The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-06-10
the market. Free silyer is the markets
salvation, as it is of business generally.
n
WALL STREET is LATE.

Wall street has at last come to
the conclusion that the free coinage move
mnt far from being dead" as announced
at such great length, is in full vigor OF az
gress:ve activity and is liable to carry tle
elections in November. Henry Clews mas
come to the profound conclusion that
''some substantial concession will have to
be made to the South and West" as il
the people would sell their convictions on
this issue for some cheap sop expedient.
The C,ews Wall street report N the Mon
day morning papers this week reads as
follows:
S'The feeling is one of surprise at the
unexpected force of the pros:lver faction
in the South and West. While the East
has been suppOsing that its educational eff
forts had largely broken the force OF this
faction, the heresy has been gaining ascen-
dency with surprising rap.dity. 1t has be-
come a serious question whether free ST.
yer may not possibly obtain formidable
vote in the coming elections Of represen-
tatives. s. That some substantial
concessions will have to be made to the
West and South there is no question:; but
that concession is not likely to be free
coinage, nor yet any considerable increase
of silver circulation in any form. 1t will
be found that there are ways in which
these sections can be helped under their
struggles without resort to the issue of
halfvalued money. More currency is
doubtless needed for facilitating cash trans
actions in those sections; but that want can
be easily satisfied through such modifica
tons of our banking legislation as will
cause the note issuer to respond readily to
every real need for currency. There is,
however, an important class among both
planters and farmers to whom credit ia
cilities are still more vital than more
money. 1t is well worth considering
whether arrangements cannot be devised
for satisfying those wants, if not under any
now existing banking methods, yet through
authorizing other leading institutions spe-
officially adapted to affording the smaller
credits which this important class so vitality
need. 1t is perhaps unfortunate that re-
liefs Of this character have not been offered
to these sections earlier. Had that been
done, the silver agitation might not have
become the burning question which it is
today, and the money issue might have
been disposed of in a wholesome manner
and without exciting the apprehensions
that are now paralyz.ng confidence. Now
however, the stage has been reached at
which alternative methods of treatment
must be devised; and therein lies the chief
hope Of escaping the destructive policy of
free coinage
The Wall street magnate herein admits
the following pertinent and vital facts:
First, the free coinage movement has
been gaining ascendency with surprising
rapidly" and may "obtain a formidable
vote on the coming elections
Second, "some substantial concession will
have to be made to the West and South
Third, "more currency is needed in these
sections"
Fourth, cit is unfortunate that relief has
not been offered these sections earlier"
Fifth, Wall street admits that free CON-
age has become the burning question Of
the day. and bitterly regrets that 1.-The
money question had not been disposed Of
before.
Sixth, "the stage has been reached"
when some other alternative must be de-
vised to side-track free coinage.
For six months past Wall street, through
its daily gold organs, has shouted that the
silver agitation was dying" Wall street
now admits that it is the dominant issue Of
the campaign and is daily gaining ascend
ancy. The money power has now reached
the stage reached by the slave power in
1860, and is ready for desperate eXpedi-
ents. The money power is through with
it's rhetorical campaign Of education, .
otherwise, vituperation, and is hunting
about in urgent straits for expedients. But
Wall street wakes up too late. There is
nothing that will suffice but the complete
satisfaction of the peoples demands. No
compromise expedient Will work. The peo-
pie have had enough of Sherman and ALL
son straddle exped;ents. They demand a
decisive measure.
The admissions of Wall street are most
significant and encouraging. The admis-
sion is made that the people need such re-
lief as they seek, that it ought to have been
granted before, and that the people are now
liable to get relief on their own terms. But
Wall street is too late IN its discoveries.
The people cannot be defeated by cheap
expedients or any other clap-trap this year.
1t is their turn to win victory. F. N. S.