4

THE PflllY GLOBEIS PUBLISHED EVERY DAY

AT NEWSPAPER ROW,

COR. FOURTH ANB MINNESOTA STS.

OFFICIAL, PAPER OF ST. PAUL.

WEATHER FOR TODAY.WASHINGTON, July 22.—Forecast for

Thursday: Minnesota: Fair; warmer; varia-ble winds.

GENERAL OBSERVATIONS.United States Department of Agriculture,

Weather Bureau, Washington, Juljf 22, 6:48p. m. Local Time, 8 p. m. 75th MeridianTime.— Observations taken at the same mo-ment of time at all stations.

TEMPERATURES.

Place. Tern.[Place. Tern.St. Paul 70 Qu'Appelle 64Duluth 66;Minnedosa ...62Huron 66JWinnipeg ....62Bismarck 64-Williston 62'Boston 74-82Havre 56 Buffalo 74-80Helena 52 Cheyenne 70-72Edmonton 68 Chicago 78-84Battleford 70;Clnclnnati 82-84Prince Albert 68iMontreal 74-84Calgary "...56 :New Orleans 82-92 ]Medicine Hat 62.New York 74-80Swift Current 66'Pittsburg .72-80

DAILY MEANS.Barometer, 30.13: thermometer. 66: relative

humidity, 64; wind, northwest: weather, part-ly cloudy; maximum thermometer, .74; mini- jmum thermometer. 67; daily range, 17; |amount of rainfall in last twenty-fourhours, 0.

Note—

Barometer corrected for temperatureand elevation. P. F. Lyons, Observer.

TAWNEY. THE DISCOVERER.

The Northwest has produced two

notable discoverers. The flrst is Sen-ator Hansbrough, who, when a rep-

resentative made the astonishing dis-covery that our hens were and foryears had been unprotected against

the pauper hens of foreign countries,

ahd forthwith made the supreme ef-fort of his life to get a tax of fivecents a dozen on their eggs enacted inthe McKinley bill. He later made theremarkable discovery that the Gormanact had reduced the number of sheep

ln North Dakota 300 per cent; astatement that makes one wonderwhere the 2,000,000 pounds of woolstored at Dickinson from this year'sclip, said to be the largest thestate ever produced, came from. Nowit is Representative Tawney whorivals Hansbrough in astonishing finds.He tells a contemporary that he "runacross a remarkable fact" in the sta-tistical abstract published by thetreasury department. This is nothingless than that "during the three yearsof Cleveland's administration therewere consumed in this country 200,000,---000 bushels of wheat less than duringthe last (sic) three years of Harrison'sadministration. During 1894 the con-sumption of wheat fell oft* more thantwo and a half bushels per capita fromthe consumption ih 1890." And he thengoes on to reckon the money loss to thefarmers on the diminished consump-tion "per capita" of wheat and corn,and finds it amounts to $400,000,000 dur-ing the three years. So satisfied isMr. Tawney with his find that heomits to add the losses susts^ned bythe importation of his mythical Rus-sian barley, which is very considerateand kind of him.

Assuming the approximate accuracyof the table from which Mr. Tawneydraws bis conclusions— although nostatistician would accept them nordoes Mr. Ford give them as anythingbut approximations— they not only donot support Mr. Tawney's deductions,but they refute him after the mannerand with the force of a boomerang.He concludes that this diminished con-sumption is "directly attributable tothe inability of our own people.throughloss of employment, which can be trac-ed to the threatened destruction ofour industrial policy and the consum-mation of the threat by the enactmentDf the Wilson tariff law, to consumeas much of the production of the coun-try as they did during the prosperitythat prevailed so universally duringthe last Republican administration."Ergo, re-elect Tawney, restore the "In-dustrial policy." and people will eatmore wheat and corn.

Putting aside the trifle that Mr. Taw-ney's diagnosis of the case differs fromthat of the Pioneer Press, whose edi-tor, In the same issue that ,containedTawney's Consumption Discovery, saidthat "scores of banks and hundredsof business houses and manufacturingfirms went down in the financial scareresulting from the threat of the silvermen in 1893 to force the country to asilver standard," let us look atthe figures in the abstract. Mr.Harrison's administration began in1889and McKinleyism in 1890. The lattercontinued to operate without changeuntil 1894. Gormanism then took itsplace. The year before Harrisonsterm began the per capita consump-tion of wheat was 5.62 bushels; in 1889it was 5.34; in 1890, before McKinley-ism began, it was 6.09 bushels. Thenext year, 1891, it fell to 4.58 bushels;in 1892 it rose to 5.91 and fell, In 1893,to 4.85, shrinking, in 1894, the last yearof-operative McKinleyism, to 3.41. Gor-manism revived it to 4.54 bushels in1895. So it appears that the averageconsumption under their "Industrialpolicy

"was 4.7 bushels annually.

Gormanism, itIs conceded, establish-ed a tariff in its average rate aboutequal to that adopted in 1883. Thatbecame operative and its effects ap-pear in the table in 1884. The per cap-ita consumption of wheat that yearwas 5.64 bushels; of 1885, 6.77 bushels;

of 1886, 4.57 bushels; of 1887, 5.17 bush-els; of 1888, 5.62 bushels; of 1889, 5.34bushels, and of 1890, preceding Mc-Kinleyism and "our industrial policy,"6.09 bushels.. So, if Mr. Tawney's "re-markable discovery" establishes any-thing, it is that McKinleyism and "ourindustrial policy" diminished the abil-ity of people to buy and consumewheat about one bushel per capita an-nually. Mr. Tawney seems to havefound a gold brick.

\u25a0

TOO VOLUMINOUS.To th? Editor of the Globe.

