Daily tobacco leaf-chronicle. (Clarksville, Tenn.) 1890-1895, 1891-12-10
FIFTEEN CENTS A WEEK

Chn nOJ nclp, Dub may seriously lHlpeut
business, to the prosperity of which some
degree OF stability i'll legislation is es'
sential
II think there are conclusive evidences
that the new tariff has created several
great industries which will, within few
years, give employment to several hun.
dred thousand American workingmen and
women. In view of the somewhat over.
crowned condition of the labor market of
the United States, every patriotic citizen
should rejoice at such a result.
Treasurer's Report.
"The report of the secretary of the treas
ury shows that the total receipts of the
government, from all sources, for the ifs
cal year ending June 30, 1891 were S45S,-
644, ,233, Oh, while the expenditures for the
same period were 1921 ,304, 40 46, leaving q
surplus of $37 ,239 1921
"rhe receipts of the fiscal year ending
June 80, 1892, actual and estimated, are
$433 900 and the expenditures $40900
600 For the fiscal year ending June 20,
1898, the estimated receipts are S455, 1885,
$50 and the expenditures SAL, 800, ,O93.
Under the law of July IA, 1890, the sec
retary of the treasury has purchased since
Aug. ID during the fiscal year 4S, 393, 1l3
ounces of silver bullion at an average cost
of Sl,0i per ounce. In exchange for this
silver bullion. there have been issued $780,
$40, ,49S Of the treasury notes authorized by
the act.
Silver.
Before the influence of the prospective
silver legislation was felt in the market
silver was worth in New York about
0,955 per ounce The ablest advocates of
free coinage in the last congress were
most confident in their prediction that
the purchases by the government re-
quired by the law would at once bring
the price of silver to 81 1929 per ounce,
which would make the bullion value of a
dollar one hundred cents and hold it
there. The prophecies of the anti-silver
men of disasters to result from the coin
age of 81, ,O00OOO per month were not wider
of the mark.
The friends of free silver are not
agreed, l think, as to the causes that
brought tho.r hopeful predictions to
naught. Some facts are known.
THE exports of domestic silver bullion
from this country, which had averaged
for the last ten years over $1,000 900, fell
in the last fiscal year to Sl3,79T ,391; while,
for the first time in recent years, the i'm
ports of silver into this country exceeded
the exports ~ the sum of 81, 745, 1866. In
the previous year the net exports of silver
from the United States amounted to
SS 545 ,455, The production of the United
States increased from 50,000000 ounces in
is now buying and putting aside annually
54,0OO,0O0 ounces, which, allowing for
7,140,000 ounces of new bullion used ir
the arts, is 6,640,000 more than our domes-
tic product available for coinage
II hope the depression in the price of
silver is temporary and that further
trial of this legislation will more favor
ably affect it, That the increased volume
of currency thus supplied for the use Of
the people was needed and that beneficial
results upon trade and prices have fol-
lowed this legislation | think must be
clear to every one; nor should it be for
gotten that for every dollar of these notes
issued a full dollars worth of silver
bullion is at the time deposited in the
treasury as IA security for its redemption
Upon this subject, as upon the tariff, my
recommendation is that the existing laws
be given a fu,i trial and that our business
interests be spared the distressing influ-
ence which threats of radical changes
always impart.
"Under existing legislation it is in the
power of tie treasury department to
maintain that essential condition of ma
tional finance rs well as of commercial
prosperity-the parity in use of the coin
dollars and their paper representatives.
The assurance that these powers would he
freely and unhesitatingly used has done
much to produce and sustain the present
favorable bu9iness conditions | am still
of the opiniC that the free coinage of sill
yer under ei,i ,i.ting conditions would dis
aStrously affect our business interests 1T
home and abroad We could not hope to
maintain an equality in the purchasing
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 producers of the country-its farm
ers and laborers-have the highest inter
est 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, it's sure and constant errand will
be to pay them for their toll and for their
crops. The money-lender will protect
stipulating for payment in golG,
but the laborer has never been able to do
that. To place business upon a silver
basis would mean a sudden and severe
contraction of the currency, by the with
drawal Of gold and gold notes, and such
an unsettling of all values as would pro
duce commercial panic. | can not be
lieve that people so strong and prosper.
GUS US ours will promote such a policy
"The producers of silver are entitled to
just consideration, but they should not
forget that the government is now buying
and putting out of the market what is
the equivalent of the entire product Of
our silver mines This is more than they
themselves thought of asking two years
ago ] believe it is the earnest desire of a
great majority of the people, us it il mine,
that full coin use shall be made of silver
just as soon as the cooperation of other
nations can be secured and ratio fixed
that will give circulation equally to gold
and silver.
"Bimetallism is the desired end and the
true friends of silver will be careful not to
overrun the goal and bring in silver mono
with its necessary attendants,
the loss of our gold to Europe and the re
lief of the pressure there for larger cur
Tency. There is, ! am sure, a growing
sentiment in Europe in favor of a larger
use of silver, and know of no more effec-
tual way of promoting this sentiment than
by accumulating gold here. A scarcity of
gold in the European reserves will be the
most persuasive argument for the use of
silver.
The Treasury Surplus,
The presence 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
a purely revenue basis, 1t was agreed by
all that the withdrawal from circulation
Of so large an amount Of money was an EN-
barrassment to the business of the coun-
try, and made necessary the interven-
ton of the department at frequent inter
walls to relieve threatened monetary
panics The surplus on March l. 1889,
was S1S3,S 3,S27, 1923
"There have been redeemed since the
date last mentioned of interest bearing
$50 0i9, $50 resulting in re-
duction of the annual interest charge of
S1l ,6S4675 The money which had been
deposited in banks without interest has
been gradually withdrawn and used in
the redemption of bonds.
"The result of this policy, Of the silver
legislation, and of the refunding of the
four-and-a-half per cent. bonds has been
large increase of the money in circula-
ton.
"The offer Of the secretary Of the treas
nrY To the hnl1ers OF the fOnr and one