Mississippi leader. (Jackson, Miss.) 1892-1895, 1893-07-18
BROOKHAVEN. MISSISSIPPI, TUESDAY. JULY Is, 1898.

udu DCCH tIlcu anu COulu NOT DC HepL
with gold. United States bank issues had alse
been tried, and. though backed by the wealth
OF the nation, they, too, had failed to preserve
parity with gold. The increasing production of
silver as compared with that Of gold had in
duced Germany 10 follow England and To dis
card 1t as twin standard OF value, and the
wisest and most considcrste statesmen Of tho
world were being rapidly driven TO the convic-
ton that the highest and best political econo-
my required and demanded single standard or
value
'sThe American congress OF 1873, actuated no
doubt by these views and earnestly desiring to
escape In the future evils that the least sa-
gacious were now compelled to admit had fol-
lowed the use OF depre cisted money, adopted
without dissent the single gold standard This
was, in reality, no violent change from the long
declared policy OF the government At the
date Of the creation Of greenback notes. eleven
years before, tho pledge was given that tbpy
should be redeemed in coin 1T the close Of the
war, and the obligation of that pledge was still
acknowledged by all political parties. So far
as the silver dollar was concerned, its coinage
has been free from the time Of the frst coinage
act, in 1872 but during the eighty-one years
that had now elapsed only about 100000 Of
these dollars had been coined. 1t is true that
half dollars, quarters, dimes and other sub,
sidiary silver coins had been made at the mint,
but, being tender for only limited sums, the
silver currency had never been an important
factor In the business transactions OF the
people.
The Single Standard Necessary.
1.-TWO years after adopting the single stand
ard, in 1873, a measure was inauguratcd aud
passed for the resumption Of specie payments,
to become operative on January l, 1879. II
these two measures had remained on the statut
books, inviolate and unamended, there Is no
economical reason why the United States and
their people should not to-day enjoy the most
unbounded prosperity We should have had the
best and most abundant currency-a gold cur
rency OF universal value and Of such. volume as
to force its circulation as In England France
and Germany, into the hands Of the people. To
be assured OF this fact it Is only necessary
again to examine the conditions of commerce
for the last seventeen years. In the first year
after resolving upon specie payments the ex-
cess OF our exports Of mercha ndisc over i'm
ports was SIS, ,e5S 4sl. In the next year, ending
June S0 1877 this excess was SIS, ,i52, 094 For
1878 1t was 1857 s4 234 For 1879 1t was 1854 661,
666, and this excess continued, with various
amounts down to 1892, excepting only small
adverse balances in the years 1883 and 1889 Tho
net balance Of trade in our favor from June 80,
1875, to June 30, 1892, amounted to the enormous
sum Of 81, So2 Ss5, ,446 1t is safe to assume that
II the legislation of 1873 and 1876 looking for q
| permanent circulating medium Of intrinsic
value, had remained at least ne-third-that Is,
teoo, 900 o0o-of this vast trade balance would
have been paid to US IN gold. In the first six
years OF the time ending June 80 1881, We had
already imported in gold over sl02, 900 900 moro
| than we had exported, and it must be remem'
bered that in 1881 we had been already four
years on our downward course to ward silver
standard after the Bland law OF 1878.
Gold Shipments Disastrous.
FINALLY, after passing the Sherman law Of
| 1890, which more than doubled the silver pur,
chases the remarkable fact is disclosed that
| no amount of expectation Of merchandise could
| stay the shipments .of gold from the United
| States. For instance, in 1890 we exported an
| excess OF merchandise of over SOS 0o0, 600, and
| In the same year exported an excess Of gold OF
over slS 900, 900 In 1891 exported an excess
of merchandise Of over S39, 900, 900 and exported
an excess Of gold of over S2, ,0oO, 900, and al
| though the excess of our exports of product:
in 1892 amounted to.neary s203, 900, COO yet The
! almost startling fact appears that during tha
| year we exported over sl3 900, 900 of gold, an6
| now that the balance of trade has naturally
| turned against us the country is being drained
| of its remaining gold with alarming rapidity.
