The herald., 1896-06-18
dred millions of obligations held abroad

dred millions of obligations held abroad
payable at fifty cents on the dollar?
Are we to boldly declare ourselves be-
fore the contemporaneous world, are we
to write ourselves In history as ma
ton of unqualified defaulters?
Are we. with open eyes, to precipitate
upon ourselves one of the worst forms
of panic from which we have ever suf-
fered?
Are we to consummate the present uni
versal depression by the curse Of per-
petually oscillating standard Of values,
depriving commerce Of its stability and
driving foreign customers from our mar
kets?
Are we to embarrass ourselves with
obstacles to commerce from which 1t
may take a generation to emancipate
ourselves?
These are question which the conclu-
sions of the impending conventions
must go far towards solving. 1t is not
surprising that such a prospect holds
men of business, and men of property,
and families with investments. in intol-
erable suspense. The men who show
such keen professional zest in the ex-
citement of the preparations for these
gatherings little understand what the
people feel to be at stake in the game
they are playing. The situation brings
over honorable minds a deep sense of
national humiliation that our elective
institutions should be thus prostituted
to purposes SO fundamentally dishonor-
able and so destructive in their ten
dency.
And yet these serious possibilities ad-
nit of much hope Surely we have not,
as a people, sunk so low in morals and
Intelligence that we may not safely hes
itate to credit the possibility that such
legislation as the silverites propose could
ever be enacted. Our national self-re-
spect incapacitates us for yet conceding
rrtn a,,1
every means for combating these wide
spread errors. yet we have sufficient
appreciation to withhold assent to
the proposition that a majority of the
American people are fools.
In spite of the alarm that has been
created by the recent spread of the sin.
Yer fanaticism, there is apparently sat-
isfactory evidence that while one of the
conventions is likely to be captured by
the silverites, the other, with good
popular majority behind it, may be reck-
oned as safe for the gold standard.
1t is this hope which is now preventing
the complete overthrow of public conf
dence. If the seemingly impossible
should happen and the Republican plat
form should prove to be unsound on the
money question, the effects will not tar
ry; and the politicians will learn instan-
ter from acts and conditions, what the
people think of the silver policy If, how
ever-as is now confidently expected
the st. Louis convention should afford
satisfactory assurances on the money
question, nothing can prevent a broad
and immediate recovery of confidence
and revival of business at large may
be looked for The moral of general
revival of business following the defeat
of silver would have an important in
fluence upon the elections. as 1t would
unmstakably show the sentiment of
the business community on that issue.
The election of a Republican president
and house upon a square gold platform
would make legislation secure for four
years to come against further aggres-
sions from silver. With that period for
remedial action, there should be no
difficulty in putting a final quietus upon
this heresy. Four years more time, in
the hands Of those who may be trusted
against any form of unsound money,
would also have very direct effect upon
the misgivings now directed against our
Investments by foreign capital. On the
| whole, therefore. we may venture to
lope for large mitigations of the pre-
| Nailing pessimistic tone of business as
! tae result of the action at ST. Louis next
| week. HENRY CLEWS.