Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-09


by establishing a determination in favor
Of gold.
Up to the 18th day OF July, 1898, these
notes had been Issued on payment Of
silver balllon purchases 70 the amount
OF more than Sl470OO,O0O While al
but a very small quantity OF this bull
ion remains uncOined and without use
fulness In the treasury, many OF the
notes given in its purchase have been
paid In gold. This is illustrated by the
statement that between the lst day or
May, 1892, and the 18th day Of Jaly,
1898. the notes Of this kind issued In
payment for silver bullion amounted 20
q little more than S54, 900, 600, and that
during the same period about $4,000
600 were paid By the treasury In gold
for the redemption OF such notes. The
policy necessarily adopted OF paying the
notes 10 gold has not spared the g0lu
reserve OF 500, coo, 600 long ago set
aside by the Government for the
redemption Of other notes. for THIS Iund
has already been subjected 10 the pay
ment OF new obligations amounting 10
about $50. 600, 600 on account OF silver
purchases and has as . consequence,
for the first time since its creation, been
encroached upon. We have thus made
the depletion Of our gold easy and nave
tempted other and more appreclatiFe
nations TO add 10 to their stock. mat
the opportunity we have offered mas not
been neglected is shown by the large
amounts OF gold which have been re-
Gently drawn from our treasury ana e1-
ported 10 Increase the hnanciai
strength OF foreign nations. The excess
OF exports OF gold over its imports Tor
the wear ending June 30, 1893, am cunt
ed 10 more than S57, 5000 Between
the first day Of July 1890, and the NJ
teenth day of July. 1898, the gold coin
and bpllion in our Treasury decreased
more than Sl32, 10000 Unless govern
meDt bonds are 10 be constantly Issued
and sold to replenish our exhausted
pOld. only 70 be again exhausted, IL Is
apparent that the operation OF the silver
Dnrchase law now In force leads 10 the
direction Of the entire substitution OF
silver for the gold 10 the Government
Treasury, and that this must De Io'-
lowed by payment Of all government
obligations in deprecated silver Al
this stage
GOLD AND SILVER MUST PART COMPANY
or the government must fall in its es-
tablished policy % maintain the TWO
metals on parity with each other.
Given over TO the use Of currency
greatly deprecated, according to the
standard Of the commercial world, we
could no longer claim a place among
the nations of the first class, nor could
our government aim at a performance
OF its obligation, so FAR as such an Oou-
cation has been imposed upon II, 10 pro-
vide for the use OF the people the best
and safest money. III, as many OF It's
friends claim, silver ought 70 occupy
larger place ia our currency and cur
rency OF the world, through general In
ternational cooperation and agreement
A. is obvious that the United States will
not be IN a position 20 gain hearing
IN favor OF such an arrangement so long
as we are willing TO continue our at
tempt 10 accomplish the result single
handed
The knowledge In business circles
among our own people that our govern
ment cannot make its fat equivalent
20 intrinsic value nor keep inferior
money on a parity with superior money
BY it's own independent efforts has re-
suited In such lack OF confidence az
home In the stability Of currency values
that capital rAiuses It's aid in new en-
terprlses whu3 mili0Rs SIC setsaiy
tde channels OF trade
10 become idle and un-
the hands OF timid own
IN investors, equally alert,
decline to purchase American
ities out make haste 70 sacri-
tice those which they already
have. IL does not meet
the situation 10 say that apprehension
In regard 20 the future Of our finances
IS groundless and that there Is no reason
for lack Of confidence In the purposes
or power Of the government In the
premises. The very existence or this
spDrehension and lack Of confidence,
however caused, is . menace which
ought not for mement 20 be disre-
garded. Possibly, II the undertaking
we have in hand were the maintenance
Of a specific known quantity OF silver at
q parity with gold, our ability 20 do so
might be estimated aud guaged and per-
haps In view Of our unparalleled growth
and resources, might be favoraoly
passed upon. But when our avowed en-
deavor IS 70 maintain such parity In re-
gard 70 an amount OF silver increasing
At the rate OF fiJy millions Of dollars
YEARLY, with nc fixed termination to
such Increase, 10 can hardly be said that
q prolem is presented whose solution is
free from doubt
THE PEOPLE or THE UNITED STATES
are entitled 10 sound and stable cur
reney and 20 money recognized as such
on every exchange and 10 every market
OF the world. Their government has
no right to iniure them by financial eX-
periments opposed 70 the policy and
practice Of other civilized States, nor is
Il justified In permitting an eXagger-
Rted and unreasonable reliance on our
national strength and ability 10 jeOpar-
die the soundneSs Of the peoples
money.
This matter rises above the plane OF
party politics. IL vitality concerns every
business and calling and enters every
household In the land.
There is one important aspect Of the
subject which especially should never
be overlooked. AT times like the pres
ent when the evils OF unsOund finance
threaten Us, the speculator may antiei-
pate harvest gathered from the mis-
fortune OF others, the capitalist may
protect himself OF boarding, or may
even fnd prodt In the fluctuations Of
values; but the wage earner-the first
to be injured by q deprecated currency
and thR last To receive the benefit OF its
correction--is practically deienselesS.
He relies for work upon the ventures
OF confident aud contented capital.