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He believed that if he said yes, the people of the the fallacy of Douglas' argument, he had asked a South would never vote for him for President of question which his party pleaded with him to pass the United States. He was willing himself to lose by, assuring him that it would lose him the election. the Senatorship in order to defeat Douglas for the In every step of this six years he had been disinterPresidency in 1860. 'I am after larger game; the ested, calm, unyielding, and courageous. He knew battle of 1860 is worth a hundred of this,' he said he was right, and could afford to wait. The result confidently.

is not doubtful,' be told his friends. “We shall not “The question was put, and Douglas answered it fail—if we stand firm. We shall not fail. Wise with rare artfulness. . It matters not,' he cried, counsels may accelerate or mistakes delay it; but, 'what way the Supreme Court may hereafter decide sooner or later the victory is sure to come.' as to the abstract question whether slavery may or may not go into a Territory under the constitution; the people have the lawful means to introduce it or THE DISSOLUTION OF THE “SOLID SOUTH." exclude it as they please, for the reason that slavery cannot exist a day or an hour anywhere

unless it is A PROPOS of the changing attitude of the South

toward national politics, as shown in the supported by local police regulations. Those police

present campaign, Mr. B. J. Ramage discusses the regulations can only be established by the local

dissolution of the “ Solid South as a phenomenon legislature, and if the people are opposed to slavery,

in that leading Southern quarterly the Sewanee Re. they will elect representatives to that body who

view. After a rapid survey of social and political will, by unfriendly legislation, effectually prevent

conditions below Mason and Dixon's Line since the the introduction of it into their midst. If, on the

close of the Civil War, Mr. Ramage describes the contrary, they are for it, their legislation will favor

present situation in the Southern States in the fol. its extension.'

lowing paragraph: Although Douglas' friends were wild with delight

Taking the whole of the South together, the at the clever way in which he had escaped Lincoln's

good and the bad portions of that section, it would trap, it turned out in the long run that Lincoln was

perhaps not be very far from the mark to say that right; in 1860 the Democratic convention at Charles

the country people are more like the old fashioned ton refused to nominate Douglas for the Presidency

Southerners than the townspeople, while the latter because of this utterance.

more nearly approach the people of the North. In Lincoln lost the Senatorship, but gained the Presi

the towns, moreover, one finds the people more alert dency by this great campaign. It was the first work

than those of the country, on the whole better in. which brought him before the whole nation. His

formed, less prejudiced against the negro, and more friends became aware through it that he was a great

inclined to break with the past. On the other hand, man, and the distinctly eastern people awoke to

there is perhaps in the country a kindlier feeling the fact of a new star having risen in the West.

toward strangers, more hospitality, a greater tendIt had been a long road he had traveled to make

ency toward mutual aid, and, all things considered, himself a national figure. Twenty-eight years be

more conservatism. Briefly, therefore, there now fore he had deliberately entered politics. He had

exist in the southern states and for the first time been beaten, but had persisted; he had succeeded

in a number of years—those elements which have and failed; he had abandoned the struggle and

entered into the formation of political parties ever returned to his profession. His outraged sense of

since the rise of representative government." justice had driven him back, and for six years he had traveled up and down Illinois trying to prove to

SOME THINGS THAT THE SOUTH HAS LEARNED. men that slavery extension was wrong. It was by no Mr. Ramage concludes that the outlook for a new one speech, by no one argument that he had wrought. era in Southern politics is at present very bright. Every day his ceaseless study and pondering gave “ Free government is, of course, impossible under him new matter, and every speech he made was a system which checks the growth of political parfresh. He could not repeat an old speech, he said, ties; and this lesson the South has learned by bitter because the subject enlarged and widened so in his experience. Statemanship, moreover, cannot exist mind as he went on that it was ' easier to make a as long as the activity of publicists is confined to new one than an old one.' He had never yielded in inventing schemes by which to deprive the ignorant his campaign to tricks of elocution-never played on

black man of his vote without at the same time emotions. He had been so strong in his convictions taking the electoral franchise from the ignorant of the right of his case that his speeches had been white man, if such a policy is considered as really arguments pure and simple. Their elegance was desirable at all. Greater diversity of interest necesthat of a demonstration in Euclid. They persuaded sarily creates differences of opinion. This tendency because they proved. He had never for a moment has been already indicated. The rivalries of concounted personal ambition before the cause. To tending parties, moreover, will call forth the negro insure an ardent opponent of the Kansas-Nebraska vote to an even greater extent than is now being bill in the United States Senate he had at one time done; and the black man will be protected more given up his chance for the Senatorship. To show effectively than by any application of external force.

