The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-08-10

would destroy the parity between the
two metals by establishing a discrlmi-
nation in favor of gold.
Up to the 10Th day OF July, 1898,
these notes had been issued in pay
ment of silver bullion purchases to
an amount of more than $147, ,000, 900
which all but a very small quantity of
this bullion remains uncoiued and
without usefulness in the treasury.
Many of the notes given in its pur-
chase have been paid in gold. This is
illustrated by the statement that be-
tween the 1st day of May, 1892 and the
18th day Of July, 1898, notes of this
kind issued in payment for silver bull
lion amounted to little more than $54,-
100000, and that during the same
period about $49,OO0,OO0 were paid
by the treasury in gold
for the redemption OF suhc
notes. The policy necessarily
adopted of paying these notes in gold
has not spared the gold reserve OF
$100, 900, 900 long ago set aside by the
government for the redemption of
other notes; for this fund has already
been subjected to the payment of new
obligations amounting to about $780,
900 900 on account of silver purchases,
and has as n consequence for the first
time
SINCE ITS CREATION
been encroached upon. We have
thus made depletion of our
gold early and have tempted
other and more apprecia tive nations
to add it to their stock. That the op-
portunity we have offered has not been
neglected is shown by the large
amount of gold which has been recent
ly drawn from the our treasury and
exported to increase the financial
strength of foreign nations. The ex-
cess Of exports of gold over its imports
for the year ending June 30, 1893,
amounted to more than 100000
Between the first day of July, 1890,
and the 18th day of July, 1893, gold
coin and bullion in our teasury de-
creased more than $l32, 900, 900. while
during the same period silver coin and
bullion in the treasury increased more
than $l4, 100000. Unless govern
ment bonds are to be con-
stantly issued and sold to
replemish our exhausted gold, only to
be again exhausted, it is apparent that
the operation of the silver purchase
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 followed by the pay
ment Of all government obligations in
deprecated silver. At this standard
gold and silver
MUST PART COMPANY
and the government must
fail in it's established policy
to maintain the metals on a parity
with each other. Given over to exclu-
sive use of currency greatly depre-
ciated according to the standard of
the commercial world we could no
longer claim peace among nations of
the first class, nor could our govern
ment claim performance of its obliga-
tion. so far as such an obligation has
been imposd upon it, to provide for
the use of the people the best and
safest money. If, as many of its
friends claim, silver ought to
occupy the largest place in
our currency and the currency of the
world through a general international
cooperation and agreement, it is OBJ
vious that the United States will not
be in position to gain a hearing in
favor of such an arrangement so long
as we are willing to continue to at
tempt to accomplish the result single
handed. The knowledge in business
government can not make its fiat
to intrinsic value, or keep
an
INFERIOR MONEY ON A PARITY
with a superior money by its
own independent efforts has
resulted in such lack
of confidence IN home stability of cur
rency values that capital refuses its
aid to new enterprises, while millions
are actually withdrawn from channels
of trade and commerce to lie idle and
in the hands of owners.
Foreign nations, equally alert, not only
decline to purchase American securi
ties, but make haste to sacrifice those
which they already have. 1t does not
meet the situation to say that appre.
hension in regard to the future of
our finances is groundless and
that there is no reason
for the lack of confidence in
purpose or power of the government
in the premises The very existence of
this apprehension and lack of conf
dence, however caused is a menace
which ought not for moment to be
Possibly if the under
taking we have in hand were the
of specific known quan.
tity of silver at a parity with gold our
ability to do so might be estimated
and gagged, and perhaps in view our
unparalleled growth and resources
might be favorably passed upon. But
when our avowed purp' Sc is to main
tain such parity in regard to an amount
of silver increasing at the rate OF
o IN nnn O0O ri with M 6YaI tarJni-