The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1893-07-29

even meet the interest for one year
upon the worlds Indebtedness. In
vindication Of our belief we refer
to the present condition of the city
of New York, the financial center
Of the United States, where the
contraction OF the currency has
been SO great during the past two
months as to compel bankers to
resort to the issuance of clearing
house certificates.
That the great money center Of
nation like ours should be SO
depleted of ready money as to
compel the business men to issue
their own paper in absence of coin,
is absolute proof that it was not so
much the lack Of confidence which
brought about this condition as the
lack of money. Had these men,
who are the capitalists of Wall
street, and who, we all supposed
had untold millions locked in their
vaults, been possessed of the coin
to meet their demands, they
certainly would not have reaorted
to the unprecedented method of
issuing clearinghouse certificates,
yet, with these to us very serious
conditions confronting US, it is
proposed to further reduce the
volume of money by repeating the
Sherman law, through the workings
of which more money is placed in
circulation in the United States
than the entire gold now in the
hands of the people.
On the first day Of July there
was Of gold supposed to be in circu.
lation in the hands of the people
$4O3, 633. 700 but it is we'll known
that but little of this was in actual
circulation, it being boarded by
the banks and capitalists largely
for speculative purposes, antici-
pating as they do, an increase, of
it's purchasing power by the coming
congress still further degrading
silver. On the same day there
was in circulation Of silver certifi-
Gates 1926, 489, 165 nearly, if not
quite, every dollar of which was in
active use in the hands of the peo-
pie.
These figures incontrovertibly
show that if the Sherman law is
repealed without additional legisla.
ton giving stability to silver, the
circulating medium of the country
will be further diminished to an
extent liable to bring about results
appalling in their contemplation.
In the consideration of the
necessity for more money we
should notoverlook the imperative
demands which are now and will
be for many years to come made
upon US for the interest TO the
headquarters of foreign nations.
The entire product of gold from
the mines of the world is estimated
at $8O,OOO,0 900, a small proportion
of which is produced in the United
States, and it is largely consumed
in the arts. Should we, to avert
immediate disaster, resort to the
sale Of bonds in the markets of
Europe, we would only temporarily
avert our final collapse.
The people of the state of Idaho,
standing in the shadow of impend-
ing disaster, approaching the
gravity of the embarrass ments
which encompass us, appeal to the
thoughtful citizens of this country
and their representatives and ours
in congress to carefully weigh both
sides of the question so important,
not only to the silver producing
states, but to the civilized world.
We realize that the seven great
producing states and territories on.
ly represent population of little
more than 100000 of people a
small number as compared with
65,OOO,OOO making up this nation.
We do not ask or expect to have
the 63,OOO,O0O financially ruined
tor the benefit of the. 100000.
We believe that that which will
benefit US will benefit the whole
nation, and believing as we do that
there is not sufficient gold in the
world wherewith to transact its
fharefore ha IL