Negro domination is as impossible as negro slavery: other two, and proceeds to specify the grounds of both belong to an irrevocable past. To many voters his original allegations. Our readers, however, will of the South, both white and black, the ideas of he less concerned with Dr. White's opinions of the the Democratic party will always appeal strongly, leaders at Chicago and their supposed resemblance and this, of course, is fortunate, for so long as that to the revolutionists of France than with Dr. party remains true to the principles proclaimed by White's practical suggestions to his fellow Republi. its intelligent leaders in the past and in the present cans and to gold Democrats as to the conduct of the the country will be safe in its hands. On the other campaign. These are as follows: hand, there is a growing body of voters at the South “First, common sense and courage. Leading who have reached the conclusion that the Republi- men in both the old parties, who preserve their reacan party more nearly represents their views than son and patriotism, should in this great crisis sink does the other organization; that inuch of the suffer- their differences and unite in the support of Mr. ing the South underwentāuring the period of recon- McKinley, the only candidate whom it is possible struction had its origin some distance this side of to elect who resists a revolutionary panic and the city of Washington, and that if the brave men crash; who would promote the interests and respect who fought out the war have learned to forget it, it the rights of both labor and capital; who would is certainly neither brave nor honorable for those uphold honesty, justice, individual and national who took no part in that struggle to prolong its honor. Democrats to-day should emulate the exam. bitter memories. Sentiments like these are rapidly ple of the war Democrats of the Civil War period. coming to the front throughout the southern states, Republicans to-day should emulate the example of and have been doing so for years. The break-up of the Republicans of that time, by welcoming patri. the 'Solid South' is of course a great gain to both otic Democrats now as Republicans welcomed John parties. It was always a pretty heavy burden for Brough, Stanton, Dix, Dickinson, Sickles, Alvord, the Democrats to carry, while the Republicans had and many like them then. just cause to complain of a state of things which And just here is another difference between the dishonestly deprived them of strength that properly struggle against the old revolution and the new, belonged to them. Of course the growing number which may well encourage us. An eminent Frenchof independent voters will make their influence more man once said to me : What I like best in your and more felt. Like many others of all shades of country is to see your men of opposing parties meetopinion, they are weary of seeing their section cut- ing on friendly terms, and in emergencies making ting so sorry a figure in national politics, and have common cause. In France men always adhere resolved to do their best to put an end to a system fanatically to their own party and will have nothwhich enables the ‘Solid South' to be pledged in ing to do with men of the other.' The Frenchman's advance to any candidate or platform a party may insight was good, and never was this more evident choose to offer the voters of the United States. than now, when great numbers of men, who have Loving their section and country as they do, many formed the bone and sinew of the Democratic party, Southern voters, moreover, denounce the implied may be relied upon to support the only Presidential assertion that the South is a feudatory and they candidate who has any hope of election on a platthemselves serfs, and thousands of these, therefore, form of honesty, honor and prosperity. will in November next support the Republican ticket Second, if the Republicans in the former crisis and rally around the flag of the nation by voting for elected John Brough, a war Democrat, as Governor its honor as gladly as they would fight for it.” of Ohio, and John A. Dix and Thomas G. Alvord,

war Democrats, as Governor and Lieutenant-Gov.

ernor of New York, and if they welcomed Edwin THE PRESIDENTIAL CAMPAIGN,

M. Stanton and other war Democrats to places in NE of the most noteworthy of the month's con- the Cabinet, why should not Republicans hence.

tributions to campaign literature was the forth gladly welcome to similar positions such article by ex-President Andrew D. White in the sound-money Democrats as shall boldly come out on September Forum, entitled “Encouragements in the the side of the country in this crisis ? Present Crisis.”

“Third, as to nominations for Congress. BeThe article was partially suggested as a reply to tween a fifty-cent Republican and a dollar Democertain hostile criticisms of Dr. White's open letter crat, Republicans should certainly choose the latter. recently addressed “ To Patriotic Democrats.” The Fourth, as to the tariff question. Mr. McKinley critics charged Dr. White with monopolistic sym. represents inore than any other man in this generapathies, with the use of such epithets as anar- tion, to the working men of this country and to the chist” and “ socialist” as applying to the personnel world at large, the policy of developing our indusand the platform of the Chicago convention, and tries by duties laid for that purpose; but, on the with aHusion to scenes in the French Revolution as other hand, the Democratic doctrine was, for many fairly comparable with those at Chicago.