Please give In your answers 0 correspon-dents Secretary Foster's last financial reportof the treasury under Harrison's administra-tion, and oblige a constant reader of your val-uable paper. —

John O'Gara.MoTand, Rice Cdonty. Minn.. Jaly 20, 1896.The last report of Secretary Foster

which was sent to congress tn Decem-ber, 1892, covsrs 250 printed pages in

the collected messages and documentsof the administration. Our correspond-ent will readily see that Itis impossi-ble for us to reproduce this, but if hewill make his Inquiries specific and

state what portion of the report hewishes reprinted, or upon what partic-

ular topic he desires to have the ex-pressed opinion of Mr. Foster, it willgive us greet pleasure to comply withhis request by printing the matter inquestion.

iA BIG QUESTION.

Sir: Itis claimed by the silverites of thisplace that the alleged crime of 1873 contractedthe currency, and that the depreciation of sil-ver and the present depression in agricultural,as well as other industrial occupations, isdirectly traceable to the aot of 1873.

Can you spare space in your dally to theanswer of these assertions? The articles pub-lished in the Globe give assurance that thesubject will be fairly and candidly discussed.Yours truly,

—C. C. Chapman.

Minnesota City, Minn., July 21, 1896.The entire monetary stock of the

United States in metal and paper, in-cluding all in the treasury and in cir-culation, is given by Muhleman, in his"Monetary Systems of the World," as$956,000,000 in 1893, and $2,421,000,000 in1894. Part of this, however, is a du-plication; since the silver dollars in thetreasury are represented by silver cer-tificates in circulation. The actualmoney in circulation, and therefore !available for use by the people, is givenby the Statistical Abstract, an officialpublication of the United States gov-

ernment, at $751,881,809, in 1873, whichwas a per capita circulation of $18.04.

For the year 1895 the same documentgives the aggregate circulation as$1,601,968,473, which is a per capita cir-

culation of $22.97. It appear, there-fore, that, instead of currency contrac-

tion since 1873, the amount of coin and'paper money actually in circulation inthis country has considerably morethan doubled, and the circulation percapita has increased by more than 25per cent.

There is absolutely no ground, as faras we are aware, for attributing thedepreciation of silver and agricultural

and business depression to the act of1873. On the contrary, all the argu-

ments which we" have seen leading to

that conclusion are essentially want-ing in logical completeness. The actof 1873 affected only the currency vol-ume of the United States, and that in-appreciably at that time; for it dropped

from the list of the coins the silverdollar, none of which were be-ing coined; and when the marketprice of silver became such that coin-age was profitable, it was resumed un-der the act of 1878. As the figures

which we have already given show,there was no contraction. Not onedollar of money existing was taken outof existence, but, on the contrary, avast amount of silver was put into cir-culation under the acts of 1878 and 1890;

and the total active money stock ofthe country was augmented at a pacetoo lively, rather than too slow. Thepricea of agricultural products and ofthe great staples of the world in gen-'

eral are fixed in the markets of theworld. They do not depend .upon con-ditions in any one country, but aregoverned by supply and demand theworld over. Thus, we presume that noteven the most ardent flat money mauwill deny that a war in Europe, with-drawing a million men from the culti-vation of the soil, and calling for sup-plies to support them in the field,would raise the price of every bushelof wheat produced in the UnitedStates, although the money supplywere neither increased nor diminished.In the same way fluctuations in themoney supply, in order to affect prices,must occur not in the currency of asingle country, but in that of the en-tire civilized world which is engagedextensively in international trade. Itfollows, necessarily, of course, that theact of 1873, which did not, as we havealready stated, take one dollar out ofcirculation, and which applied only tothe monetary system of the UnitedStates, could not possibly have govern-ed the market price of commoditieswhose supply and demand meet andfix prices on the broad theater of theentire trading world.

The partial truth which the free sil-ver men so exaggerate and turn to baduses is that many economists who haveengaged in a scientific Investiga-tion of the subject have concludedthat the action of the great commer-cial nations in general with referenceto silver has had some appreciable ef-fect in lowering the general scale ofprices, and causing a certain limited ap-preciation in the purchasing power ofgold. This conclusion they have de-rived, not by jumping at some littleisolated fact, but by a study in minordetail of the course of all prices for cen-turies past. An investigation of theseappears to show that, while prices

fluctuated wildly from year to year,according to local and special condi-tions, there is a general level or aver-age through the years which rises andfalls through a smaller number of de-grees with changes that are more gen-eral in character .and less subject toanalysis. A large number of moderneconomists believe that the downwardtrend of this line of price averages, asshown by the various systems of indexnumbers prepared by statistical au-thorities, may be due in part to theelimination by the world of silver fromthe metals admitted to free coinage attheir mints. We state this as the con-clusion arrived at by eminent men, Ina spirit of entire fairness, although itshould be added that other high au-thorities do not agree with them; and,for our own part, we are inclined tothink that the influence of this cause,ifoperative at all to affect prices, hasbeen very slight Within the periodmentioned, the volume of credit money

has expanded so enormously, and thefunction of cash has so'dwindled, thatwe cannot conceive of the change inthe other direction made by the unitedpolicy of the nations ln reference tOsilver as lowering the scale of prices.

