The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-09-16

our people in the pending bill. 1t
will be said in reply to this that we
have silver certificates, treasury
notes, national bank notes, green.
back notes, and other forms of
money in addition to gold. There
ia one conclusive answer to all such
assertions, and it is that all paper
money of every sort, kind, and de-
soription is held to be ultimately
redeemable in gold, and, therefore,
the volume of our money must be
estimated on the breadth of the me
tallic redemption fund on which it
rest.
Before silver was demonetiz ID the
volume Of money rested on the
broad basis of both gold and silver,
which was not more than ample for
it's redemption, but was deemed
suti GENTLY safe for a reasonably
abundant circulation; but since
silver demonetiz alton, the metallic
basis for paper money having been
reduced one half, the volume Of
paper, in order to be safe, had to be
reduced and adjusted to the mailer
metallic basis on which it rested for
red smption. II is this reduction
which has forced down the prices Of
commodities aud all the products Of
labor, which have fallen because the
volume of money in which all val
ues are mea ,ured has been contracted
one half
OR experience since 1878 in the
fall of prices consequent upon tine
destruction of silver money es ao
fishes this proposition. The Insult
fciency of the gold basis sought to
he forced upon our people by their
European and American tioaocial
masters, is thus made plainly ap
parent. That our volume of paper
and credit money is a large over
issue and is outstanding greatly in
excess of safe proportion to the
gold redemption fund is made man
fest by existing financial disturb
ancss. The temptation to over
issue has always been regarded as
one of the principal dangers of the
single standard. England has,
since her a loption OF the gold stand
ard. been called "the land of pan
ios."
With a bimetallic currency firmly
40. ~ l;cI,,I 10Th ", AZ q Ia md ar IN q
friendly aud fostering care of the
government aud banks alike, in
stead of having silver boycotted
and Disseminated against as 1t ha'
been by the banks and the govern
ment, in defiance of the people.
demand that it should be otherwise
with our paper and credit bottomed
on the two metals instead of being
confined to one, we would now BIZ
enjoying peace and prosperity in
stead of baing threatened with uni
versal bankruptcy by the greatest
financial disturbance that has ever
occurred during this generation.
The gold basis on which our
credit paper has been resting has
proved too narrow; and it has been
an easy matter for the conspirators
who have produced the existing
crisis to topple over the paper gu
perstructure, producing chaos and
confusion We wildly RENE N Der
the widespread destruction resulting
from silver demonetlz alton and the
resulting contraction OF money Cir
culation in 1878. We now have
the same experience in the contem-
plation of the sweeping away Of the
partial rem onetlza.ion CT silver By
the act of 1878, known as the
Bland act, which the repeal of the
Sherman act will complete.
As before remarked, notwith.
standing a slight increase in the
production of gold for the last two
or three years tho production Of
tina. metal has been declining
throughout the world for many
years. The product of the mines OF
the United States, which has been
between one.third and one .fourth OF
the worlds entire production, has
been derived almost entirely from
the silver mines as an incident oil
silver,miniug; and the closing down
largely of these mines by reason OF
the great depreciation of silver, will
greatly diminish the supply of gold
In fha IInitad Stataa sfill furthal