The silver state. [volume] (Unionville, Nev.) 1870-1903, 1893-08-10

600, 900, and that during the same
period about $40 100000 were paid bv
the treasury in gold for the redemp
ton of such notes.
THE OLD GOLD PLEA.
The policy necessarily adopted Of
paying these notes in gold has not
spared the gold reserve OF 800, 600
900, long ago set aside by the govern
ment for the redemption OF other
notes, for this fund has already been
subjected to the payment ofnew obi
cations, amounting to about $3.50 900
900 on account Of silver purchases,
and has, in consequence. for the first
time since its creation, been en-
croached upon.
We have thus made the depletion
Of gold easy. and have tempted other
and more appreciative nations to add
it to their stock. That the oppoe-
tunity we have offered has not been
neglected is shown by the large
amount of gold which has recently
been drawn from our treasury and
exported to increase the financial
strength OF foreign nations.
MORE OF THE SAME REASONING.
The excess of exports of gold over
its imports for the year ending June
Both, 1898, amounted to more than
$S7 800, 900 Between the first day
of July, 1890 and the fifteenth day OF
July, 1898, the gold coin and bullion
in our treasury decreased more than
1872, 900, 900, while during the same
period, silver coin and bullion in the
treasury increased more than $l47,-
000,000 Unless government bonds
are to be constantly issued and sold
10 replenish our exhausted gold, only
to be again exhausted, it is apparent
that the operation OF the silver pur-
chase law now in force leads in the
direction OF an entire substitution Of
silver for gold in the government
treasury, and that this must be fol-
lowed 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 currency. greatly
deprecated according to the COM
mcrcial world, we could no longer
claim place among the nations OF
I the first class, nor could our govern
+ ment claim the performance OF its
obligation, so far as such obligation
! has been imposed upon it to provide
/ for the use OF the people the best and
safest money.
THE BURDEN AGAIN PLACED on SILVER.
I If, as many Of It's friends claim, sill
+ yer ought TO occupy larger place in
our currency and the currency of the
world, through general international
cooperation and agreement, it is OBJ
+ vious that the United States will not
be in a position to gain bearing in
favor OF such arrangement, so Tong as
we are willing to continue our at
tempt To accomplish the result single
handed. The knowledge in business
! circles among our own people that
our government cannot make its faith
equivalent to intrinsic value, nor
keep an inferior money on parity
with a superior money by its own
/ Independent efforts, has resulted in
such lack of confidence at home
in the stability of currency values
I that capital refuses its aid to
new enterprises, while millions
i have been actually withdrawn from
channels of trade and commerce, to
become idle and unproductive in the
hands of timid owners. Foreign in
vestors, equally alert, not only de-
cline to purchase American securi-
/ ties, but make haste to sacrifice that
which fbav alraalv ba,..
DOES NOT MEET THE SITUATION.
/ 1t does not meet the situation to
I say the apprehension in regard to the
future of our finances is groundless,
and that there is no reason for lack
of confidence in the purposes or
power of the government in its prom
Uses. The very existence of this APP
prehension and lack of confidence,
however, is a menace which ought
not for moment to be disregarded
Possibly, if the undertaking we have
in hand were the maintenance OF a
specific known quantity of silver at a
parity with gold, our ability to do SO
might be estimated and gagged, and
perhaps, in view OF our unparalleled
growth and resources, might be IA
vorably passed upon. But when our
avowed endeavor is to maintain such
parity in regard to the amount of sill
yer increasing at the rate of $50, 900, :
900 yearly, with no fixed termination
to such increase, it can hardly be said
that problem is presented whose
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