Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-08


during the same period about forty-nne
millions of dollars were paid by the Treas
ury in gold for the redemption Of such
notes.
The policy necessarily adopted of paying
these notes in gold has not spared the gold
reserve of one hundred millions of dollars
long ago set aside by the Government for
the redemption of other notes, for this fund
has already been subjected to the payment
of new obligations amounting to about
one hundred and fifty millions of dollars
on account of silver purchases, and has as
consequence, for the first time since it's
creation. been encroached upon.
We have thus made the depletion Of 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 amounts Of gold which have
been recently drawn from our treasury and
exported to increase the financial strength
Of foreign nations. The excess of exports
of gold over its imports for the year end
ing June 80, 1898, amounted to more than
Between the 1st day of July, 1880. and the
18th day of July, 1893. the gold coin and bull
lion in our treasury decreased more than
one hundred and thirty-two millions Of
dollars. while during the same period the
silver coin and bullion in the treasury in
creased more than one hundred and forty
seven millions Of dollars. Unless govern
hopdS to he cta f1,,
sold to replenish our exhausted gold, only
to be again exhausted, it is apparent that
the operation of the silver purchase law
now in force. leads in the direction of the
entire substitution of silver for the gold in
the Government Treasury. and that this
must be followed by the payment Of all
government obligations in deprecated sill
yer.
Gold and Silver Part Company.
At this stage gold and silver must part
company and the Government must fail in
its established policy to maintain the two
metals on a parity with each other Given
over to the exclusive use of currency
greatly deprecated according to the stand
ard of the commercial world, we could no
longer claim a place among nations of the
first class. nor could our Government claim
a performance of its obligation, so far as
such an obligation has been imposed upon
1t, to provide for the use of the people the
best and safest money.
If. as many of its friends claim, silver
ought to occupy a larger place in our cur
rency and the currency of the world
through general international cooperation
and agreement. it is obvious that the Uni
ted States will not be in a position to gain
hearing in favor of such an arrangement
so long as We are willing to continue cur
attempt to accomplish the result single
handed.
The knowledge in business circles among
our own people that our Government cam
not make its fiat equivalent to intrinsic
value, nor keep inferior money on a parity
with superior money by it's own independ-
ent efforts. has resulted in such a lack OF
confidence at home. in the stability of cur
rency values that capital refuses its aid
to new enterprises while millions are act
ually withdrawn from the channels of trade
and commerce to become idle and unpro-
ductive in the hands of timid owners. For
eign investors equally alert not only de-
cline to purchase American securities but
make haste to sacrifice those which they
already have.
Apprehension Must he Removed.
1t does not meet the situation to say that
apprehension in regard to the future Of our
finances is groundless and that there is
no reason for lack of confidence in the pur-
poses or power Of the government in the
prehension and lack of confidence. how
ever caused, is menace which ought not
for a moment to be disregarded. Possibly if
the undertaking we have in hand, were
the maintenance of a specific known quaint
ity of silver at a parity with gold our abil-
ity to do so might be estimated and gagged
and perhaps in view of our unparalleled
passed upon. But when our avowed en-
deavor is to maintain such parity in re-
gard to an amount of silver increasing at
the rate of fifty millions of dollars yearly
with no fixed termination to such increase
it can hardly be said that problem is
presented whose solution is free from
doubt.
Entitled to n Sound Currency.
The people of the United States are en-
titled to a sound and stable currency and
to money recognized as such on every ex-
change and in every market of the world.
Their government has no right to injure
them by financial experiments opposed to
the policy and practice Of other civilized
states nor is it justified in permitting an
exaggerated and unreasonable reliance on
our national strength and ability to jeOp-
ardize the soundness of the peoples money.
This matter rises above the plane Of party
politics. 1t vitally concerns every business
and calling and enters every household in
the land. There is one important aspect of
the subject which especially shouli never
be overlooked. At times like the present,
when the evils of unsound finance threaten
u.s. the speculator may anticipate harvest
gathered from the misfortune of others, the
capitalist may protect himself by boarding
or may even find profit in the fluctuation Of
values; but the wage-earner-the first to be
injured by a deprecated currency and the
last to receive the benefit Of its correction
is practically defenseless. lie relies for
work upon the ventures Of confident and
contented capital. This falling him.