The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1897-09-01
GOES BACK ON FREE SILVER.
Ex-Gov. Boies Confesses the Futility
of the Policy.


There is constantly accommodating
evidence that the more sagacious among
the late advocates of the free coinage
of silver at the ratio of sixteen to one
of gold are beginning to confess the
futility of their policy and recognize
its utter failure as means of restoring
prosperity to the country. Senator
Stewart, of Nevada, who has been iden-
titled with the free silver forces from
the start, both by his interest as a large
mine owner and q political theorist,
has recently announced his conviction
that the price of silver bullion will con-
tinue TO decline. while the market value
of wheat and other agricultural COM
modities as constantly advances, con-
trary to all theories and confident pre-
dictions of his political allies year
ago. Now another western politician,
who has been a conspicuous leader in
the ranks of free silver, has spoken out
in terms even more specific and en-
phatic than Senator Stewart has done.
In a speech before a democratic mass
meeting at Marshalltown, Ia. ex-Gov.
Horace Boies, of that state, held forth
as follows:
Under circumstances as they now exist,
with silver demonetized by the great COM
mercial countries OF the globe; with the
frightful chasm that separates the COM
mercial value OF the metals constantly
widening, and in the light of our own recent
national election, 1 cannot bring my mind
to believe that the free coinage of silver at
the ratio of sixteen to one with gold IS
within the reach of it's friends, nor can
ha1n ha faa hat ha
even If attainable.
1T have never been able to say and can
not now say that l know free coinage at
such a ratio under existing conditions,
without safeguards of any kind to main
tain the parity of the metals, would not
drive gold out Of circulation and leave US
practically, at least, upon silver basis"
1t is all the more significant that these
sentiments should have been uttered at
a meeting designed to open the cam
paign in the interest of a candidate for
governor standing on platform re-
iterating the doctrine of the Chicago
convention of 1896, and that their au-
thor should have been the chosen leader
of the fusion party of Iowa, not only in
the office of governor of that state, but
as their candidate for president in the
convention which resulted in the nomi-
nation of Mr.. Bryan. 1t is true that
Mr.. Boies has been regarded by some
of his political allies as having been sus-
piciously lukewarm in his advocacy of
some of the measures of the Bryan dem
ocracy, but his Identification with the
party was unquestioned, while his con-
servatism gave him a large degree of
influence with the thinking men of his
party.
While conceding, as he practically
docs in the above, that an attempt to
establish tho free coinage of silver at
the ratio of sixteen to one would have
the effect to "drive gold out of circula-
ton and leave us practically, at least,
apon a silver basis" Uncle" Horace
expresses the belief. from what now is
a matter Of notoriety everywhere, that
the fear Of this is so deeply grounded
in the public mind that unyielding adj
herencc TO that one ratio by those who
believe themselves the real friends Of
silver will permanently destroy the
cause they would promote" This prop
osition being true, the champions OF
free silver would seem to be not only
the enemies of a stable financial policy
but the most dangerous enemies of
their own cause.
Mr.. Boies follows this declaration with
an Endorsement of the scheme of Sec
rotary Window, proposed in 1889, for
Il solution of the silver problem by the
issue of treasury notes based on the
deposits of silver IN the treasury at the
l. - L. 81 . H.
of deposit. While it is too late to Sc
cure the adoption of this policy-espe-
cially in view of the rapid decline in
silver during the last few months-its
acceptance by former champion of the
free coinage of silver at the ratio of
sixteen to one indicates a marked adj
vance.
The general drift of Mr.. Boies' speech
shows that, so far as he is able to give
direction to the pending Iowa cam
paign. it will be fought on other issues
than the financial one. This is indi-
Gated by his attempt to stir up the
ghost of hard times to brighten the
farmer and the laboring man, in face
Of the fact that the one is already re-
ceiving larger prices for his connmodi-
ties, while the opportunities for en-
ployment at remunerative wages are
opening up the other. The fact that he
is now able to perceive the errors of
his party on the silver question justifies
the hope that he will yet be hble to
see their error on the labor question
likewise.
On the whole, there is ground for the
belief that our "Uncle Horace" already
sees abundant reason for congratulate
ing himself that he was not made the
leader in failing cause one year ago.
If he continues in his present mood he
may have reason to rejoice that he has
no responsibility for the state campaign
of 1S97.-Chicago Tribune.
DRIFT OF OPINION.