The Camden chronicle. (Camden, Tenn.) 1890-current, 1893-08-18

JlOn SO COnuTOlS GllS dCUlOH Oh Ull6
Secretary of,the Treasury as to pre-
vent his exercising the discretion
nominally vested in him, if by such
action the parity between gold and
silver may be disturbed. Mani
testify, a refusal by the Secretary to
pay these Treasury notes in gold,
if demanded, would necessarily re-
suit in their discredit and depreci-
alton as obligations payable only in
silver, and would destroy the parity
between the two metals by estab-
fishing discrimination in favor of
gold.
Up to July Is, 1898, these notes
had been issued in payment of sill
yer bullion purchases to the amount
of more than $147,000,O00. While
all but very small quantity of this
bullion remains uncoined and with
out usefulness in the Treasury,
many of the notes given in its pur-
chase have been paid in gold. This
is illustrated by the statement that
between the LIST day of May, 1892,
and the 18th day of July, 1893, the
notes of this kind issued in payment
for silver bullion amounted to a lit
tie more than $54,0O0,000, and that
during the same period about S49,-
100000 were paid by the Treasury
in gold for the redemption Of such
notes.
The policy necessarily adopted of
paying these notes in gold has not
spared the gold reserve Of $780,
100000 long ago set aside by the
Government for the redemption of
other notes, for this fund has al
ready been subjected to the pay
ment Of new obligations amounting
to about $15O,00O,0O0 on account of
silver purchases, and has, as a con-
sequence, for the first time since its
creation, been encroached upon.
We have thus made the depletion
of our gold easy and have tempted
otherand more Experimentation
to add it to their stock.
That the opportunity we have
offered has not been neglected is
shown by the large amount of gold
which have been recently drawn
out from the Treasury and exported
to increase the financial strength OF
foreign nations. The excess Of ex.
ports Of gold over its imports fol
the year ending June 30, 1898, was
more than S87,5OO,OOO. Between
the LIST day Of July, 1890, and the
18th day Of July, 1898, the gold coli
and bullion in our Treasury de-
creased more than $132,OO0,OOO
while during the same period the
silver coin and bullion in the Treas
ury increased more than S147,000,
600. Unless Government bondsar
to be constantly issued and sold t
replenish our exhausted gold, onl,
to be again exhausted, it is appar
ent that the operation Of the silver
purchase law now in force leads il
the direction of the entire substitu
tion of silver for the gold in tn
Government Treasury, and tina
this must be followed by the pay
ment Of all Government obligation
in deprecated silver.
At this stage gold and silver mus
, part company and the Governmen
must fail in its established polio
to maintain the two metals OH pal
: ity with each other. Given over
exclusive use Of a currency great
deprecated, according to the stan
dard Of the commercial world, W
couldno longer claim a place anon
nations of the first class, nor coul
l our Government claim a perform
ance of its obligation, so far as sue
an obligation has been imposed VI
& - - l. ,,,,o,r;1o g. 4I,o ,,co oe II,