However this may be, and we havesimply given the facts as we find themsent down In the latest and best au-thorities, and such conclusions froifcthem as seem to us fair and warrant-ed by the premises, we desire to em*

phasize with all the force at our com-mand one fact that- is consistent-ly and deliberately omitted from theargument by every friend offree silver. This ta that, no mat-

THE SAINT PAUL GLOBE: THURSDAY, JULY 23, 1896.

ter what view we hold, and even ifwe admit that the fall of prices andthe industrial distress visible since 1873are attributable solely to the cessationof the free coinage of silver, still thatdoes not mean the policy of the UnitedStates alone, but the policy of all thenations combined. There is not an

economist of high standing who wouldnot laugh you to scorn if you shouldtell him that the act of congress in1873 could or would have affected in-ternational prices if the Latin Unionand Germany, and practically all therest of Europe, had not agreed to dis-card silver and transact their ex-changes on the gold basis. If it betrue that the dropping of silver fromits former position has had an effectupon prices, that effect was produced

not by the action of one nation, butby that of all. If that effect has tobe counteracted, if any possible ap-preciation in the purchasing power ofgold is to be nullified by an enlarge-

ment of the list of money metals— ina word, if the world is to retrace itscourse in this matter

—it must proceed

backward by the same steps that ledto the present situation. That is, ifall that is said of the effect of theabrogation of free coinage by the na-tion upon industry and prices be true,then the only way to remedy the mat-ter and go back where we were be-fore is to have all the nations, notany one of them, recousider their pol-icy. It may be possible to im-prove the price of silver, and, tosome inconsiderable extent, affect theprice of other commodities, by admit-ting silver to free coinage in this coun-try alone at the commercial ratio. Itis possible, we have no doubt, to pro-duce the same effects by restoring sil-ver to free coinage, even at a ratio notconforming strictly to the market ra-tio, if the agreement of the principalcommercial nations be secured. Thisis international bimetallism.

But to imagine that this countryalone, by an arbitrary act in defianceof natural laws and the world's mar-kets, can undo and overturn in an In-stant the slow product of a quarter ofa century of concerted action on thepart of all the leading nations of theworld is one of the wildest dreamsthat ever entered the brain of man.To the second inquiry of our corre-spondent, we reply, therefore, that wedo not .believe that the act of 1873 inthe congress of the United States isresponsible in itself for any apprecia-ble portion of the unfavorable condi-tions that have occurred since then;especially as they may be attrib-uted naturally to other causes.The question of the relation of pricesand money volume is a question thatcannot be considered honestly by anyman in reference to one nation. Causeand effect are world-wide. Prices ebband flow with demand and supply andmoney volume and money value overthe vast surface of the civilized world.These relations are international. Ifa larger use of silver would have abeneficent effect upon industry in gen-eral, there Is but one way in Which tosecure it; and that is by an Interna-tional agreement that would restore

bimetallism to the world, instead ofaction by one nation alone leading tonothing more desirable than a localsilver monometallism.

BEHIND THB TIMES.

Says the Butte Miner: "The St. PaulGlobe, whose editor holds an import-

ant diplomatic position under the pres-ent administration, wails over the plat-form and the candidates of the Chicago

convention." Itappears from this thatthe editor of the. Miner is as far behindthe times in his knowledge of other

facts as he is on the silver question.

While the editor of the Globe wouldnot consider it any disgrace if he held

a diplomatic or any other commissionfrom this administration, he is well sat-

isfied wtith the still higher dignity thatbelongs to him of editing a great,.fear-

less, independent, Democratic news-paper in the interests of public honorand public prosperity.

The suggestion made Is worth notic-ing only because it indicates a fixedhabit that the free silver men have, ofsearching for an interested motive on

the part of those who oppose silver

monometallism. Tou cannot find aman on that side of the fence, fromMr. Bryan d#wn, who does not thinkit perfectly logical and convincing to

answer an argument agafinst silver

monometallism by asserting or assum-ing that he who advances it is a "gold-

bug," a "hireling of the money power,"

or "an agent of the Eastern bondhold-ers." This kind of twaddle has taken

the place of the "British gold" and"Cobden club subsidies" that used to

be the stock argument of the benefi-ciaries of protection robbery. Appar-ently, the radical free silverites cannot

conceive of men who are animated sole-lyby a desire to see this country kept

on an equality, at least, with the othernations of the world, and to have lt. j

refuse to repudiate its solemnly pledged

word,We would give them just one gentle

reminder. From time immemorial, lthas been proved that the man who al-ways suspects or charges an interestedmotive on the part of his opponent

casts a serious imputation upon him-self. The old adage about measuringyour neighbor's corn in your own half-bushel holds good. We have not foundany honest money Democrat whoclaims that every advocate of free sil-ver has been brough with the bribes ofSilver mine owners, although such acharge would be more reasonable onits face than that the leaders on theother side could be affected by any

similar Influence. But the vile Insin-uation by the leaders of the sliver causeis almost universal When a manjudges his neighbor's actions invariablyby this standard, you are driven tothe conclusion that it is the standardwith which he is most familiar. Itwouldseem to be time for the free silverpeople to realize that this argumentof theirs is not only false, but silly;that it is addressed to the lowest andworst impulses of human nature; andthat it reflects far greater discreditupon those who use lt indiscriminatelyand without evidence than itcan uponany one else. »

SMEB SIDE SHOWNEW NATIONAL PARTY ONLY AN

ADJUNCT TO THE POPULISTCIRCUS.

TWO KEYNOTES SOUNDED.

SPEECHES DELIVERED BY NEW-LAND ANB iST. JOHN OP

NEW YORK.

.1——

r-ARE PLAYING A WAITING GAME.

J.i -* t*

Silver Men Have Named a ConferenceCommittee unU Want to Hear

Flrom Populists.

ST. LOUIS, July 22.—The Nationalsliver convention-held two sessions to-day and devoted them both to talk.In the morning MJr. Newland soundedthe keynote as temporary chairman,and in the afternoon Mr. St. John, theex-New York banker, treated the dele-gates to more of the same, when hetook the chair as permanent presidingofficer. \u25a0 C. A. Towne, of Minnesota,who has just graduated from the Re-publican party, was honored by beingmade permanent vice chairman. Theprogramme of the silver conventionis well mapped out, and will not bedeviated from. A single plank plat-form will be adopted and Bryan andSewall will be indorsed.

The whole programme might havebeen caried out today but for the factthat the sliver men are anxious to joinwith the Populists and are playing awaiting game. They have named theirconference committee and are readyto consider terms just as soon as thePopulists will offer them. Their con-vention is not attracting very generalattention, and is really only a sideshow for the big entertainment whichthe Populists are furnishing.

