The San Francisco call., 1896-05-04

bill was not known by them, and also one of
our citizens then member of Congress from
illinois, declaring that he had no idea that
half OF the coin of ultimate redemption was to
be dropped from its uses'as such.
Fortunately the demand for silver for other
uses has been andf is large or there would be
far less value to that metal to-day. A man in
vesting 100000 in a silver mine in 1872 has
suffered great wrong from the Congress
sional act of 1873 as a horticulturist would, il.
after investing a like sum in lands for the cul-
tivation of fruits, Congress should pass an act
that the product OF his orchard should only be
sold 10 adult males, shutting the grower out
from more than half of the former market.
The former would be the greater wrong. for the
constitution declares that gold and silver shall
be coined into money and Congress shall regu-
late the value thereof; 1t did not say 1t shall
cease the COINAGE of either one or the other.
1t is doubted if the silver-coinage act would
stand approved by our Supreme Court. Con-
gress, tits claimed by distinguished author
ity, is limited to regulating the value between
the two metals.
We hear from all parts of our country CON-
plant OF the times; they are hard here in Call
fornia. Since the first settlement OF the state
we have had our periodical Set-backs, but never
have we had so continuous so bitter, so pro-
tracted a check to our prosperity as now. A
worthy citizen of Sacramento has remedy in
part by proposing bounty to be given TO the
growers of grains. A few enterprising and
public-spirited men came together here last
summer and in a few days, not only resolved
bu raised the funds to build an independent
railway through one OF the most fertile valleys
Of the State, engaging to freight its products to
this CITY at the minimum OF cost, without so
great care for the dividends as to stim ulate
trade and give hope to the producer. All this
is good and in keeping with California spirit
Why should this State hesitate in giving its
support TO the restoration of silver to its former
and constitutional place as one of the metals
of ultimate redemption, by unlimited coinage
thereby placing il where it has ever been since
the days OF Hamilton and Jefferson? Would
not this legislation revive an industry that
this City is indebted to in no small degree for
her growth and prosperity? One third of the
wealth of this City came from the Nevada sill
yer min es.
One OF cur great statesmen, James G. Blaine
. tells US "that politics is intelligent selfish
ness" How then can we hesitate in
structions to our representatives or petitions to
Congress in this matter? 1t is safe 10 predict
that within six months after the repeal of the
act restricting the free coinage of silver our
foundries would be busy turning out new silver
mills, our merchants Immediately would feel
new impulse to trade, our manufacturers
would be asking themselves 'Why could we
have hesitated and remain inactive these many
years and permit one of our most valuable Gus
toners to be choked and destroyed by the siren
song of the promoters of doubtful schemes
who have been telling us that this Congress
sionsl repeal win ruin the market for the sale
of our bonds in LondonP
The cry comes up from the monometallists:
"Oh, you are one OF those who wish TO pay
your debts with ffty-cent dollar" This un-
friendly legislation toward silver alone has
made it tifty-cent dollar. Uncle Sam has
done wrong not only to the debtor class bur
also to great American industry. Returning
consciousness and impending bankruptcy
throughout the country should prompt him TO
retrieve the wrong by restoring silver to its
former historic place as coin of ultimate re-
demption. / don't think our members of Con-
gresss were criminal in this action, but do
think they made terrible and thoughtless
mistake, ard we have suffered from 1t ever
since; It is the principal cause OF our present
hard times
Withan increase of the worlds goods wares
and estates and stationary amount of the
measure OF value, what would be the effect IN
prices? first-grade schoolboy would tell you
would decline m han
cut off say one-half. or approximately so, as
the Congress of 1873 did do what then could
occur but what we have seen, constant ana
continuous trend OF prices downward The
yield Of the gold and silver mines OF the coun-
try keeps pace with its increasing population
and its growth of business. To depend upon
the caprice OF Congress to expaud and con tract
8 the currency would be dangerous and uncer-
tam, giving to,buslness that precarious feature
that characterized it during the Civil War and
the period before the resumption of specie pay
ments.
The product of the gold and silver mines is
the only safe and sure supply for money of
ultimate redemption and measure of values
The greenbacks should be redeemed slowly
and gradually by the issue of gold and silver
certificates against the coin held in the treas
ury after the adoption of unlimited coinage of
silver, and then coin no gold below $40. am
Tor bimetallism with international co-opera-
tion, if we cau-but bimetallism alone with a
tariff on silver coming from all nations un-
friendly to an International agreement.
National banks should be continued, sur
rounded with all safeguards, as in the past, for
local convenience and needs the American
press: that great molder of public sentiment.
is, unfortunately, too often found in sentiment
81 with that lately deceased founder OF a week ly
journal who confessed, when confronted with
the charge that he unfriendly to that class
OF producers in this country in its contentious
for material reduction in freight and fares
that he was "eerly taken in out of the cold.'
Is 1t not reasonable to believe that large num-
Der and large majority of the news vendors
of this country are actuated by the same i'm
pied reasons, but, perhaps, do not believe, as
hc avid 6nTlf1 4l1~
good for the soul, !" and are found with the
advocates of the single standard?
Railway bonds are maturing yearly in large
numoers and for large amounts. TIE trustees
OF these corporations Il say trustees; what an
abused word) grow rich by their management
and too often manage them into bankruptcy
They must pay the interest on their bonds and
keep them floating, else they lose control
Then they become like defeated party in our
municipality; their nose is ont nf the trough
II is much easier for them to keep in, when the
coin for the ultimate reden pIiou of their
bonds are restricted 10 gold. But how fares
the great producer when in his former normal
condition that carried him through that great
period OF prosperity from 1850 to 1873? fear
that this depression may continue until that
great class OF struggling debtors may lie down
IN despair aud say as many are saying to-day:
do take my land and my farm and return to
me my bond and mortgage" Then, through
enforced idleness, they drift into our army of
tramps, already too large.
MT. ST. John, the president of the Mercantile
National Bank of the City of New York in his
address to his colleagues at Atlanta last year,
reminded them that there were other caliings
besides banking that required the fostering
care OF legislation there would be no
banks or bankers wanted, and declared that
the decentralization of silver was slowly but
surely killing the goose that laid the golden
egg" and commended to them the remonetza-
ton of silver. trust that the representatives
from this State of the two great parties, when
they meet in National convention, will see to
1T that they will not be party to the killing
OF the goose that lays our silver egg as well as
our golden one.
Our merchants are much concerned just now
because OF the arrival from Japan OF an in
voice of furniture sold at prices far less than
1t could be produced here, and they have al
beseech Congress to give them some relief.
am no prophet nor the son of prophet, but
predict that in ten years, let the tariff remain
as 1t is now and take no concern TO remonetize
silver, giving the Japanese the present advan-
tage OF so per cent difference in the price of
labor and 80 per cent premium on the cur
rency they sell their goods for here over the
currency they pay their .workmen, their rents
ana other expenses incident to the manufac-
turing establishment, and you will soon see
the Merrimac and the Connecticut River
water-powers unused and such depression
throughout this country that these times viii