The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1893-08-19

quence, Tor the nrSC Time since lts
creation, been encroached upon.
We have thus made depletion o.
our gold easy and have tempted
other and more appreciative nations
to add it to their stock. That the
opportunity we have offered has
not been neglected is shown by the
large sums ofgold which have been
recently drawn from our treasury
and exported to increase the fnan-
cial strength of foreign nations
The excess of exports over imports
of gold for the year ending June 30
1898, amounted to more than $87,-
100000. Between the 1st of July
1890 and the 18th ofJuly 1898, gold
coin and bullion in our treasury
decreased $132,O00,O0O, while dur
ing the same period silver coin and
bullion in the treasury increased
more than $147,O0O,OOO.
Unless government bonds ore to
be constantly issued and sold to
replenish our exhausted gold, only
to be again exhausted, it is appar-
ent that the operation of the silver
purchase law now in force leads in
the direction of entire substitution
of silver for gold in the government
treasury and that this must be fol-
lowed by payment of all govern
ment obligations in deprecated sill
YER. At this stage gold and silver
must part company and the govern
ment must fail in its established
policy to maintain the two metals
as a parity with each other.
Given over to exclusive use of a
currency greatly deprecated ac-
cording to the standard of the com
mercial world we could no longer
claim a place among nations of the
first rank, nor could our government
claim the performance of its obi
cation so far as such obligation
has been imposed on it to provide
for the use of the people the best
and safest money.
If, as many OF it's friends claim,
silver ought to occupy a larger
place in our currency and the cur
rency of the world through general
international cooperation and
agreement, it is obvious the United
States will not be in position to
gain hearing in favor of such an
agreement so long as we are willing
to continue our attempt to accom-
plish the sesult single handed.
knowledge in business circles
among our own people that our
government cannot make It's ha1
equivalent to intrinsic value MOI
keep inferior money on a parity
with superior money by its own in.
dependent effort, has resulted ir
such lack of confidence and insta-
bility of currency values that capi.
tai refuses it's aid to new enterprises
while millions have actually been
Withdrawn from the channels O.
trade and commerce to become
idle and unproductive in the hands
of timid owners. Foreign investors
equally alert, not only decline te
purchase American securities bu1
make haste to sacrifice those which
they already have.
It does not meet the situation to
say that apprehension in regard to
the future of our finances IS ground
less and that there is no reason fol
lack of confidence in the purposes
or powers of the government IN the
premises. The very existence OF
this apprehension and lack of con.
fdence, however caused, is men.
ance which ought not for a mo.
ment to be disregarded.
Possibly if the undertaking we
have in hand were the maintenance
of specific known quantity Of sill
yer at parieiy with gold, our abil.
ity to do so might be estimated and
guaged, and, perhaps, in view ol
our unparalleled growth and re,
sources, might be favorably passed
upon. But when our avowed en-
deavor is to maintain such parity
in regard to an amount of silver IN
creasing at rate of $5O,O0O,OO0
yearly, with no fixed termination
to such increase, it can be hardly
said that a problem is presented
whose solution is free from doubt.
The people of the United States
are entitled to sound stable cur
rency and to money recognized as
such on every exchange and in ev-
cry market of the world. Their
government has no right to injure
them by financial experiments op-
posed to the policy and practice OF
other civilized countries, nor is 1t
justified in permitting an exagger-
ated and unreasonable reliance on
our national strength and ability to
ieopardize the soundness of the
peoples money:
This matter rises above the plane
Of party politics. It vitality CON
Germs every business and calling
and enters every household in the
land. There is one important as
pect of the subject which especially
should never be overlooked. At a
time like the present when evils OF