OPEKKD BIT KEWLAXDS.

Speech o* the Silver Convention'sTemporary Chairman.

When the call for the convention hadbeen read Francis G. Newlands, ofNevada, was introduced by ChairmanMott as temporary chairman of theconvention. Though the galleries ofthe hall were almost vacant the dele-gations gave hfm a vigorous reception.In taking the chair he said:

In taking the chair, Mr. Newlands said: Thenational silver party meets today to determineWhat course will,best advance the causewhich we have at hea*t. The republican partyh^s declared for the gold standard, save so faras its disastrous) consequences may be avert-ed by an international adjustment with theleading commercial nations of the world.Practically this meahs gold jnonometallism.for under the 'system of finance inauguratedby Harrison and continued by Cleveland, sli-ver is driven from its tim<* honored use as re-demption mohey, and 'has become simply themate^alilpon, which is stamped a gold prom-ise. Also our greenbacks, our treasury notesahd silver certificates, instead of being money,have been turned into a gold debt and the pri-mary money of the country is confined to th*limited amount of gold approximately- $500.---000,000, which an adverse balance of trade lsconstantly depleting with all the attendantevils of continuing bond Issues.

The democratic party has declared- for thefree and unlimited coinage of sliver at a ratioof 16 to 1. without waiting for internationalaction. Whlhrt it has made other declarationsin its platform, lt has announced that the sil-ver question is .the paramount issue of theday, and that to it all other questions are tobe subordinated.. It bas nominated a candi-date of unimpeachable character, of exaltedability,of inflexible Integrity, of high purpose,who has never faltered for a moment in hisdevotion to the cause of bimetallism. Firm,but not headstrong, confident, but not self-sufficient, near to the people, but not dema-gogic, determined for reform, yet without asingle Incendiary speech or passionate utter-ance to mar his record, possessing a happycombination of the oratorical and logical qual-ities, young, courageous and enthusiastic, yetdeliberate and wise, he stands as the Idealcandidate of a movement which though termeda movement for reform, really means a returnto the wise conservatism of onr fathers.

The issue has been presented by a partywhich has been recently discredited before thecountry by the financial and industrial dis-turbances which Ithas created through the re-peal of the Sherman act. and by the threaten-ed and actual tariff legislation. Dragged intofinancial agitation by the determined will ofan executive whom it has since repudiated, itproposes not merely to reverse existing legisla-tion already enacted, but to go further and de-clare for the free and unlimited coinage of sil-ver, and besides lt proposes to guarantee thecountry against further Industrial disturb-ance and any necessity for further changes Inthe tariff law, except such as are necessary tomake up the defiidt of revenue.

The latter announcement ls particularlygratifying to many of us who believe thatthe silver question and moderate protectionare twin issues; that the former means pro-tection to the American farmer, against thedisastrous competition of silver countries;that the latter means protection to the Ameri-can manufacturer and his employes againstthe disastrous competition of cheap foreignlabor, and that Itls only by the union of theproductive forces of the country, whether Inthe field or the factory, for mutual protec-tion, that the remorseless power of monetarycontraction can be stayed.

Whilst it would have been wiser to con-fine the democratic platform to the issues con-cerning which bimetalllsts would not differ,thus securing the complete unification of allthe silver forces, yet the simple question ispresented to sincere bimetalllsts throughoutthe country, and that ls whether they willpermit differences as to non-essential Issuesto divide them— thus insuring the defeat oftheir common cause

—or whether preserving

their independence ef belief as to non-essen-tials, tbey shall accept the brilliant leaderwhom the democracy has named, and unitingall the sliver forces wherever organized intoone invincible march to victory next Novem-ber.Iapprehend that the singleness of purpose

which has thu* far characterized this or-ganization will be apparent in our delibera-tions here, and that its action will be in-spired by the highest- patriotism and by anearnest desire for the advancement of thegreat cause which means so much to human-ity.Itis not interided iatpay (febts with 50-cent

dollars, or drive away gold, or to debase ourcurrency. Our purpose simply Is, by in-creasing the coinage and use of silver andby giving it eQnal privileges with gold toraise its value and by diminishing the strainon gold which gold mdiometallists have causedto take away its unjust appreciation, and thusby pullingup th# vahje of silver, and pullingdown the valud*of -gold to restore the oldratio, so that sixteen ounces of sliver willbeworth in bullion as well as in coin one ounceof gold. Thus the «d unit of value— thedollar, based on both metals instead of one,will be restored and we shall have a solddollar worth 100 cents ln silver and a silverdollar worth 100 cents ln gold. If we areasked why this ratio is determined upon, ouranswer not only is, that that has been thecustomary ratio for years, but also that thetotal stock of sliver coin in the world ls4,000 million dollars; that the total stock ofgold coin is approximately the same, andthat if the total stocks of silver and gold,were each melted Into a solid mass, thesilver mass would be abont sixteen times asgreat ln weight as the gold mass. We alsosay that the producUon of the two metals isln approximately the same proportion. Wemust establish by law some -ratio of value be-tween the two metals.and we propose to valneitas Itwill stand atter restoration to equalityof privillege with gold, and. not while It isdiscredited by. unequal laws.

The advantages of the restoration of bimet-allism are apparent It will not only givethe world an Increasing volume of currencyproportioned to the Increase of populationand to the extension of business, commerceand enterprise, but tt will do away with thedislocation of the exchanges that has existedbetween gold standard and silver standardcountries— a dislocation whioh has immenselystimulated the production of silver.