years, and those the most successful period of the Dr. White enters a general denial of the first of party, a tariff for revenue with incidental protec. these accusations, while he admits the truth of the tion. The difference between these two doctrines

66

ONI

seems a difference rather in degree than in kind; rather metaphysical than real. It is practically a diffculty easily bridged by good sense and good will. Let it be understood that while Mr. McKinley stands for the development of American industry, whatever tariff is hereafter established shall be the result of calm inquiry by experts, with the idea of establishing a policy which fair men of both parties, after this crisis is over, may maintain as a finality; let sound men of both parties thus unite in giving our industries not merely an impulse but a stability which they have never yet had, and we shall enter, as I fully believe, into a period of prosperity more solid and enduring than any we have ever known; a period in which the ravings of the financial schemers and fanatics will be lost among the shouts of the onward marching army of industry.

“What are to-day the causes of our worst troubles? They are mainly two. First, want of stability in our industrial policy; second, want of stability in our financial policy. This double want of stability depresses both labor and capital. In such a union as this which I advocate; with no doctrinairism on either side, but a recognition by the old Democracy of the fact that the nation must have more revenue, and that we may well obtain it in such a way as incidentally to stimulate industry; and a determination on the Republican side that whatever changes are made in the tariff shall be made for the purpose of securing adequate revenue, and at the same time developing and strengthening industries which really need support, and these alone;-honestly, faithfully, without concessions to any individuals or corporations whatever, beyond what the industrial development of the country really needs;—such a union of Democracy with Republicanism would prove to be, not merely a settle. ment of our present difficulties, but a bulwark against future anarchy and communism."

“Our adversaries tell us that if we succeed we shall be inundated with cheap silver from every nation under heaven, gold will leave our shores, and we shall be ruined. But the writer is pained to know that neither the silver standard people nor the do ble standard folk can spare their silver for shipment to this country. If they ship it hither what will they use at home? They have but a trifling per capita circulation now, and nearly a billion of these people have no gold at all. The writer once saw that dire calamity, the departure of gold, overtake this country. During four years of war and fourteen years of succeeding peace gold refused to circulate and was kept for sale. Boys were born during this suspension of specie payments and reached military age. They grew to be handsome, stalwart, respectable young fellows without ever seeing a coin dollar. The people cared but little for specie. The greenback met every want and the people were fully employed, prosperous, and happy. All our troubles have come upon us since we closed the mints against silver, adopted the policy of contraction, and started on our insane hunt for gold. Conditions will continue to grow more and more deplorable until we have the wisdom to call a balt, about face, and retrace our steps."

The Argument for Gold.

TWO

THE BATTLE OF THE STANDARDS. WO articles on the money question appear in

the October Chautauquan—one advocating the free coinage of silver, by Gen. James B. Weaver of Iowa, and a vigorous defense of the gold standard by Prof. W. G. Sumner of Yale.

General Weaver says:

“ If the gold men are sincere in calling for coinage by international agreement they have practically conceded the justice of our cause. They concede that unrestricted coinage of silver is essential to our welfare. There is nothing left of the contention except the question of who shall authorize the mints to be opened. The gold inen want to arbitrate the matter before the crowned heads. We want to follow the example of our fathers and proceed as an independent nation and manage our own affairs. We throw ourselves upon the good sense and patriotisin of the American people. They appeal to the foes of free government.

Professor Sumner disposes of the different claims for silver in the following trenchant sentences:

“If the project is to give us silver dollars, which will be raised to gold value, then the project is a useless one for any interest except that of the silver miner. If the project is to do any good to the debtors, it must mean that the silver dollar is wanted because it is worth only half as much as a gold one, and is not expected to rise much, if any. The silver advocates cannot be allowed to argue that their scheme is not repudiation because it will raise silver to the coinage ratio (which is about the only rag of bimetallism which they have borrowed), and then argue that it will raise prices and halve debts because it will not raise the silver dollar.”

On the side of the gold standard he names several positive advantages:

“ The great advantage of the single gold standard is that it furnishes a simple and exact standard for transactions. It satisfies the requirement of exactness in the standard of measurement which is just as important here as in physics. The greater the transactions of civilized nations the finer the shades of difference which become decisive. Hence this class of transactions is only possible where exactness of measurement is possible. All the great transactions are credit transactions. The great function of money in such transactions is as a standard of reference for the definition of the essential terms of the transaction. In the modern world this function of money transcends all others. Coinage changes, the wear of coins, the degree of accuracy in the work. manship of a mint, the minutest facilities or obsta

cles in the usages of banks and mints in a given lation, and have never failed to uphold by their country, enter into the exchange transactions of votes or their lives the honor and glory of the nation. that country with every other.

