Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1893-07-13

Tor no enc can forecast the limits
of such movement. 1t may prop
erly be compared TO n run upon n
bank. ! am convinced, as think
most of you must also be, that our
silver coinage aud bullion acts con-
stitute the basis for this gold move
ment. Ii has doubtlessly been as
sisted by certain existing conditions
IN financial matters abroad, but
there eau, think, be no disputing
the fact that our silver legislation
is the moving cause. We have some
figures which supply perhaps. more
certain proof than can be express
ss.sE. Noras. ns Sherman act be-
came law in 1890. The crop of
1891, was phenomenal for all the
great staples produced in this coun-
try and our merchandise exports
for the fiscal year ending July /,
1892, exceeded 1000, 900, ,OO0.-
The merchandise exports (includ-
ing cereals) exceeded imports for
the year ending July 1, 1891. $780,
Sos, 900; for the year ending July
l, 1892, s202, ,9l4, 900; total for the
two years s242, ,479, 900. Under
ordinary circumstances this large
balance Of nearly $3.50, 900, 900
should have been returned to us in
money and entering into our circu-
lation would have stimulated all of
our great business enterprises, which
only need capital to progress and
continue wealth-producing. Instead
of this, our securities were return
ed, to an extent beyond this favor
able balance, in the amounts of
sS7, ,055, ,000-which we exported in
gold-and this return of securities
and export of gold to pay for them
has continued with increasing mag
nitude, until 1898 will doubtless
prove to be the year for the largest
exports of gold even known.
In commenting upon this the con-
troller of currency, in his report to
Congress, says: 1.-The interest upon
American securities held abroad ag-
gregates a large amount and its
payment forms continuous factor
in international balances. The re-
turn of any portion of our securi-
ties increases our wealth at home
and the retention of the earnings
of such securities adds to our home
prosperity" | cannot agree with
the comptroller's conclusions. He
would be correct if we had no bet
ter use for our money than to pay
our debts, and he admits in the
same report that +: "Distrust of
our monetary legislation and the
fear on the part of Europe that we
were drifting toward a silver basis,
also had an important influence
upon gold exports"
/ contend that the question of
gain or loss must be considered
long as borrowed capital is wealth
producing its retention as such is
desirable f; and when its withdrawal
is sudden and persistent, loss and
disaster must follow.
Silver the Disturbing Cause.
That something is wrong with
our financial system must be admit
ted by all, and it will now be my
.endeavor to show where, in my
opinion, silver is this disturbing
cause. To do this / must trouble
you, as briefly as possible, with a
historical statement of the connec-
tion of silver with our currency.
The Constitution of the United
States in defining the powers of
Congress contains the words 'to coin
money and regulate the value there
Of Nothing is said concerning
either metal-the States are prohib-
tied therein from coming money or
the making of anything except gold
or silver coins tender in payment
of debts. So far as the powers of
Congress extended, either or both
of the money metals could be used.
The word CIRCULATE" seems to
have a plain meaning-it cannot be
construed by the ordinary mind to
mean screate" or ''fix" a value.
The old and honest theory of
money, which is as true to-day as it
ever was, is that the government
stamp should add nothing to the
value of the metal contained in the
coin-it should simply be a guar
antee of weight and fineness and
the word regulate" is capable of
only one construction-that when
two metals are used for money the