as now exists among us. Our real
estate values have, except in some few
localities, dwnd'ed to almost nothing.
! Our mechanics are idle because building
operations have practically ceased. Our
|
reduced wages. Our factories are running
on half time, with dismissed help. Our
jobbers are complaining of dull times
| and some of them have assigned for the
| benefit of their creditors.
Certainly the editor of The Bee has
| thought of this and has thought all
| around it and through It, But he fails
| to reach the conclusion of the Salt
Lake Tribune that the real estate and
business depression in the Minnesota
| capital Is due to the refusal of the
| United States to admit silver bullion In
unlimited quantities to coinage into
dollars at the old ratio of 16 to 1 when
the bullion In such coined dollars repre-
sents only 80 cents. The Tribune's logic
is that st. Paul has lost the trade of
North and South Dakota, Montana,
Idaho, Washington and Oregon on ac-
count of the decline in the price
of silver, when, in fact, st. Paul has
suffered chiefly by reason of over
booming and overbuilding, just as have
other cities which never have had
any trade relations with the silver
states or the states on the coast.
The Tribune, like all free coinage
enthusiasts, refuses to take into con-
sderation the colossal over-capitali-
zation of railroads, telegraphs tele-
phones, street railways, water COM
panies, electrical power and lighting
companies and corporations Of nearly
every description whose bonds repre-
sent more than the actual investment
in their property and whose stocks
mounting into the billions are pure
water. 1t refuses also to take into ac
count the mining stock swindles, which
together with stock jobbing swindles
and bond swindles have destroyed con-
fidence in American securities and
forced the disastrous liquidation that
has been in progress during the past
three years. 1t refuses to take into ac-
count the destruction of credits by |
reason of the menace of legalized debt |
through unlimited silver |
coinage. Incidentally, too, it forgets |
that St Paul has suffered mostly by re-
peated crop failures in North and South
Dakota which have paralyzed produc- /
tion and crippled commerce in the
Twin cities.
VIII the Salt Lake Tribune or any
other champion of the free silver craze
explain why the city of Melbourne in
Australia has experienced such un
commercial and industrial
distress during the past few years?
There are no silver mines in Australia
Yet the metropolis Of Australia lost
several hundred thousand of its pOpu-
lntion since 1890. In one of the recent
consular reports it is stated that 10000
houses are vacant in Melbourne and
the owners are begging people to oc-
,upy them rent free so us to keep them
from going to ruin. The true cause of
this terrible collapse is pointed out in
the same report, but free silver is not
mentioned as Il factor. 1t says the trade
depression in Melbourne is due to the
collapse of the land boom and building
boom which had caused fabulous for
unes to be made and lost in specula-
ion. During the boom Melbourne had
millions in public improve
nents and in constructing great edifices
or which there is now no need. When
he building era was over the reaction
ame and the recovery must naturally I
,e slow. {
In this respect the experience of
australia is the experience of America. '
The decline in silver is a mere incident I
# the general decline in values which (
lways follows overstimulation and [
Now that we have
cached bottom the change for the bet !
cr will come just as soon as capital c
cells assured that no successful attempt &
an be made to debase or depreciate c
he currency. 7
---- ! Y
BRITISH SOLICITUDE 7