Instead of receiving recognition and praise from “ It is the study of these facts which teaches us those whose enterprises they have saved from dis the great importance of the highest exactitude, sim aster, their action has been persistently falsified and plicity, and directness in the standard coinage, they have been paid only with vilifications and which is the ultimate unit of measurement for taunts and ridicule of their occupation and their everything else. A country which exports its chief personal appearance from those whose interests staple products is especially the one which needs to they have defended. Maligned and abused and rideliminate every element of uncertainty or fluctua iculed, they have kept the faith. In all the history tion and to make its inoney as accurate and stable of our country, no other class has shown by its votes as possible. Of course all this applies with the such a sublime devotion to principle as have the greatest force to the single standard. There is not Republican farmers !” an argument for bimetallism which is not good for " Farmers understand the interdependence of intrimetallism or ten-metallism. The world has come dustries. They know that any policy, whether it up through a long struggle with inferior and con relates to the tariff or the currency, that reduces the fused coins, the history of which is as tragical as output of factories and the business of merchants, any history of war or pestilence, to a single com. must lessen the purchasing capacity for farm prod. modity as standard money. The device for securing ucts ; that any measure that banks furnace fires it is not yet a century old. To abandon it is simply and lowers the wages of workingmen must lower to travel back on the road by which we have come. the prices of beef and wheat and wool. As a shrewd

" It is another and very great advantage of the business man as well as patriot, the farmer would single gold standard that it stimulates the develop have every spindle hum, a merry fire at every forge, ment of credit institutions. This is one of the rea and every workman's pail well filled. He agrees sons why the outcry that there is not gold enough is with the silver monometallist that our great need is destitute of importance. The gold standard makes more money in circulation, but he believes that to possible the institutions and devices by which money get more money in circulation we must have, not is economized and it leads to their development. more activity at our mints so much as increased proThe English sovereign has become a world's money. duction of our factories under a protective tariff and Wherever in the world there is doubt about the more confidence in our financial integrity. There is local currency, parties to a contract escape from as much money in circulation in the country to day their difficulties by specifying sovereigns. The as there was in the years immediately preceding security and certainty of this coin have given solid 1893-years of unexampled prosperity-save the support for all transactions of credit, all over the gold called across the sea by the fear of foreigners earth, which are normally made in terms of that that we will reach a silver basis and the gold coin, and have enabled Englishmen to create insti. hoarded at home because of the same fear in this tutions of credit embracing the globe, and econo country. The money still exists, but it is not circu. mizing capital to the utmost, from the unshakable lating as the life blood of trade because unwise tarsecurity of the terms of the contracts.”

iff legislation has stricken down American industry and created distrust, and because those who have much of our money fear that if they pay it out for

stocks or bonds, or loan it to manufacturers or merARE THE FARMERS POPULISTS ?

chants or investors, they may have to receive in N the North American Review for September, Mr. payment scarcely more than one-half of its value.

What we need to get more money into circulation is which nearly everybody, these days, is deeply in not so much inore money coined as a greater demand terested—“ Are the Farmers Populists ? ”

for money to pay wages and the restoration of conMr. Stahl shows, contrary to a popular impression, fidence in the money that we have." that unsound money theories have never found

Have the Farmers Been Prosperous ? favor with the farmers of the country. He also denies that Populism has been more than tolerated In the Banker's Magazine (New York), Henry in the greatest agricultural States of the Union. Loomis Nelson affirms that “while there has been The Populist party, he says, has made a respectable suffering in certain States and in certain parts of showing only in the towns and cities, Chicago fur the country, the general history of agriculture has nishing more than half the Populist vote of Illinois. been one of prosperity, checked only by occasional

“Why, then, attribute it to the farmer? To do excursions into the regions of financial fallacies. so, stamps one as either pitifully incompetent and Freight charges have been reduced more than oneshallow in his observations and judgments, or wil half; public debts are less than they were twenty fully dishonest. Instead of being what they are so years ago; taxes per capita are also less, and there often pictured to be, the farmers are the most sen is every reason to expect abundant prosperity for sible, substantial, and patriotic element of our popu the immediate future if Mr. Bryan and the silver

consumers.

cause are overhwelmingly defeated at the coming against which a holy war is to be proclaimed by all election."

