The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-30

| two good crops since the last panic
but the farmer got very low prices
not, as some would have us believe
because Of any discrepancy in the kline
of money in circulation, but becaus,
there was no work for the laborer, M
wages for the mechanic, no demand
/ for the farmers products. All this was
directly traceable to the demand fol
free coinage which was growing daily
to the detriment of every trade and
every industry.
| THE fallacy Of the argument thai
| more money is needed to improve trade
conditions is so plain that | wonder al
some men who are intelligent on other
| subjects. Now, there are three kinds
| of money which are used in the bust
ness of the nation said Mr.. Hill, hold
ing up three fingers of his left hand.
1.-THE first is coin, the second paper,
the third credit or accommodation.
Ninety per cent of the business of the
world is done with the third kind of
money. This paper represents merely
the confidence which one business man
has in another. Destroy confidence in
man and he will not do credit bust
ness. A bank will not lend money If
1t has no confidence in an applicant
for loan. So, the nations of the world
have come TO regard this great and
wealthy country as bad debtor-they
have confidence in our ability to pay,
but they doubt the willingness Of the
authorities to fulfill their obligations.
This frightful and shameful condition
Of affairs Is solely due to, and directly
traceable to the ghost dance that start
ed in congress six years ago when the
free coinage people began their crusade
against the gold standard It is this
agitation that destroyed the credit Of
the United States more than fifty per
cent with foreign investors and COM
PEELED the iSSuanceS of bonds to pre-
serve the treasury reserve.
1.-THE free coinage advocates would
have us believe that prosperity will
return when any man who has few
ounces Of silver can take 1T to the mint
and have 1t coined into dollars which
the government will declare is worth
one dollar, even though it be actually
worth fifty-threeA cents. Any man who
has a few old silver spoons, any dealer
in silver junk, cam take his wares to
the mint and get double the worth of
his silver simply because the govern
ment stamp will so declare its value.
The country would be flooded with sill
yer from all the quarters of the globe,
and instead Of being worth $1.29 as
the free coinage people claim, it would
be worth no more than it Is today.
Such coins would be only fifty-cent
dollars. Every man who works for a
| living would receive f1fty-cent dollars
| for his pay. The employer would pay
out the same kind Of coin he received
The direct loss would be on the people
| whom the free coinage apostles de-
clare they are trying to benefit. Under
free coinage every man of the tl1ous-
ands in the employ Of the Great North
errI road and every other business and
| industry will be paid in cheap dollars
worth half what the silver dollar is
! today. This result is inevitable.
II believe in bimetallisn on gold
| basis. / do not want monometalliSm
and that silver. The idea is absurd
it's actuality would be ruinous. On the
contrary / believe that If this country
| declares against free coinage that al
that same moment we shall see the
tide of adversely begin to roll back. AS
/ l said before there are millions OF
money awaiting the decision of the
people. If they declare for gold there
1 will be an immediate turn in affairs
that will soon set the wheels Of prog
ress in motion. All that is lacking IL
confidence. Confidence or ruin we shall
have. With a declaration for bimetal
lism on a gold basis we shall have
material prosperity, greater even thar
in the happy period of 1870-1890; with
free coinage there will be millions OF
men idle where there are now hun.
/ dreds Of thousands.
I came through the Mahoning valley
the other day. / saw mills running ir
the clutches Of rust and decay. Ir
and about Pittsburg there are 10O,O 0(
idle men. On the north and south
shores of Lake Superior, where q shor
| time ago all was activity, the docks
are piled high with ore that will not
be moved until this money question Is
settled. believe 1t safe to say there
are million men in this country today
who are out of work They cannod
hope for better times until this free
coinage craze is wiped out. Capita
has no confidence in the future. The
mines, the iron mills, the steel works
the railroad are shut down or doing
reduced and in most instances los
ing business, because six years ago In
| congress the seed of evil days was
sown. We have not reached the limi
of suffering. There is much that Is
| worse than what we have endured ir
the future if free coinage becomes G
law.
But I do not believe that free coin.
age will triumph. I have too much
faith in the intelligence of the working
man, too much confidence in the com
/ mon sense Of the farmers of the coun-
| try. I have questioned hundreds Of
railroad men and farmers and / an
satisfied that the claims of the free
coinage men are based on misappre-
hension of the actual facts.
1--WE have money, brains, ingenuity
ambitfon-but confidence is lacking
With a declaration by the people fol
sound money there will be no lack Of
confidence. Then will the nation en-
joy a return of the days of plenty
with work and bread for every man.