England's wealth consists ln gold. Ourwealth consists In property and products.England is a creditor nation; the UnitedStates ls a debtor nation. England is inter-ested ln having money dearer and productscheaper. We rely upon good prices for onrproducts In ordw to-^iay our foreign debtEngland proposes to Ipursue a policy whichwill Increase the value of the gold she owns.Ought not we toTpursue a policy which willincrease the value of the property that weown, and of the jproducts that we export

Do the imitators ofEnglish policy in thiscountry realize that there is a difference ininterests between the buyer and seller; be-tween the creditor nation and the debtor orproducing nation. What should be our policy?'Why, to increase tha use ol silver, sad tn

that way Increase lta value, so v to restoreit to Its old parity with gold. Wa find thatthe dislocation between gold and silver hasgiven the advantage in production to coun-tries that are not on a gold basis; that theirforeign products whose prices are stable insilver, although reduced In gold, are compet-ing with ours in foreign markets to our dis-advantage, and that their manufactures, prod-ucts, produced at a labor cost, stable ln sil-ver, but reduced in gold, offer a menace toour home products, protected though they beby tariff laws. We have at stake the inter-ests of the greatest debtor nation of theworld; of the greatest silver producing nationof the world; of a naUon yielding the great-est amount of farm products in the world;farm products in which wo rely for the pay-ment of our foreign debts, and the prices ofwhich have been driven down in gold as sil-ver has fallen. Our opponents, gentlemen,exaggerate the difficulties of the task beforeus.

In order to restore silver It ls only neces-sary to absorb the current product of theminers. The accumulated stock is in theshape of coin, bearing the stamp of variousgovernments, and it is absurd to say thatthe owners of such coin will send it heresimply to receive tbe American stamp. Slivercoin it ls and silver coin it would remain.There ls no surplus anywhere in the shapeof bullion, for the bullion in the treasuryvaults ls constructively coined, and ls repre-sented by silver certificates and treasurynotes now in circulation. The current pro-duct of the mines ls now all absorbed lncurrent uses—in the arts, in coinage and forother purposes.

Any demand that we create would be anew demand, and would have a tendency toincrease the value of the current productBut we are told that increase of value willIncrease production. Of course no man canforetell what the product of silver will be,but the best test of the limitation of tbefuture is the limitation of the past, and weall know that all the silver in the world, theresults of operation of silver mines for ages,can be put into a cube of sixty feet.The world has never produced enough ofmetallic metal. The fact that today over one-fourth of the money of the world Is uncoveredpaper money proves this. But suppose thefears of our alarmist friends are realizedand that nature, instead of exposing hersilver treasure as she has done ln the pastgradually and progressively to meet the wantsof the world's money, should expose it inlarge abundance, is not a matter of easy con-trol. The mines of the future are in the un-granted mineral lands of this country andMexico, for remember that United States andMexico produce two-thirds of the sliver ofthe world. Will it not be easy to limit thesegr_^a eltlJer by exacting royalty or by totalwithdrawals, so that the silver stores of thefuture may not be unduly drawn upon forthe present, and that the calm and equal pro-duction of silver commensurate with itsuse may be established and secured.We claim that the free coinage of silver atthe ratio of 16 to 1 by thiscountry is practicable; that itwill restore the old relative value of silverand gold, release this country from depend-ence on foreign gold; impair the competitiveefficiency of the cheap labor or silver stand-ard countries; restore the value of our agri-cultural products with which we pay ourdebts abroad and save this country froma. manufacturing competition that will provedestructive. "T*

This question has not been fought out inthe manufacturing states of the country as ithas been in the mining camps, the wheatfields and the cotton plantations. But theImanufacturers of this country before the endof this campaign will learn that their inter-ests are in common with those of the generalproducers of the country and the Oriental jcompetition which has been so destructive tothe farmers will in the end be destructive toIthe manufacturer. We hope to see the wheat iinterests and the mining interests and the

\u25a0 manufacturing interests united against theIopponents of bimetallism. For recollect thatit is the dealers in money, the dealers inIproducts and the carriers of products that!have made a union against the productive|energies of the country, whether those pro-!ductive energies are displayed in cotton andjwool manufactures in the New England andmiddle states; the iron and coal Industries in|Pennsylvania, and the cotton industries in!the South oi in the mining of silver in" the!great West, and we may rest assured that;this country will in time pursue a policy ofIenlightened self-interest.

It will realize it is to its interest as a pro-r ducer of over one-third of the entire sliver of!the world, as the greatest debtor nation ofjthe world; as the greatest producing nationiln the world, to stop the appreciation of gold;!to stop the building up of every unit of this

4,000 million whose present home is In threeiforeign countries. And with the change will|come beneflcient results, not only to pro-• ducers, but to the banking, mercantile and Irailroad interests which are now so steadily

!opposing us. They will realize that their!prosperity is based upon the general prosperi-| ty of the entire country and that the prosperi-ity of this country cannot continue so long asidebtor and producer nations Tecognlze goldas the only money metal, and by their actionbuild up Hs value and Increase its controlover fhe products of labor.

This campaign is to open up an era of edu-cation, and in this work the silver party en-ters animated by no sectional spirit; con-trolled by no feeling of envy against themore prosperous, but inspired by the desireto maintain a broad American policy whichshall protect the interests of American pro-duction, whether in the miningcamps of themountains, the wheat fields of the West, thecotton fields of the South, or the factories ofthe New England states. But let us remem-ber always in the contest. in union there isstrength, and the motto of our opponents isnow as it has always been "Divide and Con-quer."

ST. JOHN'S SPEECH.

New Yoric Banker'» Argument for

Pfee Silver.It waa 5 o'clock- when the convention was

called to order after the recess. There wereabout 500 people ln the hali, including dele-gates. A Kansas delegate moved that thedoorkeepers be instructed to admit all thedelegates to the Populist convention. Themotion prevailed. A committee of three wasappointed to notify the Populists that theywould be admitted without tickets.

The committee on rules reported that theorder of business should be the receiving ofthe report of the committees on credentials,permanent organization, special committees,platform and resolutions, nomination of can-didates, and that the rules governing con-gress be used so far as possible in the run-ning of the convention. The report wasadopted.