the bona fide producers, with the tramps and demaMr. Nelson further argues that the cheapness of gogues at their head. Possibly not a single orator manufactured articles brought about by modern in. who helped to draw this fancy picture and to pile ventions, so far from being the curse that it is often lurid colors on it has ever seen Lombard Street, or represented to is really a blessing to the farmer. read a plain account of its actual business

If they “It is a new doctrine that cheap clothes, cheap had to spend a day in it, they might be surprised to tools, cheap fuel and cheap food are a curse to the find that it is not paved with gold and that there

It is one of the most preposterous of all is less show of metallic money in it than in Chicago preposterous arguments advanced in behalf of the itself. It might astonish them further to discover free coinage of silver. But such has been the that its favored monopoly is the very freest of free growth of the demand for food that agricultural trade; that its alleged tyranny over the silverproducts, while cheaper than they were in 1860 and using countries is in the nature of things an utter a little more than one-third of the price that pre impossibility, and that its blood sucking propensities vailed in 1865, were a little dearer in 1895 than they are restrained by a glut of money which makes were in 1840. In 1840 the average price of agricul. lenders there thankful to earn as much interest in a tural products was 87.3, on the basis of the index year as they would get in a month, or even in a figure of 100 in 1860, and in 1895 the price was 97.1, week, in the Western States. an increase of nearly 10. But in that same period and on that same basis, clothes fell from 100.7 to

WHAT LOMBARD STREET ACTUALLY DOES. 81.1, fuel from 395.8 to 91, implements from 123.5 to

“ The real Lombard Street deals in money of all 74.9, house furnishings from 116.4 to 70.1.

kinds and qualities ; not gold money alone, or silver “ The increase of the price of the farmers' product money, or paper, but any form of monetary material. during the period of inflation from '60 to '65 did not It deals honestly all round, and, by so doing, it has equal the increase of the prices of the commodities become the monetary centre of the world. It under. that he was obliged to buy. The same story would takes to convert at sight the currency of any coundoubtless be repeated if we followed the advice of try into that of any other country. In the process the free silver men and again adopted a depreciated it uses very little gold, and can turn over millions currency, and added a fluctuating standard of value. sterling with less handling of coin than takes place Under the gold standard the price of food was main every day in a second-rate Californian city. Gold tained while the price of the commodities that the as such has little to do with the prosperity or the farmer must have was greatly reduced. The dis power of Lombard Street. Silver might have served astrous fall in prices did not come until the silver equally well if it had been adhered to with equal agitation assumed an importance which excited the persistence and had its market value been as jeal. alarm of the commercial world, and seemed to indi. ously safeguarded. It was not the yellow metal, cate that the United States was about to become a but the standard and its strict inaintenance that silver monometallic country.

possessed the magical virtue.

ITS ATTITUDE AS TO CURRENCY.

“In the real Lombard Street the precious metals are THE TRUTH ABOUT LOMBARD STREET.

secondary factors. Its fundamental and disinctive R. W. R. LAWSON, writing in the Contem basis is credit scientific credit, the most highly orMR

porary Review on “ American Currency ganized that the world has ever seen, the most widely Cranks,” calls attention to the grotesque misconcep ramified and the most skillfully operated. This is tion which prevails at the Democratic-Populist head the secret of Lombard Street's influence. Might quarters as to what Lombard Street really is : it not be advisable for the Wild West, before rais.

“Knowing something of the real Lombard Street, ing the standard of revolt against it, to try and un. he believes that impartial, unbiassed Americans

derstand it? Are the Western men perfectly sure will be glad to learn how widely it differs from its that it has been their enemy and oppressor, and that Chicago caricature.

they would be much happier without it? Secondly,

can they release themselves from it by political A MYTHICAL VAMPIRE.

declamation ? And ii they could, are they thereby “ The Lombard Street of Populist stump oratory to get rid of all their troubles—mortgages, debts, is the headquarters of the gold monopolists, the bad markets and hard times ? temple of dear money and low prices, the happy “In the Wild West they talk glibly of extinguishhunting ground of creditors, mortgagees, landlords, ing Lombard Street, but to all other civilized nations financiers, and the whole' of that predatory and that would be an inconceivable misfortune. Lompiratical element' which, in the elegant language bard Street is the financial clearing house of the of a Kansas delegate, ' loots the Treasury, stifles world-not because of its gold standard, but becommerce, paralyzes industry, and plunders the cause of its world-wide commercial and financial world.' Lombard Street is the universal enemy relations. It is a vast telephone exchange for mone

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