The herald., 1896-09-16
FREE SILVER NO BOGIE MAN

The Republican spell binders" and
this year Unfortunately for them, but
fortunately for the people, their theor-
les are fatty contradicted by the facts.
The assertion that the possibility of free
coinage of silver would be sufficient to
destroy confidence and upset values has
met complete denial in the business i'm
provement everywhere apparent. Com
petent observers, no matter what their
political views may be. recognize that
a great change for the better has taken
place in the midst of a heated presi-
dental campaign. The gold standard men
have been deprived of their most COR
vincing argument but it is only fair to
say in passing, that many of them have
been very pleasantly disappointed They
honestly believe that the free silver
agitation would have disastrous
effect upon business, and have been
agreeably surprised to find that their
premises and conclusions were alike
without foundation.
But the campaign orator still felt that
he had protection to fall back upon. In
fact. they said that the Democratic
party had taken up the silver question
for the sole purpose of lodging a discus
sion of the tariff; that the people had
become converted to McKinleyism and
were convinced that by no other road
was return to prosperity possible.
Again the facts are against them. In
the Commercial and Financial Chronicle
of the 5th inst. is an article commenting
at length upon the large imports of gold.
It gives what seems to be very good
reasons for its contention that the gold
movement is due entirely to natural
causes, and in no way attributable to
the existence of Mr.. Morgan's syndicate
found "to protect the government" 1t
points out that the balance of trade is
in our favor to such an extent that flow
of gold in our direction is inevitable.
"The excess of merchandise exports
from this country over imports in July
alone was s15,7S7,169. This compares
with an excess of imported merchandise
in July of 1895, amounting to $16,4S4.O5l.
In other words. our foreign obligations
on merchandise account were S32, 226
less in July of 1896 than in July of 1895
But the comparison is hardly less strik-
ing when made with years prior to 1895.
We have taken the trouble to consult the
July returns of foreign trade in every
year as far back as 1882, and from these
we found that within that period an
excess of merchandise exports has never
but once occurred in July. The normal
average merchandise movement of that
month has been an import excess of
something like sS0OO,0O0 Nor is this
one months favorable trade balance ex-
ceptional. The comparison is almost
noteworthy between the foreign trade
of June and May this year and the same
months in previous years. During the
seven months ending July 81. 1896. our
excess of imported merchandise was
$50, 743. 609 against an import excess OF
$21 092 for the corresponding months
of 1885,. If this is the result of free
trade the country would not object to
a little more OF the same sort.
The fact is that the country is already
feeling the wave of prosperity and has
no need for Mr.. Mckinley as it's lad
vance agent" Everything points to an
uneXampled era of progress and devel-
opment which cannot be postponed by
specious arguments intended to dis
quiet the timid Within the past few
days one of the most successful manu-
facturers of the east, who already has
large investments here, stated within
the hearing of the writer that he had
never seen greater inducements for
capital than were now offered, especial
ly in our city and vicinity. He was only
one of the many shrewd investors who
are already taking advantage of the op
portunity which is before them and in
few months more it will be forgotten
that the croaker ever had an existence.