The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1893-10-07

wholly, produced by the silver legislation Of
congress-
II have ALREADY shown that under the era Of
deprecated greenbacks the balance OF trade
was against us every year. State bank issues
had been tried and could not be kept ut par
with gold United States bank issues had also
been tried, and, though backed by the wealth
OF the nation. they, too, had failed to preserve
parity with gold. The increasing production Of
silver as compared with that of gold had in
duced Germany 10 follow England and to dis
card 1t as twin standard OF value, and the
wisest and most considerate statesmen Of the
world were being rapidly driven to the convic-
ton that the highest and best political ccono-
my required and demanded single standard Of
value.
"The American congress Of 1873, actuated no
doubt by these views and earnestly desiring to
escape In the future evils that the least sa-
gacious were now compelled to admit had fol-
lowed the use of deprecated money, adopted
without dissent the single gold standard This
was, in reality, no violent change from the long
declared policy of the government At the
date of the creation Of greenback notes, eleven
years before, the pledge was given that they
should be redeemed in coin at the close Of the
war, and the obligation CT that pledge was still
acknowledged by all political parties So far
has been free from the time Of the first coinage
act in 1872 but during the eighty-one years
that had now elapsed only about 100000 of
these dollars had been coined 1t Is true that
half dollars. quarters, dimes and other sub.
sidiary silver coins had been made 1t the mint,
but, being q tender for only limited sums, the
silver currency had never been an important
factor In the business transactions Of the
people.
The Single Standard Necessary.
"Two years after adopting the single stand
ard, in 1875, . measure was inaugurated and
passed for the resumption OF specie payments,
to become operative on January l, 1879 II
these two measures had remained on the statute
books, inviolate and unamended, there is no
economical reason why the United States and
their people should not to-day enjoy the most
unbounded prosperity We should have had the
best and most abundant currency-a gold cur
rency OF universal value and of such volume as
to force its circulation, as in England. France
and Germany, into the hands of the people To
be assured Of this fact 1t is only necessary
again to examine the conditions Of commerce
for the last seventeen years. In the first year
after resolving upon specie payments the ex-
cess of our exports of mercha ndise over i'm
ports was $40, SIS. 4sl In the next year, ending
June 81, 1877, this excess was Sl5i. ,094 For
1873 1t was s257 slA 234 For 1879 1t was s264 66l.
666 and this excess continued, with various
amounts, down to 1892, excepting only small
adverse balances in the years 1888 and 1882 The
net balance OF trade in our favor from June 30.
1875, to June 30 1892, amounted to the enormous
sum of 81, So. 1856 446 1t is safe to assume that
il the legislation of 1873 and 1875. looking for
permanent circulating medium Of intrinsic
value, had remained at least one third-that Is,
5000, 600, 000--of this vast trade balance would
have been paid to us in gold In the first six
years Of the time ending June 90. 1881, we had
already imported in gold over sf02, 900 900 more
than we had exported, and It must be refnem-
bered that In 1881 we had been already four
years on our downward course to ward silver
standard after the Bland Law Of isra
Gold Shipments Disastrous.
Finally, after passing the Sherman law Of
1900, which more than doubled the silver pur-
chases. the remarkable fact Is disclosed that
no amount OF expectation of merchandise could
stay the shipments of gold from the United
States. For instance, in 1890 we exported an
excess of merchandise of over t6S, 000, 900, and
In the same year exported an excess of gold Of
over e10,0o0, 0oQ In 1891 we exported an excess
of merchandise Of over s39, 100000 and exported
an excess OF gold of over ~, COX, 900, and al
though the excess OF our exports of products
In 1891 amounted to:nearly e.03, 600 0o0 yet the
almost startling fact appears that during that
year we exported over $4,000, 900 Of gold, and
now that the balance of trade has naturally
turned against us the country is being drained
II any gold be left in this country 1t is boarded
by the timid It is as completely abse-, from
the circulation as II 1t had no existence l'rom
January 1880, to June, 1892, nearly 900
of gold and gold certificates were withdrawn
from the national treasury. The rapid disap-
pearance Of gold may be further determined by
the fact that in January, 1891, So per cent of
the customs taxes in New York were paid in
gold and gold certificates, while in May, 1893
only one-tenth Of per cent was similarly paid
rs 1t only remains now briefly to state the
character of the silver acts of 1873 and 1890 and
to furnish you the reasons for believing that
the overthrow of public confidence and the
present depression in business are the lcgiti-
mate consequences OF those acts. The natural
or normal resul. Of this legislation would prob
ably have followed much sooner but for the
many abundant crops of this country and the
numerous failures in that respect abroad Tho
act Of February % 1878. known as the Bland
act, was, by title. to authorize the coinage OF
the standard silver dollar and to restore its
legal tender. character 1t directed the secrc-
tary OF the treasury to purchase monthly not
less than 100000 nor more than 100000
worth of silver bullion. to be Immediately
coined into silver dollars Of 412H grains Of pure
metal-and these dollars, when so coined, were
made legal tender for all deb.s, public and
private, except when otherwise expressly stip-
ulated in the contract The act further pro-
vided that the holder Of these coins might de
post them with the treasurer or assistant
treasurer Of the United States and receive
therefor certificates Of not less than $40 in
amount, and these certificates were made re.
ceivablc for customs, taxes and all public dues,
and when so received may be reissued'
Rad Business Policy.
'The act Of July a. 1890, known as the Sher.
man law directs the secretary of the treasury
to purchase 100000 ounces of silver bullion at
the market value thereof so long as silver
was deprecated below the par Of gold, and to
issue in payment thereof treasury notes OF the
United States in denominations Of Il to q 600
These notes were made a legal tender for all
debts and receivable for oil public dues, and
were TO be reissued by the government The
secretary Of the treasury is required to redeem
these notes in gold or silver coin, at his discrc-
ton To induce the national banks to accept
them they are authorized to count them as a
part Of their lawful reserves Coinage of sill
yer dollars was to continue, as provided by the
Bland act till July I, 1891, and after that the
secretary Is required to coin any additional bull
lion that NAV be necessary to redeem the treas