Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1891-12-15

Uly dllcCC IL. ludG Iuo llCTedSou VOL
ume of currency thus supplied for the
use of the people was needed, and that
beneficial results upon trade and prices
have followed this legislation, l think
must be very clear to everyOne nor
should it be forgotten for every dollar of
these notes issued full dollars worth
of silver bullion is at the time deposited
in the treasury as a security for it's re-
demption. Upon this subject, as upon
the tariff, my recommendation is that
the existing laws be given full trial.
and that our business interests be spared
the distressing influence which threats
OF radical changes always inlpart. I'm
der existing legislation it is in the power
of the treasury department to maintain
that essential condition of national
finance, as well as of commercial pres
perity-the parity in use of Ii 9
coin dollars and their paper rep
resentatives. The assurances that
these powers would be freely and ur-
hestitatingly used has done much to pro-
duce and sustain the present favorable
business conditions. am still Of the
opinion that the free coinage of silver
under existing conditions would disas-
trously affect our business interests at
home and abroad. We could not hope
TO maintain an equality in the purchas-
ing power of the gold and silver dollar
in our own markets, and in foreign trade
the stamp gives no added value to the
bullion contained in coins. The prOduc-
ers Of the country and it's farmers and
laborers, have the highest interest that
every dollar, paper or coin, issued by the
government, shall be as good as any
other. If there is one less valuable than
another its sure and constant errand
will be to pay them for their tolls of the
crops. The money lender will protect
himself by STIMULATING for payment in
gold, but the laborer has never been
able to do that. TO place business upon
a silver basis, would mean sudden and
a severe contraction of the currency, by
the withdrawal of gold and gold notes,
and such an unsetGling of all values as
would produce a commercial panic. |
cannot believe, that a people so strong
and prosperous as ours will promote
such policy.
Br-Metaiism Is the Desired End.
and the true friends of silver will be
careful not to Overrun the goal and bring |
in silver mOnOmetalism with its neceS- |
sary attendants. The loss of our gold to !
Europe and the relief of the press are {
therefore large currency. L have en-
deavored by the use of official and I'M
official agencies to keep close observa-
ton of the state of public sentiment in |
Europe upon this question, and have not |
found it to be such as to justify me in |
an international conference.
The exports of gold to Europe, which
began in February last and continued !
until the close of July aggregated over
seventy millions of dollars. The net loss
Of gold during the fiscal year was nearly
@6S, OO0,0 900. That no serious monetary
resulted was most gratifying !
and gave to Europe fresh evidence of the
strength and stability of our financial
With the movement of
crops the outflow of gold was speedily
stopped, and a return set in. The pres
ence Of a large cash
Surplus in the Treasury
has for many years been the subject of
much unfavorable criticism, and has
furnished an argument to those who
have desired to place the tariff upon
purely revenue basis. 1t was agreed by
Ill that the withdrawal from circulation
IF so large an amount of money was an
to the business of the
country, and made necessary the inter
venrion of the department at frequent
to relieve threatened monetary
Danics. The surplus on March /, 1886,
was 1888, 1927. 1929. The policy of ap.
plying this surplus to the redemption of
he interest bearing securities of the
United States was thought to be prefer
fable to that of depositing it without in
crest in selected national banks. There
lave been redeemed since the date last
mentioned of interest bearing securities