A Phase Of Free Silver

It ís 'beyond doubt that the business interests of 'che country view with great alarm the prospecta of free silver coinage. We quote írom a circular of ïlenry Clews, of New York, these interestins thoughts upon that tüubject: ' "There is one factor which is asain ibecomin,!? influenti il in Wall sti-eet, and tliat Is the silver question. Already it is prolucing important effects, which had not been expected to appear at this enrly stage in the outworkings oí the Silver Act of 1890. The renewal of the exports of gold has proved an eye-opener. During the year 1891, our exports of gold and specie exceeded our ijnports of the like items by $185,000,000, and for the first two months of 1892 fully the same rate of excess has been tained. It might have been expected that under Buch circumstances we should now be imposing large amounts of gold to settle this large apparent trade balance in our favor. The lact is, however, that we are aalled upon to export gold. How are we to account. f or this extraordinary movement ? After setting oïf, against this creditor balance of souie 215 millions ior the last fourteen snonths, all that may have accured againet uh In Europe on account of Interest, frelght on imports, undervaluations, etc., there ought to be a balance In our favor of somothing like 115 miillions; ior an average of the last decade, about 85 millions of surplus of exporta over imports has suffdced to luquldate these debtor items. There arises (rom these facts the etrongest possible presumption that, sincethe beginning of 1891, considerably over 100 millions of our securities have been returned from Europe; for the credit balance has unquestionably been öettled, and there ds no other way in which it could have been done except by the return of stocks, bonds, etc. This reflux of our securities dates from the period of the enactment of the last Silver law, which doubled the government purchases of silver. It is f.oincident with an opinión everywhere (entertained in Europan financial circles, and emphasized by the foreign press, that the course of legislation and the bias of popular opinión in this country indicated a grave postfibility that our currency might become Bubject v-o a general depreciatiom of value, which would corre.spondingly diminish the value of all our securities not made specifically paynble in gold. As Europe holds many hundreds Of millions of Ame.rican seBeeurltles of the very ,kind that would 1n eubject to such deterioration, it is nothing more than might be expected that our obligations should be re'tumrd in extraordinary amounts, and the more ko as the New York market 'lir.s been 5n a -condition to take thom without BUffering serious reaction. Over 100 ïnillions of securities retumed within iourteeii months ! This is the wtartling íact just dawning upon the popula Mon of Wall stveet; and it iiatui-aily Buggeste khvh very grave inquines; such lor instance as how much goW iihould wc have had to ship in payment for these i-eturnerï sectiritics. had nol been iavorert with an extraoi-riinavy surplus of coreáis which Europe happened to need ? how are we to pay for any iurthcr amounte ■thal may 1' BO veturned V what dimrniioiis may this future reflux of invrsimi'ius assurne, should the mania for ïree coinage continue to control the course of legislation '! and. with only ome $30,000,000 of gold in the tvcasuiy. outside 'the required reserve asainst greenbaeks, where is the gold to come ïrom to isatisfy these two posefble forélgm drains ? It is thus geen that -the wiver iinania is .bringing üs much nearer to a ijorilous verge Tiian it is pleasant to contémplate, md that nnless the madness ol free silv r agitatiom. can be in some way tayed, we may -witness a. serious disturbance of public confidence mueh eaorlier than has been supposed possitole. I'nder these circumstances the main luie of Wall istreet is in the possible ior.mation of an Int-ernational Conference to sottle the whole silver proble.m upon a broad and sure foundation. Secretary Foster's visit to Europe for the imderstood purposo of conference with the British governinent is thereíore hailed with great batisfaction as affording the only way ■of escape from grave possibilities. Piek pockets eraoked the joke-crackfer, John J. Itobison, of Ann Arbor iit the Cleveland reception. - Stockbridge Sun. The 6un must be misinformed. iTolm J. isn't cracked, by a long ways. A sample man tip at Fowlerville one day last week ate 4 1-2 pounds ol beefsteak, with 20 glasses of beer, 'and crackers by the scooptul. In half an hour, and had twelve minutes to spare in -vhich to win the bet Fowlerville should keep hïm. ,fatharine H., daughter of Mr. and Mrs. John Carroll, of E. Ann st., died of consumption on Wednesday evenins last, aged 24 years, The deceased was ft sister of AVill Carroll, formerly of the fire department, wlio died a ïew weeos ago.