The committee on credentials reported thatthere were no contests, and approved" thecredentials of all delegates, and that all dele-gations be allowed to cast a full vote. Thereport was adopted.

The committee on permanent organizationrecommended that W. P. St. John, of NewYork, be selected for permanent chairman,

Charles A. Towne ,of Minnesota, for vicechairman, and R. E. Duffendorfer, of Penn-sylvania, for secretary. The report was re-ceived with cheers and adopted. A commit-tee was appointed to escort Mr. St. John tothe platform. In taking his place Mr. St.John was greeted with cheers. He said:

"The skill and efficiency of your labors lnthe past have been rewarded by the adoptionof your demand for legislation by two greatorganizations of the people, namely, the De-mocracy and the People's party. Ifnow youare able *o induce a coalition of these twoorganizations for the one purpose, the de-sired achievement on behalf of the peoplewill ensue. Assuming, then, that you willprevail upon those patriots calling them-selves the People's party to Ihdorse the nom-ination of Bryan and Sewall. it is advisableto warrant Uie. desirability of the end inview."Itls among the flrst principles ln finance

that the value of each dollar, expressed Inprices, depends upon the number of dollarsln circulation. The plans of prices is highwhen the number of dollars in circulation isin proportion to tbe number of things to beexchanged by means of dollars, and low whenthe dollars are proportionately few. Theplane of prices at present and for some timepast has been ruinously low. The Increaseof our population at about two millions ayear, scattered over our immense territory,calls for Increasing exchanges and therebydemands an increasing number of dollars Incirculation.

"The increase in the number of dollars,when dollars are confined to gold. Is not suf-ficiently rapid to meet the growth of our ex-changes. The consequence is a growing val-ue of dollars or a diminishing value of every-thing else expressed in dollars; which is tosay, a tendency towards constantly decliningprices, the fountain head of our prosperityhas run dry. Our fanners all over thecountry have endured the depression lnprices. Their credit at their country storeis exhausted. The country store ceases toorder from the city merchant, the city mer-chant reduces his demand upon the manu-facturer, liie consequence is that employesand all elements of labor are being dis-charged and wages are lowered to those whocontinue in employment The sufferings ofthe fanpers, who constitute nearly one-halfof our population, are thos enforced upon thecity merchant, the manufacturer and allforms of labor.

"Tbese combined elements constitute theoverwhelming majority of voters. Their intelli-gent conclusion willbe felt when expressed atUie polls. The banker also is without pros-perity, unless prosperity Is general throurh-out the United States. He must learn to dis-Unguish between cheap money and moneycommanding a low rate of Interest. The dol-lar worth two bushels of wheat Is a dear dol-lar, aad yet It commands interest ln Wallstreet at present of bot two per cent per an-num on call. Ifthe dollar can be cheapenedby increasing the number of dollars, so thateach dollar win buy less wheat the increas-ing price of wheat willIncrease the

DEMAND FOR DOLLARSte Invest in its producUon. Then the borroweret dollars, to Invest ta the production ef

wheat, being reasonably sure of a profit fromthat employment of the money, can afford topay interest for Its use as a part of his profit,or ln other words. Interest ls a share of theprofit ou the employment of money. So thatabundant money, money readily obtainable,which ls to say, really cheap money, ls themoney which commands a high rate of inter-est, a share of the profit of the borrower inusing it.

"As we appeal to the country, in the justiceof our cause, one or two points of commoninquiry must be satisfied as follows: The ex-perience of Mexico is held up for our alarm.We answer, flrst, that Mexico is conspicuouslyprosperous at present. Her increase In man-ufacture, railway earnings and the like ln re-cent years is phenomena!. Second, Mexico Isnon criterion for the United States, for thereason that she has a form of trade indebted-ness of about $20,000,000 annually in excess ofthe value of her exports, which must be paidfor in the surplus product of her mines. Hersilver goes abroad as merchandise and at avaluation fixed by the outside world. TheUnited States, on the other hand, is a nation iof 70,000,000 people, scattered over a terri- .tory seventeen times the area of France. A!single one of our railway systems, the Erie,exceeds the aggregate railway mileage of allMexico. We offer an employment for money jto an aggregate greater than the world's spare |silver will furnish us. Hence, our silvermoney, at home and abroad, will be valued asthe money of the United States.

"The opposition threatens us with a floodof Europe's silver upon our re-opened mints. !We answer, Europe has no silver but her jsilver money. Her silver money values sil- !ver at from three cents to seven cents on the !dollar higher than ours. Hence the Euro-pean merchant or banker must sacrifice from3 to 7 per cent of his full legal tender moneyin order to re-coin it at our mints. Europe'ssilverware, like America's silverware, car-ries on it the additional value of labor andthe manufacturer's profit.

"They threaten us with a flood of silverfrom the far East. We answer that thecourse of silver is invariably eastward andnever towards the west. British India is aperpetual sink of silver, absorbing it, neverto return, by from $30,000,000 to $60,000,000worth every year. And India's absorption ofsilver will be enlarged by the steadiness ofprice for silver fixed by our re-opened mints.

"They threaten us with a 'sudden retire-ment of $600,000,000 gold, with the accompany-ing panic, causing contraction and commer-cial disaster unparalled.' We answer thatour

TOTAL STOCK OF GOLD,other than about $10,000,000 or $15,000,000 cir-culating on the Pacific coast, is already inretirement. The goldheld in the treasury williremain there ifthe secretary avails himself ofIhis option to redeem United States notes injsilver. The gold in the banks constitutes the;quiet and undisturbed portion of their re-jserves against their liabilities. It will con-itinue to do money duty as such reserve afterjfree coinage for silver is enacted. Hence apremium on lt will not contract the "cur-rency. The utmost possible contraction ofthe currency will be the few millions circu-lating on the Pacific coast, and this will beretired but slowly.

