Evening journal., 1891-12-10

at the time deposited In the treasury AS a Sc
curity for its redemption. Upon this subject,
as upon the tariff, my recommendation is thar
the existing laws be given o null trial, and that
our business interests be spared the distressing
influence whicb threats Of radical changes al
ways impart. Under existing legislation Il Is
In the power Of the treasury department 70
maintain that essential condition Of national
finance as well as of commercial prosperity
the parity in use Of the coin dollars and their
paper representatives. The assurance that
these powers would be freely and unhesita-
tingly used has done much 70 produce and sus-
tain the present favorable business conditions.
am still Of the opinion that this free coinage
Of silver under existing conditions would dis
astrously affect our business interests Ut 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 addec
value to the bullion contained in coins. The
producers Of the country. its farmers and
laborers, have the highest interest that every
dollar paper or coin. issued by the government
shall be rs good as any other II there Is onf
less valuable than another It's sure and con.
stant errand will be TO pay them for their toil
and for their crops. The money lender will
protect himself by stipulating FOR payment in
gold, but the laborer has never been able u do
that. To place business upon a silver basis
would mean a sudden and severe contraction
OF the currency, by the withdrawal Of gold
and gold notes, and snch an unsettling Of all
values as would produce a commercial panic
| cannot believe that people SO strong and
prosperous as ours will promote such policy
The producers Of silver are entitled 10 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 en-
tire product Of our silver mines. Thia is more
than they themselves thought OF asking two
years ago. believe it Is the earnest desire Of a
great majority Of the people, as IL Is mine that u
full coin shall be nade Of sil lyer just soon
as the cooperation OF other nations con be Sc
cured and ratio fixed that will give circula-
ton equally 70 gold and silver. The business
OF the world requires the use Of both metals
but do not see any prospect Of gain but much
OF loss, by giving up the present System. In
which full use il made Of gold and large
use OF silver, for one in which silver alone will
circulate.
Such an event would be at once fatal to the
further progress OF the silver movement. BIZ
metalism is the desired end, and the true
friends Of silver will be careful not 10 overrun
the goal and bring in silver monomatalism,
with its necessary attendants th9s loss OF our
gold 10 Europe and the RELIEF of~che pressure
there for a larger currency. have endeayored
by the use OF official and unofficial agencies %
keep close observation OF the state Of public
sentiment in Europe upon this question, and
have not found Il TO be such as to Justify me In
proposing an International conference. There
is, however, am sure, a growing sentiment IN
Europe in favor Of larger use OF silver, and
know Of no more effectual 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 exports Of gold to Europe, which began
in February last and continued until the clost
Of July, aggregated over S70,00O00. The nei
loss Of gold during the fiscal year was nearly
Sg9 9OOnOO0