The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-08-08

N PiOseut law con-
stantIy ACCOMPLISHING, but the result
to which its execution must inevita.
bly lead is becoming palpable TO all |
who give the least heed 10 financial
subje cts.
This law provides that in paw.
ment for four million and five hun. |
dred thousand ounces of silver bull.
lion, which the secretary is com.
manded to purchase monthly, there
snail be issued treasury notes re.
deemable on demand in gold or
silver coin at the discretion of the
secretary of the treasury, and that
said notes may be reissued.
1t is, however, declared in the
act to be "the established policy of |
the United States, TO maintain two
metals on a parity with each other
on the present legal ratio, or such |
ratio as may be provided by law"
This declaration 80 controls the
action of the secretary of the treas.
ury as to prevent his exercise of the
discretion nominally vestt d in him.
If by such action the parity between
gold and silver may be disturbed,
marifestly the refusal by the secre.
tary to pay these treasury notes in
gold, if demanded, would necessa.
rily result in their discredit and
depreciation, as obligations payable
only in silver, and would destroy
the parity between the two metals
by establishing discrimination in
favor of gold.
Up to the fifteenth day of July,
1898, these notes had been issued IN
payment of silver bullion purchases
to the amount of more thau one
hundred and forty.seven millions of
dollars.
While all but a very small guam
tity of this bullion remains uncolned
and without usefulness in the
treasury, many of the notes given in
its purchase have been paid in gold.
This is illustrated by the state
ment that between the LIST day of
May, 1892, and the 18th day of
July, 1898, notes of this kind issued
in payment for silver bullion,
amounted to little more Than S54,-
100000 and that during the same
period about $40, 100000 were paid
by the treasury in gold for the re-
oemption of such notes. The pol
icy necessarily adopted of paying
these notes in gold has not spared
the gold reserve of one hun
dred 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 the new obliga.
tions, amounting to about $780,
600, 900 on account of silver pur-
chases, and has as conse buence,
for the first time since its 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
incrt ase the financial strength of
foreign nations. The excess Of the
exports of gold over its imports for
the year ending June 30, 1898
amounted to more than Ss7 800, 600.
Between the first day of July,
1890, and the fifteenth day of July,
1898, the gold coin and bullion in
our treasury decreased more than
one hundred and thirty.two mil
lions of dollars, while during the
same period 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 apparent
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
treasury, and that this must be fol
lowed by the payment of all govern
ment obligations in the deprecated
silver.