"A similar threat of a flight of gold wasmade for the Bland act of 1878. PresidentHayes was urged to veto it, but congress

passed it over the veto. Instead of a flightof gold, as had been predicted, we gained by"importation $4,000,000 the first year, $70,000,---000 the next and $90,000,000 the third year.During the twelve years that the act wason the statute book we gained $221,000,000 offoreign gold. Instead of the destruction ofour*credit abroad, as had been predicted,the United States 4 per cent loan, whichstood at 101 on the day of the enactment,

sbld at 120 per cent within three years, andat 130 per cent subsequently. Instead of de-feating the resumption of specie payments onJan. 1 of the following year, the $24,000,000which were coined in silver in 1878 and cir-culated by means of the silver certificates,reduced the demand upon the government forgold. Hence the threat of disaster now iswithout historic foundation.

"This is what will follow the reopeningof our mints to silver: The gold already inthe treasury will remain there, if commonsense dictates the treasury management;that is, if the treasurer exercises the optionto redeem United States notes in silver. Apremium on gold will,not occasion a con-traction ot the currency, bank hoards ot goldcontinuing to serve as a .portion of bank re-serves against bank liabilities. A premiumon gold will tend to increase our exports bycausing a higher rate of foreign exchange;that is to say, by yielding a larger net returnin dollars on the sale of bills of exchangedrawn against goods exported. A premiumwill tend to diminish our imports by increas-ing the cost of bills of exchange with whichto pay for goods imported. The tendency ofincreasing our exports and decreasing ourimports will be to set our spindles running,swell the number of paid operatives, Increasetheir wages, thereby adding to the numberand capacity of consumers, and thus enlargeour market for all home products and manu-factures, with prosperity in general, as theresult assured.

"The tendency of increasing our exportsand decreasing our imports will be, second,to establish a credit balance of trade for theUnited States. A credit balance of trademeans that Europe has become our debtor,and must settle with us in money. Europe'ssilver money is overvalued in her gold, com-pared with ours, by from three to seven centson the dollar. The European merchant orbanker will therefore make his trade settle-ments with us in gold, more profitably byfrom 3 to 7 per cent than in his" silver.With the instant that European trade settle-ments with the United States are made ingold, parity for our gold and silver moneyis established in the markets of the world.Therewith the 371.25 grains of pure silverin our silver dollar, and the 23.22 grains ofgold in our gold dollar becomes of exactlyequal worth as bullion in New York."

CONFERENCE COMMITTEE

Named by tbe Silver Men to Meettbe Pops.

The roll of states was called to as-certain the names of delegates appoint-ed to the other committees on resolu-tions, national committee, permanentorganization ajid vice presidents of theconvention. A motion was then madethat a recess be taken until tomorrow.Judge C. R. Scott, of Omaha, said therewas no hurry. It took the Republi-cans one week to marry Grover Cleve-land, Itshould take at least as long asthat, to divorce the people from him.He was a member of the committeeon platform, and It would take sometime to get up a good platform. Ageneral discussion followed in whicha dozen different delegations took part.The chair suggested that when an ad-journment was taken the delegates ofthe various committees meet and ar-range for organization.

Finally it was decided to name a con-ference committee to meet with a simi-lar committee of Populists and the fol-lowing were appointed: Hon. GeorgeW. Baker, California, chairman; JudgeScott, Nebraska; W. T. Foster, Mis-souri; Wm. P. St. John, New York;B. F. Keith, North Carolina.

A motion was then made that a-special committee consisting of onedelegate from each delegation be ap-pointed to confer with a like committeeof the Populists for the purpose of set-tling the differences between the twofactions. Half a dozen men at once be-gan to debate the question and muchconfusion prevailed. M. L. Olmsted, ofOregon, said he was a Populist and thePopulists were ready to meet the silverforces. Half a dozen other delegatesspoke in favor of the committee. Anamendment was adopted directing thecommittee to notify the Populists oftheir appointment and requesting themto appoint a similar committee.

Mr. Turner, of .Kansas, attemped totalk against the motion, but there werehowls of "sit down," and calls for thequestion. Twenty men got up and at-temped to address the chair. A pointof order was raised that Mr. Turnerhad already spoken twice and thechair ruled that Turner must cease.

Gen. Warner was called for and re-plied that he did not oppose the ap-pointment of a committee to conferwith the Populists, but he thought ltwculd be wise to have a smaller com-mittee to see If the Populists wouldagree to select a similar committee.Mr. Foster, of Missouri, said he hadbeen appointed one of a committee bythe national committee to confer withthe Populist convention and it hadbeen decided that a more representa-tive committee be appointed. It hadbeen ascertained that the Populistswere anxious to confer.

The general trend of all the speecheswas that the great object was to se-cure an endorsement of Bryan and Se-wall for president and vice president.At every mention of the Democraticnominees the delegates cheered. Theroll of states was then called for thenames of the men selected for the con-ference committee. The conventionthen adjourned till 10 o'clock tomorrowmorning.

Populist Conference Committee.ST. LOUTS. Mo.. July 22.-^Most of the Pop-

ulist state delegations have selected a mem-ber of a "committee of conference" in tbe I

expectation that their convention will ao-cept the invitation to meet a committee ap-pointed by the silver convention today.

Conference Committee

WulUiik on Action by the People*'

Party.

ST. LOUIS, Mo., July 22.— The conferencecommittee, appointed by the silver conven-tion today, heid a meeting as soon as theconvention adjourned and discussed a lineof action. It was decided that, should thePeople's party convention select a like com-mittee and agree to a conference, ChairmanW. P. St. John, of the committee, should actfor the silver men. The People's party com-mittee ls to be asked what concessions it iswillingto make. After this the silver com-mitteemen will take part in the discussion.As soon as this line of procedure had beendecided upon, a motion was adopted direct-ing the chairman and secretary to notify thePeople's party that the silver convention hadappointed a committee with a view to con-ference with a like committee from the Peo-ple's party in order tliat both parties mightreach, if possible, a common ground. Thefollowing letter was then sent to the chair-man of the People's party convention:

Dear Sir: We beg to advise you that, uponthe suggestion that such action would bevalued by yourself and associates in the spiritwhich prompted it, the national silver con-vention has unanimously appointed a memberfrom each state delegation to constitute acommittee of conference with the People'sparty convention, and we respectfully awaitresponse from you.It was expected that an answer would be

received before the adjournment of the even-ing session, and the committee adjourneduntil 10 o'clock. But as the night sessionof the People's convention was forced to ad-journ on account of darkness in the hall, theanswer did not come. The committee willmeet again at 9:30 tomorrow morning.