II any gold be left in this country it is boarded
| by the timid 1t is as completely absent from
the circulation as If it had no existence. From
January, 1880, to June, 1892 nearly ST. 900 oeO
of sgold and gold certificates were withdrawn
from the national treasury. The rapid disap-
pearance OF gold may be further determined by
the fact that in January, 1901, $50 per cent OF
INC COLuS taxes III ANtW 1OER "sEc p&iA III
gold and gold certificates, while in May, 1893,
only one-tenth Of per cent was similarly paid.
"5. 1t only remains now briefly to state the
character Of the silver acts OF 1873 and 1890 and
to furnish you the reasons for believing that
the overthrow Of public confidence and the
present depression in business arc the legiti-
mate consequences Of those acts. The natural
or normal results Of this legislation would prob
ably have followed much sooner but for the
many abundant crops of this country and the
numerous failures in that respect abroad The
act Of February 2S 1873, known as the Bland
act, was, by title, TO authorize the coinage OF
the standard silver dollar and to restore its
legal tender charscter' 1t directed the secre-
tary OF the treasury to purchase monthly not
less than &, ,ooo nor more than q, ,00o, 900
worth OF silver bullion, to be immedia tely
coined into silver dollars of 412n grains Of pure
metal-and these dollars, when SO coined, were
made legal tender for all debts, public and
private, except when otherwise expressly stip-
ulated in the contract The act further pro-
vided that the holder of these coins might de
poslt them with the treasurer assistant
treasurer of the United States and receive
therefor certificates of not less than $40 in
amount, and these certificates were made re.
ceivable for customs taxes and all public dues
and when so received may be rcissued.'
Rad Business Policy.
''The act Of July a. 1890, known as the Sher-
man law, directs the secretary Of the treasury
to purchase 4500, 900 ounces of silver bullion at
the market value thereof SO long as silver
was deprecated below the par OF gold and to
issue in payment thereof treasury notes OF the
United States In denominations OF IL TO II 600.
These notes were made legal tender for all
debts and receivable for all public dues, and
were to be reissued by the government The
secretary OF the treasury Is required TO redeem
these notes in gold or silver coin, at his discre
tion. To induce the national banks to accept
them they are authorized TO count them as q
part Of their lawful reserves. Coinage Of sill
YER dollars was to continue, as provided by the
Bland act, till July l, 1891, and after that the
secretary is required to coin any additional bull
lion that may be necessary to redeem the treas
ury notes issued for Its purchase
Under the act of 1878 the government pur-
chased 291 2S2 0l9 ounces Of fine silver at cost
Of S30s, I99 262, and coined it into silver dollars
to the amount OF &S78 l9e, 1913 The profit of
nearly $40, 600, 900 made by stamping falsehood
on the coins was covered into the treasury as
SO much profit Under the act OF 1890 the gov
ernment, up to June l, 1898, had purchased
sl45, 36i, 1857, and under the injunction OF con-
tinued coinage for q year, under the act Of 1890,
there were coined additional dollars to the
amount Of $50, ,os7, ,040 Adding to these amounts
the recoinage OF trade dollars into standard
dollars we have on July |, 1893 coined silver
dollars amounting to 4l9 SS2, sos
III We take the market price Of silver on June
1, 1898, (S3 cents per ounce), the loss on this
bullion SO purchased by the government was on
that day 1851 ,62S On June 2s, 1898, bar sill
yer was worth only 70 cents per ounce, entail
ing upon The government an additional loss of
"a 5S3 435 in less than q month. When we
examine the financial history Of our country
and more especially the history of our coinage
laws, the newb born zeal for the silver dollar, as
developed in the act of 1878, is quite remark
able. At the time of its passage the dollar pro-
vidcd for was intrinsically worth only 50 cents