The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1893-08-12
aa 9ourmal oo Ynea n nens Yterature rinfe a;mI


4
pay those treasury notes in gold
If demanded, would necessarily re
suit in their discredit and destro,
the parity between the two metals
by establishing a discrimination il
favor of gold.
| Up to the 18th day of July, 1898
these notes had been issued in paw.
ment of silver bullion purchases &c
the amount of more than Sl47, OOO..
OOO. While all but very small
quantity of this bullion remains un-
coined and without usefulness 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
LIST day of May, 1892, and the 18th
day of July, 1893 the notes of this
kind issued in payment for silver
bullion amounted to little more
than $54 100000, and that during
the same period about $49, 1000, 900
were paid by the treasury in gold
for the redemption of such notes.
The policy necessarily adopted
OF paying these notes in gold has
not spared the gold reserve of one
hundred millions of dollars, long
ago set aside by the government
for the retention of other notes,
for this fund has already been SUBJ
jected to the payment Of new obi
cations amounting to about one
hundred and fifty millions of dol
lars on account of silver purchases,
and has as q consequence, 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 moro
appreciative nations to add it to
their stock. That the opportunity
we have offered has not been neg
lected is shown by the large
amounts of gold which have been |
recently drawn from our treasury |
and exported to increase the finan- !
cial strength of foreign nations. |
The excess of exports of gold over |
its imports for the year ending |
June 30, 1893, amounted to more |
than eighty-seven and half mil
lions of dollars. Between the first
lay of July 1890, and the fifteenth
lay of July, 1893, the gold coin and
bullion in our treasury decreased
more than one hundred and thirty-
,wo millions of dollars, while dur
ng the same period the silver coin
md bullion in the treasury in
creased more than one hundred and
orty-seven millions of dollars.
Unless government bonds are to
'e constantly issued and sold to re-
Flemish our exhausted gold, only to
70 again exhausted, it is apparent
hat the operation of the silver pur-
hase law, now in force, leads in
he direction of the entire substitu- ,
ion of silver for the gold in the
government treasury, and that this !
aust be followed by the payment !
+ all government obligations in j
appreciated silver. 1t
AT this stage gold and silver t
lust part company and the govern c
lent must fail in its established '
ollcy to maintain the two metals c
n parity with each other. Civ v
n over to the exclusive use of O
urrency greatly deprecated ac- t
ording to the standard of the COM f
lercial world, we could no longer f
aim a place among the nations of /"
le first class, nor could our gov |,
rnment claim performance of its b
litigation 80 far as such an obliga- f
on has been imposed upon it, to G
rovide for the use of the people f
he best and safest money. Il
If, as many of it's friends claim. h
liver ought to occupy a larger p
lace in our currency and the cur Ii
'ncy of the world, through gener- "
international cooperation and ri
,reement, it is obvious that the q
nited States will not be in DO g
ton to gain hearing in favor of d
Ich an arrangement SO long as we p
'ntinue our attempt to accomplish p
9 result single-handed. m
The knowledge in business cir IL
es among our own people that our m
'vernment cannot make its fiat ell
.ulvalent to intrinsic value, nor p'
ep inferior money on q parity ia
tn superior money by its own in d.
pendent efforts, has resulted in "
oh lack of confidence at home b.
the stability of currency values as
at capital refuses its aid to new lie
terprises while millions are actu-