Evening journal., 1893-08-08


amounting to about one hundred and
fifty millions of dollars on account Of
silver purchases, and as consequences,
for the first time since its creation been
encroached upon.
1--WE have thus made the depletion Of
our gold easy, aud have tempted other
and more appreciative nations to add 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 export of gold over its i'm
ports for the year ending June 30,
1893, amounted to more than $S7, SOC, 600.
Between the first day of July, 1890.
and the 18th day Of July, 1893. the gold
coin and bullion 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 increased more
than one hundred and forty seven mil
lions of dollars. Unless government
bonds are 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 pur
chase law now in force, leads in the
direction of the entire substitution of
silver for gold in the Government Treas.
ury, and that this must be followed by
the payment of all government obliga-
tions in deprecated silver
Gold and Silver Must 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 ac-
cording to the standard of the CONNER
cial world we couldn't longer claim
place among nations Of the first class,
nor could our government claim a per-
formance of its obligation so far as such
an obligation has been imposed upon 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 larger place in our
currency and the currency of the world
through general international co opera
tion and agreement, it is obvious that
the United States will not be in posi-.
tion to gain hearing in favor of such
an arrangement so long as we are will.
ing to continue our attempt to accom-
plish the result single-handed
''The knowledge in business circles
among our own people that our govern
ment cannot make its fat equivalent to
intrinsic value nor keep inferior money
on parity with superior money by its
own independent efforts, has resulted in
such lack Of confidence at home, in the
stability of currency values, that capital
refuses its aid to new enterprises while
millions are actually withdrawn from the
channels Of trade and commerce to be-
come idle and unproductive in the hands
Of timid owners Foreign investors,
equally alert, not only decline to purchase
American securities but make haste to
sacrifice those which they already have
Good Reason for Apprehension. On
'gt 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 purposes or power Of the govern
ment in the premises The very xis-
tence of this apprehension and lack Of
confidence, however caused, is a menace
which ought not for moment to be dis
regarded
Possibly il the undertaking we have
l in hand were the maintenance of a
specific known quantity of silver as the
parity with gold, our ability to do so
might be estimated and gauged and per
haps in view.of our unparalleled growth
and resources might be favorably passed
upon But when our avOwed endeavor is to
maintain such parity in regard 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 a problem is pro
tested whose solution is free from doubt
The people OF the United States are
entitled to a sound and stable currency
and to money recognized as such on
every exchange and in every market of
the world. Their government has no
right to injure them by financial expert
ments opposed to the policy and prac.
tice of other civilized states nor is it
justified in permitting an exaggerated
and unreasonable reliance on our
national strength and ability to leopard
ize the soundness Of the peoples money.
Enters Every Household.
s'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 inn
portant aspect Of the subject which es-
pecislly should never be overlooked at
times like the present, when the evils
of unsound finance threaten us, the
speculator may anticipate a harvest
gathered from the misfortune Of others
the capitalist may protect himself By
boarding or may even find profit in th'
fluctuRtion Of values.
"But the wage earner-the first to b
Injured by deprecated currency an'
the last to receive the benefit of it
correction-is practically defenseless
He relies for work upon the ventures o
confident and contented capital. Tbi
, failing him, his condition is withou
! alienation, for he can neither prey o
the misfortunes of others, nor hoard hi
! labor.
He who Suffers Most.
4 zone of the greatest statesmen OF
country has known. speaking more ths
. fifty years ago, when a arrangement {
the currency had caused commerci
distress, said:
The very man of all others who hi
the deepest interest in a sound currenC
and who suffers most by michievol
Legislation in money matters, is the ma
, who earns his daily bread by his dai