Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1893-08-12

y
the large amounts Of gold which have
been recently drawn from our treasury
and exported to increase the financial
strength Of foreign nations. The ex-
cess Of gold exports over imports for
the year ending June 80, 1898, amount
ed 10 ore than $S7, 10000 Between
the first day of July 1890, ana the 18th
day of July, 1893, gold coin and bullion
in our treasury decreased more than
1882, 100000, while during the same per
iod silver coin and bullion in The treas
ury Increased more than Sl4T, 900.
Unless government bonds are to be
constantly issued and sold to replenish
our exhausted gold, only to be again eN-
hausted, it is apparent that the opera
ion Of the silver purchase law now In
force, leads in the direction of the en-
tire substitution Of silver for gold in
the government treasury, and that this
must be followed by the PAYNE of all
government obligations by deprecated
silver. At this stage gold and silver
must part company and the govern
ment must fail in it's established policy
to maintain the two metals on a parity
with each other Given over TO the eN
elusive use Of a currency greatly depre-
ciated according to the standard Of the
commercial world. we could no longer
claim a place among nations of the
tirst-class, nor could our government
claim the performance Of its obligation
50 far as such obligation has been inn
I Il -
with the safest money.
If, as many of its friends claim, sill
yer Dug to occupy Il larger place in
our currency and the currency Of the
world through general international
cooperation and Jgreement 1t IS obNi-
Gus the United States will not be In "a
position TO gain a hearing in favor
Of such arrangement as long ms we
are willing TO continue our attempts TO
accomplish the result single handed.
The knowledge in business circles
among our people that our government
cannot make its fiat equivalent to in
trinsic value nor keep inferior money
on a parity with superior money by its
own independent efforts, has resulted
in such lack of confidence at home, In
the STABILITY of our currency values,
that ca"lal refuses its aid 10 new en-
terpris,S while millions are actually
Withdrawn from channels Of trade and
commerce 10 become idle and mpro-
ductfyc fl the hands Of timid owners
Foreign Investors, equally alert not
only dco'lnc to purchase American So
curities. INT make haste 10 sacrifice
those Witch they already have 1t does
not nee. the situation to say that APP
prehen>ion in regard 10 the future OF
our finanrcs is ground'esS and that there
is no reason for lack of confidence in
the power Of the government in the
premises The very existence of this
apprehension and lack Of confidence,
however caused is n mcnAcc which
ought not for a moment TO be diSre-
gardcd. Possibly if the undertaking
we have i'm hand We're the maintenance
Of a specific known quantity Of silver
Mt a parity with gold, our ability to do
so might be estimated ana guagcd,
and perhaps in view of our unpaIal-
lcled growth and resources, might be
fayorably passed upon. But when our
avowed ondeavor is TO maintain such
parity in regard to an amount of silver
increasing at the rate of S50,ooO,OOO
yearly. with no fixed termination to
uch increase, it can hardly bc said
that a problem is presented whose so
luton is free from doubt.
The people of the United States are
entitled to a sound stable currency and
to a money recognized as such on
every exchange and in every market
in the world Their government has
no right to injure them by financial
experiments opposed 10 the policy ana
practice Of other civilized states, nor
is it justified in permitting an eNag-
gcrated aud unreasonable reliance on
our national strength and ability TO
ieopardze the soundness Of the peoples
money This matter rises above the
plane Of party politics, II vitality con
Germs every business and calling ana
enters every household in the land.
There is one important aspect Of
the subject which especially should
never be overlooked At times like the
present, when the evils of unsound
finance threaten us, the Spectator may
anticipate a harvest gathered from the
misfortuncs of others. The capitalist
may protect himself by boarding or may
even find Il profit In the tiucuation Of
values; but the wage-earner, first TO be
injured by a deprecated currency and
he last to receive the benefit Of its cor
rectfon, is practically defenscless. lie
relies for work upon the ventures of
confident and contented capital This
failing him, his condition IS without
alienation, for he can neither prey on
the misfortmcs Of others, nor hoard
his labor One of the greatest states
men our country has known, speaking
more than fifty years ago when the de
rangement Of the currency had caused
commercial distress, said: Every man
of all others who has the deepest in
terest in sound currency and who
suffers by misclieyous legislation ~
monetary matters is the man who
earns his daily bread by his daily toll.