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THE KAHLK: WKDNKSDAY, FRISKILY 12. !',(.
li TrU FINANCIAL SITUAi.J.. , COEgren Ha Important Work Before It , Hopes for t ilvcr. Senator Dubois has given clear noti fication that the white metal mustie Included in any legislation that con gress passes on the financial question this winter. The senator from Idaho is a careful, conservative man, and h3 remarks on the subject, followed by the votes on Senator Allen's resolution, show distinctly what the blmetallists propose to do, and can do. On the one hand free coinage of silver is not to bo expected, neither will the i roenbacks be retired on the other, "'he proposition to coin the silver bul lion in the treasury and to use it in re deeming tho notes under the so-called Sherman act seems a very reasonable compromise. Something has to bo 'one with thi silver. To sell it as bullion would bo to lose first tho diiüer i nco between its cost and the present i ' irket valuo of silver bullion; and t .üondly, tho scignorago, which alone f mounts to 854,000,000. If wo succeed in building up a com ifirce with the rest of the American i . publics, as now seems likely, we can c:isi!yuso it; and if wo buy no moro silver bullion there is no danger of tho (silver floods about which our gold friends write and talk so eloquently. It will be no harder to keep the gold and 6ilver dollar at par when tho bul lion is coined than when it is not, and if the secretary of the treasury will make the proper efforts he will be able to get tho extra $.)4,000,OOG in circula tion without much difficulty, even if ho has to pay ten per cent of govern-. i:icnt Ralarics in that motal a method that would distribute dollars all over tho country with ease. As for tho exportation of gold, the : yellow metal only leaves the country in payment of something that comes in. As for our bonds and stocks com in? home, there is very little danger of . that. England has millions invested in silver countries to-day, and if she docs sell American securities to Ameri cans, so much the better for America. It will keep the interest home. Tho idea that because we may go to war with England which is extreme ly unlikely we will need a pold monometallic currency, with tho greenbacks and paper money issued by tho government all retired, is absurd. The civil war was fought out with paper money and it was a much bigger ii tía i r than any war with England is likely to be, even if tho 80,000 Cana dians get their war paint on and start on their contemplated invasion of this republic. All of the signs on the po litical horizon point to a compromise which will be a step toward tho rcmonetlzatlon of silver. Los Angeles Express, FOR FREE SILVER. Senator Jones, of Arkansas, Points tho War to National Prosperity. When the free coinage substito to the house bond bill came up in the sen ate Mr. Jones, of Arkansas, spoke for two hours in favor of it Among other things he said: "An issue of bonds is doubtless a boom to t'.iat waull class of persons j who have lurg-o incomes which they : have not the know lege, industry or! courage to use profitably, who long for ' investments in which they may draw interest without any greater labor than clipping coupons; but to no other class is an issuo of bonds desirable. "It is true that tho government is not collecting as much revenue just at : this time as is needed, and some steps should be taken to próvido for the de-' ficiency. The secretary of tho troas- ury, however, in his official report, ' shows that this deficiency will be tem porary, and not continue beyond a few months. i "The amendment proposed by tho committee, if enacted into law, will amply próvido for this, for tho issue of a'iout 00,000,000 of silver certificates against the seignorago now held in bars in the treasury is one of its fea tures, while the deficiency estimated by Mr. Carlisle is far below that sum. There must be something radically wrong if tho r'.chest and freest nation on the globe is in such a condition of absolute helplessness and dependenco as the president seems to consider us now. "The conditions of distress, not only in this country, but in England, Ger many and France, tho great nations of the world, will not be denied by any one. How does it happen that in a time of profound peaco all over the world, with abundant harvests, with no pestilenco or other such calamity, such a condition of things can exist? 