Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-01-30
BY TELEGRAPH.
sHcaBrARY WINDOW
rContinued from Let page. ]

We now have. Had it not been for the pc
caliar conditions which enabled the
United States treasury to disburse
over SIS COG, 600 in about two
and one-half months last autumn. am
firmly convinced that the strinsency in
August and September would have resulted
in widespread financial ruin. Like eom-
me rcial conditions it will frequently occur.
1t is not at all probable that they can be
encountered, and their consequences
arertei by like action Of the government;
nor is il desirable if such q power should
be lodged viths secretary Of treasury.
am thoroughly convinced that better
method can be devised which viii, in
large degree, place the power Of expansion
ard contraction in the hands of the people
themselves. An opportunity for securing
such currency may be found ia our bonded
debt. which should. in my judgement. be
in part exchanged for intef-cenvertible
bonds, bearing . low rate of interest
and always inter chsngeable for mon.
ey at the will of the holder.
The quality of circulation is even more
important than quantity. Numerous de-
vices for enlarging credit may, and often
do, avert the evils Of deficient circulation.
Redundancy may sometimes modify
lis own evils before the results be-
come sniversal, but for the bsneful
effects of debased and fluctusting eur
rency there Is no remedy except by
costly aud difficult return to sound money.
A nation that attempt, to conduct foreign
trade with currency of uncertain value or
inferior quality is placed at . fearful dis
advan'ase. 1t would seem super fuous to
impress this universal and well known
experience, were i. not too apparent tina,
this nation has been in danger Of repeating
the costly experiment with just such eur
rency. The tendency of events recently
has been in that direction, and
an apprehension of danger created there
by caused loss since Dec. of over S24.-
600 000 in gold from the treasury and
probably much larger amount from cir-
culation. This peril now seems to have
passed. Believing that there is not enough
of either gold or silver in the world TO
meet the necessities of business, am an
earnett bi-metaliist, I concede to no one a
stronger desire than feel for the free and
unlimited coinage Of silver as soon as the
conditions can be reached through interns-
tional agreement, or otherwise. by which
such coinage may b. SAFE, My firm con-
viction is that for this country to enter upon
that experiment. now and under the exist
ing conditions would be extremely disas-
trous. and would result not in bi -metsllism
but silver mono-mc talism. | believe it
would produce swift and severe contrsc-
ton and would eventually reduce the mar
ket value of silver. Free and unlimited
coinage of silver by the United States
while other great nations pursue an oppo-
size policy would invite all owners of that
metal throughout the world, TO exchange
81 IA grains of pure silver, worth about
50 cents, for 1922 grains pure gold. worth
everywhere 100 cents. As nearly all the
nations of Europe are anxious to exchange
their silver for gold, they would at once
accept 60 tempting an offer. Bank deposit
tors, trust companies, holders of Uniled
S,stes notes and gold certificates would
Instantly lock up all the gold at their COM
mand. and then join the panic-inspired pro-
cesslon to the treasury, each AMI all anxious
to be in time to grasp the golden prize before
it is too late. Probably before the swiftest
ocean greyhound could land silver carso
at New York the last gold dollar within
| reach would be safely hidden away in
private boxes and in the vaults Of safety
deposit companies, TO be brought out only
by high premium for expectation. This
sudden retirement of $500, 900, 900 in gold,
with the accompanying panic, would cause
a contraction and commercial disaster un-
PARALLEL in human experience; and our
country would at once step down to the
silver basis, when there would be no longer
any inducement for coinage. and silver
dollars would sink to their bullion value.
When silver dollar ceases to have more
valne than the bullion it contains, there
will be little inducement to coin our own
silver, and the cost of transportation will
prevent its coming from abroad. Window
advocated the passage of the bill pending
in Congress for the establishment of
an international bank to facilitate
our exchanges with Mexico and
Central aud South America, and concluded ::
Give us direct and ample transportation ia
ciiities under the American flag, controlled
by American citizens; currency sound in
quality ard adequate in quantity; an inter-
national bank to facilitate exchanges, and
a system of reciprocity carefully adjusted
within the lines of protection; not only
will that our foreign commerce shall again
invade every sea, but that every American
industry be quickened and our whole peo-
pie feel the impulse of new and endur-
ing prosperity.