Evening star., 1896-08-18

complished by silver for this nation, but
they failed to introduce in their arguments
| anything that applies to the question now
at Issue The argument that by the sus-
pension act of 1873 silver was SO injured
as to place it in the same light before the
world as the pardoned criminal is not
| material. 1t Is said by many of the debt
or class and many of the unemployed that
| the free and unlimited coinage of silver
would remedy all the ills that have exist
| ed for the past four years, and to sup
| port that proposition they point to the
good times we had during the late civil
| war. when from first to last. we had to
maintain 2.000. 900 soldiers. who were paid
in gresnbacks. In consequence of the In
hat1on CT paper money Of that period
| much hardship was inflicted on the wage
| come down and the last to go up. But pre-
sumfng that similar initiation can be
produced by the silver standard. how will
those In need of money obtain it? The
government will not need supplies for an
army. these people who now need 1t so
much cannot get 1t unless they have
something to give for it. and the benefit
will inure to the mine owners principally.
and to few additional operatives. Is this
| fair admitting conquest to be right, which
| do notO to allow the mining interests of
the United States. which are said to be
| less than the dairy interests of Iowa, to
dominate all others?
"On the 1st day Of August, 1896. the
| treasury of the United States contained
379 S52,2 ,244 standard silver dollars and $16
OD4, 145 in subsidiary coins, making total
| of S395, $3.50 which is now supporting
| the present metal standard by the circula-
ton of silver certificates, showing very
clearly that silver is now in use in the
United States to its fullest extent as
money.
The attempt to use product of fuc-
tuating value for a standard has always
| Wheat.
are subject to fluctuations by reason of the
! immediate surrounding conditions. such as
railroad transportation, labor-saving ma
chinery, failure of crops, etc. AS to the
currency of the United States, 1t is the
best in the world. The public debt state
| ment on the 1st day of August. 1896. shows
| that there Is in circulation in gold coin.
| silver coin, gold certificates, silver certif-
Gates, treasury notes and national bank
| notes 81, sd, ,9O3. 49, giving per capita In
| money Of $211S estimating the present
population at II ,51SOO0
THE state banks 1ourished before the
war, and those of Us who We're inconVe-
nienced by them can appreciate our present
banking system. and yet We have men who
want the old system revived. Another
| class Of men supporting Mr.. Bryan are
| those favoring MISUNDERSTANDING bonds.
Why have bond al all II 1t does not bear
interest?
Effect of Free Coinage.
Should the silver idea prevail. the per-
chanics domestics, manufacturing indus
| tries. school teachers, clerks and many
| others engaged in gainful pursuits would
T! be more seriously affected by 1t than any
| other classes, as the imitation of all COM
| modities would commence on the day after
| the election, and the imitation of wages
would not commence until six months after
the election, ard perhaps not then.
| 1T will be seen that the classes named
| make up the best portion of the popula-
| ton, except about million who are en-
gagged in professional services and about
1G,OOOUOU children uGder ten years OF age.
| AssaiIing the Thrifty.
The principal object of the Chicago con-
vention seemed to be to assail the thrifty,
| forgetting that prosperity is increased by
| the aggregation of money which consti-
| tutes capital. providing those controlling
| capital have confidence to invest in new
| and needful enterprises; unmindful of the
| fact that persons controlling their own cap
it@l such the AStOrS, the VanderbiltS.
the Gouds. the Sages the Stewards. the
Newlands, the Joneses and others. invest
their moneys in certain particular enter
prlses. such as lands, bonds, railroads and
railroad stocks. and make comparatively
few outside loans.
The great loaning institutions of this
country. whose capital is invested in bonds
and mortgages. are sustained mainly by
the small sums of the plain people (as Mr..
Bryan calls tnem), ana tneSe institutions
are managed by men who are skilled in
finance, sometimes men of wealth and
sometimes not.
If by the arguments adduced by the sill
yer men the farmer can get 81 per buShel
| for his wheat next fall (which 1 doubD.
and he pays off his mortgage with the 81
cent dollar. which he has helped to bring
about by his VOTE then he has repudiat ted
Al cents worth Of his debt, and there Is
no sugar-coating the fact nor can he cover
it up.'
Criticisms of Sherman's Speech.
A correspondent of The STAR who has
| studied the financial situation, writes:
When Mr.. Sherman. in his speech de-
livered Saturday, treats of the consequences
of restoration Of silver at the ratio of 1G
to I, he falls into an error that Is common
enough in ordinary campaign speeches, but
that should not find place in a carefully pre-
pared paDer upon q question of such vital
interest that to be decided by the vote of
the people of this country next November.
He beSs the question at issue. All his pre-
dictions to the detailed effects Of such
action as is proposed are based upon the
assumption that the present market value
of silver bullion is due solely to natural laws
of supply and demand. This Is the keystone
of his arch Permit it to remain and his
structure is indestructible; remove it and
the whole edifice falls to the ground. In
other words, IL it be admitted that the pres
Ont price of silver bullion Is due solely to
natural commercial laws, uninf1uenced by
legislation. then Mr.. Sherman's prognosti-
cations are reasonably sure of fulf1llment.
But this IS one of the points at issue. The
belief Of the advocates Of free coinage of
silver is that the present price Of silver is
entirely due to adverse legislation. And
that adverse legislation has been the sole
cause must be the belief also of those who
hold that united action by the civilized ma
tions of the world could restore silver to a
parity with gold at 16 to 1. 1t is very plain
that II the present market value of silver Is
due to natural laws alone, any attempt to
secure cooperative legislation from other
nations to raise the price of silver must be
hopeless at the outset. Mr.. Sherman's state
n. no hxyf he NIT ta1