The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-09-07

l
The trouble is serious impairment o1
confidence which has caused boarding
of money, and it will remain out O.
circulation until in some way conf
dence is re-established. So long as the
Sherman act is on the books we will
come no nearer free coinage than we
are now, and our American people dc
not desire policy in reference to silver
either by continuing the purchase o.
silver bullion or by the adoption o.
free coinage, which will result in driv-
ing all the gold out of the country and
making this silver nation. This ma
jority will not and ought not to sub
| nit to repeal if the act of 1890 does
not make gold the standard money ol
the country. 1t is the ruin of value
now, and it was made so by the act OF
1873
The United States cannot alone, in
my opinion, maintain free coinage OF
silver unless we are willing to become a
! silver nation and drive gold out. What
we want is an international agreement
securing the use of both metals, and
free coinage on the agreed ratio. and
if we repeal the act of 1890 and stop
the coinage of silver believe we will
get it. The policy of buying silver
bullion is not wise craftsmanship, and
in little time will surely be stopped.
There is now in England strong
party in favor of bimetallism and de-
monetization of silver. When Eng
land finds she no longer derives ad.
vantage by maintaining single old
standard | trust and believe she will
Join the other nations in favor of res
toration of silver and maintaining a
bimetaliic standard. The United
States must adopt a financial policy
which will do even justice, but we are
in all classes and geographical divl-
sions, between debtors and creditors.
between employers and employees.
1 sympathize with that section
which has been found so rich in mill
eral-copper, lead, silver and gold
and which has contributed to the
world so many millions OF metals. The
people of these states may we'll be ex-
cused for a manifestation of Intense
anxiety. The hardships overcome and
wonderful progress made by the patri-
otic settlers west of the Missouri, If
written up as it will be, will form one
of the most thrilling stories in the
whole progress Of our race. AS one
humble representative of the common
wealth of Illinois, the richest, most
populous and commercially the most
powerful of the central states of the
Union, closely identified in its COM
merce with all the states west of it, as
we'll as with those of the North and
South, l shall regret if any action we
may take on this or any other ques.
tion shall prove any degree injurious
to the brave and patriotic people.
But it seems to me that it is import.
ant to settle the silver question upon
some crowning basis other than leave
it with the act of 1890 in form which
surely cannot long stand secure. Give
free coinage if possible through inter-
national agreement and you will be on
a basis which will endure. Free coin
age means monometallism. 1t means
all silver and no gold.
There has been much said about the
attitude of the great parties as an
nounced in their platform. In my ac-
tion am not prompted by any politi-
cal platform. | shall act as my iudg-
ment dictates. l will vote for repeal
because it may help to restore conf
dence even though the act did
not have much part in re
ducing lack of it. One year
ago the confidence of the government
and its treasury was satisfactory and
the credit of the nation at the highest
point ever attained in its history. The
credit of this nation was higher and
better a year ago than that of any
other government or financial institu
tion on the globe. What is the spec
tacle which confronts us now and
commands our attention? The credit
of our national government is called in
question for the first time since the
outbreak of the war and the commerce
of the country reduced. factories closed
or running on half time, mines shut
up and 100000 men unemployed and
willing to work for even half the
wages they received year ago. In
November, 1892, the election come on
and the party now in full pos
session of the executive and leg
islative branches of the government
triumphed. 1t came in as the speak
ers on the opposite side of the chamber
have repeatedly said pledged to the re-
peal of the protective tariff laws of the
country, pledged to overturn the poll
cy under which our industries and rn-
sources have been devemped, pledged
to the proposition that any protective
tariff is unconstitutional and Is - rob-
berry of the many TO a benefit OF few,
pledged TO overturn the AaCional bank
ing system which has furnished the
best paper currency to the people the
country has ever had by the repeal OF
the 10 per cent tax on state bank Cir
culation and still remains in force.
Why? Because the products Of the
mines has become so short, notwith-
standing the fact that the government
has been buying 100000 ounces per
month, that it does not pay to produce
silver at its present price
If the government continues to pur-
chase silver bullion under the law, it
will be mainly foreign silver, instead
of our own. The interests OF our peo
pie require sound stable currency, and
to put it beyond all danger of becom-
ing debased, we cannot afford to ex-
pertinent in the adoption of doubt
full policy. We want no fiat money.
We want dollar intrinsically worth
100 cents the world over. We want a
system of finance which will not in !
volve the treasury department in con-!