Western Kansas world. [volume] (WaKeeney, Kan.) 1885-current, 1885-12-12

secretary of the treasury to increase the
amount of our silver coin in circula'
ton, but the fact that large share Of
the limited amount thus put out has
soon returned to the public treasury in
payment of duties, leads to the belief that
the people do not now desire to keep il
on hand, and this with the evident dis
position to hoard gold, gives rise to the
suspicion that there already exists a lack
of confidence among the people touch
ing our financial policy.
There is certainly enough silver now
in circu|a alton to cause uneasinees. The
whole amount coined and now on hand
might after time be absorbed by the
people without apprehension, but it is
the ceaseless stream that threatens to
overflow the land which causes fear and
uncertainty.
What has be- n thus far submitted up
on this subject relates almost entirely to
considerations of home nature uncon.
nected with the bearing WHICH the
policy of other nations has upon the
question; but it is apparent that q line
of action in regard to our currency cam
| not wisely be settled upon without con-
tHc 6lIlLuuS oh tuC buDJOCt, VI
other countries with whom we maintain
intercourse through commercial trade
and travel.
An acknowledgment Of this fact is
found in the act by virtue of which our
sllves is compulsorily coined. 1t pro-
vides that the president shall invite
the countries composing the Latin union,
so called. and such other European
nations as he may deem advisable, to
join the United States in a conference
20 adopt ratio between gold and silver,
for the purpose of establishing, inter-
nationally, the use of bitmetallic money,
securing fixity of relative values be-
tween these metals.
This conference absolutely failed, and
a similar fate has awaited all subsequent
efforts in the same direction; and still
we continue our coinage of silver, at a
ratio different from that of any OF her
nation. The most vital part OF the sill
yer coinage act remains imperative and
unexecuted, and without an ally or
friend. We battle upon the silver field
in an illogical contest. To give full
effect to the design of congress on this
subject, l have made careful and ear
nest endeavor since the adjournment of
the last congress.
To this end l delegated a gentleman,
well instructed in fiscal science, to pro-
coed to the financ ial centers of Europe,
and in conjunction with our ministers to
England, France and Germany, obtain a
full knowledge of the attitude and intent
of these governments in respect to the
establishment of such an international
measure as would procure free coinage of
both metals at the minis of those coun-
tries and our own. BY my direction Jour
consul general at Paris has given close
attention to the proceedings of the con-
gress of the Latin union in or0er to in
dictate our interests, and report its action.
It may be said in brief, as the result
of these efforts, that the attitude of the
leading powers remains substantially
unchanged since the monetary confer
ence of 1881. Nor is it to be questioned
that the views of these governments are
in each instance supported by weight
ofpublic opinion. The steps just taken
have. therefore, only more fully demon
strated the uselessness of further attempt
at present to arrive at any agreement on
the subject with other nations. In the
meantime we are accommodating silver
coin, based upon our own peculiarities to
such an extent, and assuming 80 heavy
burden to be provided for in any in
ternational negotiations, as well as rem
der us an undesirable party to any future
monetary conference of the nations.
1t is significant fact that four of the
five countries composing the Latin union,
mentioned in our coinage act, en-
barrassed with their silver currency
have just completed an agreement among
themselves that no more silver shall be
coined by their respective governments,
and that such as has been already
coined and in circulation shall be re-
deemed in gold by the country of its
coinage. The result of this expedient by
these countries will arrest the attention
of those who suppose that We can sue
coed without injury in the attempt to
circulate upon its merits all the silver
we may coin under the provisions of
our silver coinage act.
The condition in which our treasury
may be placed by a persistence in our
present course is matter of concern to
every patriotic citizen who does not
desire his government to pay in silver
such of its obligations as should be paid
in gold, nor should our condition be
such as to oblige in prudent manage
ment of our affairs to stop calling in the
payment of interest bearing obligations
which we have the right now to dis
charge, and thus avoid the payment of
further interest thereon.
TIE so-called debtor class, ior whose
benefit the continued compulsory coin
age Of silver is insisted upon, ere not
dishonest because they are debtors; and
they should not be suspected of desire
to jeopardize the financial safety of the
country in order that they may cancel
their present debts by paying the same
in deprecated dollars. Nor should it be
forgotten that it is not the rich nor the
money lender alone that must submit to
such readjustment. The pittance of
the widow and the orphan, and the in
comes of helpless beneiciaries of all
kinds would be disastrously reduced.
The depositors in savings banks and
other institutions which hold in trust
the savings of the poor, when their little
accumulations are scaled down to meet
the new order of things would in their
distress painfully realize the delusion of
the promise made to them that plentiful
money would improve their condition.
We have now on hand all the silver
dollars necessary to supply present needs
of people and to satisfy those who from
sentiment wish them in circulation, and
if their coinage is suspended they can be
readily obtained by all who desire them.
If the need OF more is at any time appar.
ent, their coinage may be renewed.
That disaster has not already overtaken
rs furnishes no proof that danger does
not wait upon a continuation of the |
present silver coinage. We have been
saved by the most careful management
and unusual expedients, by a combina-
ton of fortunate conditions and by q |
confident exnectation that the course