The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-06-15

aouston Post
Hon. j. G. Hutcheson, our con
FRESHMAN, wrote the following arti-
Sle in response to request of the
New York Times and Rand, Nc
Nslly Il Co., of Chicago. 1t out.
lines his views on the finance ques.
tiop and of course indicates how
he will vote in the coming session
Of congress:
Msssrs. Rand, McNally & Co.,
Chicago. ILL.,:
While not in favor of the Sher.
man law, do not concur with you
"that purchase of silver seem close.
" connected with shipments of
cold - Gold leaves this country
ike any other commodity, because
in greater demand than here. Aus
trslia has just paid heavy prem
iums for Sl47 600. 600 of gold, and
England has Just been called upon
~ furnish to Australia d large
volume Of gold to meet the many
failures produced in that country
by over speculation in the last nine.
" days. Besides these evident
reasons the established docirihe on
the export of money of any kind is,
that it never leaves one country for
another except upon price aud de-
nand being greater and better
where shipped. This is the doctrine
as formulated by Ricardo, sanctioned
by John Stewart Mills, Professor
Cairnes aud by Walker, one Of the
sblest financial authorities of this
century, and .'gold bug"
Europe (save Eugland) had been for
q century supplying its people with
crops of money raised from two
field, gold aud silver. While
public debts have largely increased
and private commerce greatly ex'
wuAsd, she has undertaken the
e1ps.ament of feeding her people
with one crop of money, raising no
crop of silver, and the supply OF
gold being wholly inadequate, the
nations have become hungry, and
the people famish for money and
draw on our crop cf gold 10 satisfy
that hunger. We could here.
n tofcre spare them two crops
to iced their money hunger. Nov
they will only accept one from us,
and if whi|s losing gold W. are i'm.
provident not to diversity oul
crops to embrace gold and silver
and United States currency suffi
Gent for commerce, pay the debts
and meet the exchanges we are
called upon to meet, we must starve
for money.
The expectation of gold from
America is the Waterloo of the
monometalist. You offer Europe
your cotton, your wheat, your corn
at prices far below the range fol
half century, and though she ii
both hungry and naked, yet she
takes your gold, because starving
for money. 1t it a demonstration
that the gold field is not sufficient
to raise crop to feed world.
So much for the question as to
Why gold is leaving the country.
Let US next consider what we shall
90 financially. The first inquiry is
Is the volume of money sufiicien:
or insufficient for the needs of the
people? If this question is to be
answered by the testimony of the
secretaries of the treasury, aud by
many public 6nanoiers, it would
seem to admit of but little dispute.
There is not sufficient volume of
money to meet the vast require
men,s of today. But there is a
much more potent argument than
The opinion Of the wisest; the pres
ent low prices of everything demon
strates it.
All economic writer's agree that the
ratio between commodities and the
supply of money regulates the price
VI commodities and that wher
money is in excess prices will be in
mated THAT is, too high, and whel
money is in deficit prices will b'
oppressed (that is, too low. Thi
sanctioned by Ricardo, Walker
!. nume and Allison and applied tt
sle present condition, it amounts tt
demonstrations that the money sup