2o local cause can account for it, for it embraces all tho greatest nations in the world. Thero must be some cause operating in all these countries to cause such widespread distress, uni form in character. That cause seems clearly to be the falling in prices, which has cursed and blasted this country for 20 years. "Of course, every fall of prices is not an evil A fall which results from im proved methods of production, or from improved and cheapened transporta tion, is a blessing, and brings prosper- ity to producers, whilo it showers blessings upon consumers. There is, however, one commodity which, when aflVcted in its values, necessarily af fects all other things in the world, in all countries and among all civilized people, to-wit, money. Suppose money to bo doubled in valuo, suddenly it would tako then just one-half as much of it to buy any given article as it would have taken before the riso in its value. This rise in the value of money then would find its expression, its vis ible manifestation, in a fall of goneral prices to 00 per cent, of their former scale, whilo money would remain nom inally just as it was before; and tho j superficial observer might think, and a modern gold-bug would bo sure to ' think, that this change in prices had resulted from overproduction and 1m- ; provemcnts in methods of production and transportation, and not in the chango in tho value of money. I '"Tho volume of money lessening, not absolutely, but in proportion to the volume of trade, has of necessity con- , tinually increased the valuo of money . and this hidden, 'inseen md covert, means, confiscation of t'.n pAcri.., the masses for the bcneüi. of in dividuals has been and is boln r aecui.v plished, and this condition of t'.úa a must and will continue so loa;' as tho laws remain as they are now. T'. i causes which have operated to producj the present results will continue thair operation in the same line. rríí'i which have been iu the last 20 yea: reduced 50 per cent, will in the next 20 years be reduced 50 per cent. "The great body of thoso who de clare themselves sound money men uay that they are in favor of international bimetallism. Almost everybody in t'.iia country admits that if tho United itatcs, England, Germany and Franca should agree to open their mints to the unlimited coinage of silver at 15,' to I or at 16 to 1 that silver would ul once resume its old value and t'.iat conditions of general prosperity csi ;t la? prior to 1873 would be at once and permanently restored. Nobody would liiiffcr wrong even the bondholders would get their own, with interest. "This, I believe, is the almost uni versal conviction. But we are assured that Great Britain will not consent to this, and for the selfish reasons of a small class of bankers, who disregard other interests, even in England. When it is clear that England will not consent to an international a;jr.-j-ment, and that Franco and Germany will not move, except in company with England, then the question comei home to us, what will tho people of tho United States do? A tremendous rc r.ponsibillty in this emergency, in my opinion, rests upon us as a nation. ' If other nations will not join us in this Treat movement in the interest of humanity, it is our duty to undertako Itnlone. "I believe that the unlimited coin age of silver would, by reviving com merce, increase our revenues and do away absolutely with any pretenso of u necessity to issuo bondn, and that un der that bill such a revival in biriinosa would tako placo that no inuo of bonds could bo claimed to bo necTiarv. "Thero is nothing for us do but to present the system wa l-jii'.v in. t; discuss it and appal at. 1. t. 1 t'.ij I'rcat tribunal which k :i X ! "ji lu ii Tho friends of biuiet:ili: ,m i- ivr. '.y and anxious to have tuo ...,i.j ul j tli it question. They lion i - 1 b.-licvo it will be speedily iVipo h :nl veil done." THE tru: co:.i-c: True The Bhlubnlnth Time Win li. I'luiiiiclul raUlots to u . The senate substiluto for l..i:- hou'.e Vond bill, if it could only b.v-M-..! l:iw, would chan-ro tho flj.Jia ut Htri oulUiral and busivieii pro trution ua ii touched by the wand of Froip. ru - The bond bill and t! L. uab di lute aro from two 0pp3.i'.3 fuhuol.5 f Cnanco. One is tho school t í th.i noncy l;l:i;r and loads to o::trcmj wj;1;'i ( r tho few and poverty and w-ii for t'lo millions; the other opona up tho j. .ith way of independence to all who uro wluo and Industrious and liíts t!io weight of poverty from thoraasjeiof tho hind. O id 1. id i to low pricn for " '.' - rro.'.ucti cf '.oil an.l bv v.-..ji:i