The Providence news. (Providence [R.I.]) 1891-1906, 1893-08-08


buliion amounted to little more than
S54, O000 900. aud that during the same
period about 10000. 900 were paid by the
treasury in gold for the redemption OF
such notes.
The policy necessarily adopted OF pay
ing these notes i'm gold has not spared the
gold reserve of one hundred millions Of
dollars long ago set aside by the govern
ment for the redemption Of other notes,
for this fund has already been subjected
to the payment of new obligations
amounting to about one hundred and
fifty millions of dollars on account Of
silver purchases. aud has as consequence
for the first time since its creation been
encroacled upon.
We have thus made the depletion OF
our gold easy and have tempted other
and more appreciative nations to add 1t
to their stock. That the opportunity we
have offered has not been neglected is
shown by the large amounts Of gold
which have been recently drawn from
our treasury and exported TO Increase the
financial strength OF foreign nations.
The excess OF exports Of gold over its inn
ports for the year ending June 80. 1898,
| amounttd d To more than SS7, 500 900.
Between the 1st day Of July. 1s9J. aud
the 18th day OF July, 1893, the gold coin
and bullion in our treasury decrease
more than sl32,000,000 while during
the same perioi the silver coin and bull
lion in the treasury increased more than
] Sl47, 100000.
Unless government bonds are to be
constantly issued and sold to replenish
our exhausted gold, only to be again ex-
hausted. it is apparent that the operation
OF the silver purchase law now in force
leads in the direction of the entire SUBJ
| st!tution OF silver for the gold in the
government treasury, and that this must
be followed by the payment OF all govern
ment obligations in deprecated silver.
AT this stage gold and silver must part
company. and the government must fail
in its established policy to maintain the
two metals on parity with each other.
Given over to the exclusive use OF n
currency greatly deprt ciated. accord ing
to the standard of the commercial world,
we would no longer claim place among
nations of the first class, nor could our
government claim u performance OF its
obligation. so far as such an obligation
has been imposed upon it TO provide for
the use of The people the lest and safest
money.
IL. as many Of its friends claim, silver
ought to occupy larger place in our cur
rency, and the currency OF the world
through general international co-opera.
tion and agreement, it Is obvious that
the United States will not be in posi-
ton TO gain a hearing in favor Of such an
arrangement so long as we are willing to
continue our attempt to accomplish the
result single-handed.
Tie knowledge In business circles
among our own people that our govern
ment caunot make its fiat equivalent to
intrinsic value, nor keep in force on
parity with superior money by its own
independent Efforts, has resul cd In such
a lack OF confidence at home. in the sta
bility of currency values that capital re-
fuses it's aid to new enterprises. while
u illions ara actually withdrawn from
the channels Of trade and commerce to
become idle and unproductive in the
hands of timid owners,
Foreign investors, equally alert, not
only decline TO purchase American secu-
rities, but make haste to sacrifice these
which they already have.
1t does not meet the situation to cay
that apprehension in regard To che future
of our finances Is groundless and that
there is no reason for lack of confidence
In the purposes or power Of the govern
ment in the promises.
The very existence Of this apprehension
and lack Of confidence, however caused,
Is menace which ought not for a mo-
ment to be disregarled.
Possibly if the undertaking we have in
hand were the maintenance Of a specific
known quantity of silver at a parity with
geld, our ability to do so might be esti-
mai ed and gauged. aud perhaps, In view
Of our unparalleled growth anu resources
might be favorably passed upon.
But when our avowed endeavor is to
maintain such parity in regard to an
amount OF silver increasing at the rate of
$50 100000 yearly, with no fixed termina-
tion to such increase. it can hardly be
said that problem is presented whose
solution is free from debt.
The people of the United States are ell
titled to a sound aud stable currency and
to money recognized as such on every ex-
change and in every market OF the world.
Their government has no right to injure
them by financial experiments opposed
c the policy aud practice of other civil
lied states, nor Is 1t justified in permit
ting an exaggerated and unreasonable
reliance OIL our futiOudl stEtDHCn aDO
ability to jeopardizs the soundness OF the
peoples money.
This matter rises above the plane of
party politics. 1t vitality concerns
ev5ry business aud calling and every
household in the land.
There is one important aspect Of the
subject which especially should never be
overlooked.
At times like tie present, when the
evils OF uns ound fnai ce thieaten US. the
specula tor may anticipate n harvest
gathered from the misfortune OF 9th ers,
the capitalist may protect himself by
boarding o. may even fud profit in the
fuctuation Of values; but the wage
earner--the first to be injured by de-
preciated currency and tie last to re.
ceve the benefit Of its correction-is
practically defenceless.
lie relies for WORK upon the ven ture
of confident and contented capital. This
falling him, his condition is without al.
deviation, for lie can neither prey on the