The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-12
THE INTERNATIONAL SIDE OF THE
QUESTION DISCUSSED AT SOME
LENGTH.
GENERAL DEBATE ENsUEs.
Judge Macdonald Learns Which One
of His Contributions Was Not
Published in the Globe.

side and the free silver men on the
other ]. G. Pyle, the speaker of the
evening, led the gold arguments, and
opened the meeting with an interesting
half-hour talk upon the monetary ques-
ton. Mr.. Pyle devoted the greater
portion of his address to the interna-
tional side of the question, attacking
the speeches of Bryan and the preva-
lent "Popocrat" craze that the United
| States should act Independently in the
| matter of establishing a new monetary
| system. The speeches of the silver
orators all declared, said the speaker,
that it was time for America to be
independent; that Bryan had the eour-
age of Lincoln, and was freeing an
other kind of slaves; that it was the
old spirit of 1776 reasserting itself.
These and other declarations were be-
ing made time and time again and were
made to take the place of argument
and logic.
Mr.. Pyle said that money was but a
| tool, an article Of practical machinery
evolved out of the commerce between
men and between nations. 1t was Gre
ated through the need of commodity
which would stand as an equivalent
| of another commodity. 1t has grown
in its functions, uses and power until
| it's usages are international. When
nations and states hedged themselves
around with protective tariffs and
erected trade barriers and restrictions
to keep out the commerce of other ma
tions, an Independent currency was
well enough: but in this later and
| more enlightened day, when one ma
4 e.
it had produce to export, an interna-
tional system of currency was abso-
dutely necessary to her welfare and
prosperity. No one country which
| maintains commercial relations with
others can avoid using the universal
unit, which now means certain guam
tity of gold, of a certain fineness. Mr..
Pyle gave some exhaustive statistics
showing the enormous volume of inter-
national traffic between the great ma
lions of Europe, and with the United
States. The, traffic between the ma
tions amounted, exclusive of the United
States, to over $4,000, 000,0 900. That of
America was of itself enormous. All
the countries mentioned by the speaker
were on a gold Standard. 1t was shown
how futile would be any attempt made
by the United States to revolutionize
independently the monetary system
which had built up such an enormous
international commerce. The speaker
cited the experience of a ST. Paul mer-
chant who, had been directed by Jap
anese and French jobbers to hereafter
remit in gold, which seemed particular
ly odd in the face of the fact that Japan
is silver country. Mr.. Pyle dwelt large
ly upon the important function of
credit in the business of the United
States, and the value of the clearing
house system in facilitating business.
1t enabled the transmission of COM
mod1tieS from one hand to another
with the intervention of but the small
| est proportion of cash. Commercial
| drafts and bills of exchange perform
over 95 per cent of the business tran
sactions; in these there is no actual ex-
! change of coin. In 1S93 this business,
done entirely upon drafts and clearing
house certificates, was over $58, 900 000-
! 600. The following year, when the pam
&c struck, as the result of the threat
ened overthrow of the money system,
this volume of business by drafts, etc..
dwindled down to $45, 000,00 ,000 a re-
| duction of over nine times as much
cash as there was in actual circula-
ton, illustrating the general disaster
/ which must follow the adoption of the
| silver standard. 1t would mean a con-
| traction of credit which would bring
on sweeping ruin. Mr. Pyle wanted to
| see the adoption of an international
unit; without it the United States might
as well burn its ships and build a bar
rier around the nation; he also wanted
! to see the adoption of a unit for de-
! ferred payments, it might be the same
| unit, but probably would not be; he
! also wanted to see the establishment
/ OF an international clearing house and
the issuance of circulating notes by
| banks in proportion to commercial de-
| mandS.
| In speaking of the system of issu-
ing money by banks, the speaker
! thought that such a valuable franchise
! should be taxed, and that the tax
would regulate the volume automati-
| cally.
Judge Macdonald. leading the silver
| verites present, said he had listened
| in vain for any suggestion of relief.
providing the silver idea was not
4 adopted. He had heard the free and
unlimited coinage of silver attacked
but had heard no substitute offered
whereby the 100000 idle men could
| be employed, and the 1859 railroads
rescued from the hands of receivers.
He said the silver advocates did not
propose to wait until England and
! other countries had agreed to the
adoption OF silver basis. Mr.. Mac
! donald said that today there was not
| one dollar in circulation where there
should be three. The speaker saw fit
| to criticise the first speaker who, al
! though representing the G. / O b e, had
he said, refused several communion
! lions, although they had been invited
In replying to. this Mr. Pyle said:
Communications to the paper which
l represent are, and always have been
welcomed especially upon this SUBJ
! Ject. But such communications must
naturally be subject to some restric-
| tons, and there are two conditions
only which I shall insist upon. One
is that no communicat ton shall be
| over half-column in length, in any
J one edition of the paper. The second
| is, that they shall be decent 1 do not
call a communication decent that de-
scends to abuse and vilification, call
| ing any person or concern 'hirelings. ;
subsidized agents. or things of that
| sort. | can recollect of but three pa
pers of the latter kind which have
been refused, and one of them was
submitted by the gentleman who has
| just spoken
Judge Macdonald insisted that his
communication had been decent"
but Mr.. Pyle declined to argue the
point with him.
! From this point a general debate
ensued, during which good nature
prevailed. The price of wheat at diff
| ferent times and in different coun-
tries was brought up for discussion, but
to the discontinue of the silverites
| Mr.. E. ]. Hodgson, who passed the
early years of his life on a Minnesota
farm, arose and remarked that in 1858
he hauled wheat for fifty miles to
Hastings, and sold it for from 40 to 55
cents a bushel, although the cost of
| nr00uofinn UQS hiohor tho,