PRAYER OVERLOOKED,

But the Silverites WillRectify TbelsMistake.

Special to the Globe.ST. LOUIS, July 22.—The original

plan of the sliver convention was torush It through trusting to the effectan indorsement of Bryan and Sewall\u25a0rtfcould have on the Populists. Subse-quently it was concluded it would bebetter to dignify the Populists by con-ferring with them and thus prolongthe convention possibly two or threedays. A committee of one was appoint-ed from each state to confer with thePopulists. W. W. Erwin, of St. Paul,being selected from Minnesota. Thiscommittee was to have met tonight,but the Populists, having no sessiontonight owing to lack of light, couldnot appoint their committee. This willprobably prolong both conventions anextra day. Outside of the delegates,only one or .two hundred were presentat the silver convention. As comparedwith the Populists these silver Republi-cans are plutocrats, and the averageplutocrat thinks he can take care ofhimself without divine aid. It was notsurprising therefore that the sixteen toone convention waa opened withoutprayer. Possibly gold bricks, which aresupposed to make paving about thethrone of grace, were objectionable.Minnesota always rises to an emer-gency, and this was no exception. J.M. Hawthorne, of St. Paul, was chosenchairman of the delegation and by re-quest of the delegates he offered a re-solution directing future sessions tobe opened with prayer. This passedwith only two plutocratic negativevotes and Minnesota piety was againindorsed. The only improvement Icouldhave suggested after the original over-sight had occurred would have been tohave Hawthorne call on Bill Erwlnto close the flrst session with a bene-diction, so that there could have beena divinity shaping one end of theconvention at least. The Minnesotasliver delegates selected C. A. Townefor vice president; J. W. Griffin, of Min-neapolis, national committeeman; Sena-tor Howard, of Minneapolis, on the re-solutions committee; Judge Davis, ofDuluth, on permanent organization andWilliam Wilson, of Shakopee, on cre-dentials. H.L Chapplee was secretary,of the delegation. Frank Nye was se-lected to speak on the resolutions lnlieu of Erwin, who was put on the con-ference committee. There are thirtysilver delegates here from Minnesota.Frank Day could not come owing toillness In his family. The Minnesotasilver headquarters are at the Planters'hotel.

—H. P. HalL—

_«.

ONLY MURDER.

Probably No Mutiny Connected Withtbe Fuller Truweil>.

HALIFAX. N. S., July 22.—Thecrowds that have surrounded the policestation ever since yesterday, when thecrew of the Fuller were taken intocustody, were to be seen there againearly this morning, and, during theforenoon, the excitement prevalent yes-terday, showed no signs of lessening.The prisoners are still closely guardedand the chief Interest today seemedto be ln regard to the result of thecoroner's inquest, and the dispositionof the victims of the murderous sailor.Itwas expected that the medical ex-aminer would present his "report thismorning, but it was not finished. Con-sequently the examination, before thecity stipendiary, which will doubtlessfollow the receipt of the port, was notheld.

There seems to be a growing beliefthat others, besides the mate, who isthe one chiefly suspected of being themurderer, must be implicated ln theaffair, and from incidents that havecome to light since yesterday, the pos-sibility that a well matured plan toseize the schooner and sell lt to theCubans had" been completed before thevessel sailed from Boston, seems wellfounded. It has been learned thatMonks, the passenger on board theFuller, receievd a direct intimationthat he had better not make his pro-posed trip on that vessel, but whetheror not the warning came from the mateis not positively known. There aremany, on the other hand, who thinkthat the triple murder was merely theoutcome of a drunken attempt to as-sault the wife of the captain, whichinvolved the killing of her husbandand the second mate, who must havebeen a witness of the captain's murder,and then the killing of the woman her*self, to cover up the crime.

___>_

AT REST ISLAND.A Most Successful Meeting la Just

Closed.

The weeks Christian convention atRest Island closed yesterday after themost successful series of meetings everknown to the Island.

During the week the. hotel has beenfilled to Its utmost capacity.

Excursions to all parts of the lakoand surrounding towns have been madeand drives In parties, ranging fromabout flfty to a hundred, have enjoyedvisiting most of the old historic pointsincluding Villa Maria Convent atErontinac.

On last evening the steamer "EthelHaward" was chartered and conveyeda party of jollyyoung people to LakeView encampment.

The Sunday services were attractiveand unique, drawing at least fivethousand people to the grounds. Mls3Jane M. Moore, of Minneapolis ren-dered several effective solos. In tbomorning Rev. Dr. McKaig, presidingelder of the St. Cloud district, preachedand in the evening Dr. Wm. McKinleyof Central Park M. E. church In StPaul, delivered a most thrilling ser-mon.

A very largely* attended preacher*'meeting was held yesterday. Rev DW. Dewart, of St. Cloud, acted aschairman, and Rev. J. H. Cochran assecretary. Resolutions were passed andadopted and future plans for the islandwere considered. Steps are now beinctaken to make on the Island a summer Bible school, to be opened in Juno'97. Itls greatly hoped that the mm!Isters of St. Paul and Minneapolis wintake hold of this plan and mako It*success. Ministers have been appointed

nf ?£ SM

'J?* PIS,nS t0 th*«3of the M. E. conferences.