Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1893-08-12

of remuneratlve pfOuuctioh anu H""
focture, with unusual invitation to safe
investment and with satisfactory assur-
oncc TO business enterprises, suddenly
financial distrust and fear have sprung up
on every side. Numerous moneyed ins'i-
tutions have suspended because abundant
assets were not Immediately available 10
meet tbc demands of frightened deposit
ors Surviving corporations and individ-
nails are content to keep in hand Inc
money they are usually anxious 10 loan
md those engaged in legitimate business
are surprised to find that the securities
they offer for loans, though heretofore
satisfactory, are no longer accepted. var
nos suunoscd to be fixed are fast Decom-
inc coniectural. and loss and failure nave
invaded every branch of business. De-
Iieye these things are principally charge-
ohle TO congressional legislation touching
tbe nurcbase and coinage of silver by the
general government.
The sherman Act.
This LEGISLATION is embodied In a stat
r,o nossr1 on fhe 14th day of July, lo3O,
which was the elimination of much agl-
t,t;on on the subject involved, and when
may be considered Il truce, after the
long struggle, between the advocates Oh
foe silver coinage and those intending 70
he more conservative.
Undoubtedly the monthly purchases
by the government of 4,ooo.oVo ounces
If silver, enforced under that statute
were regarded by those Interested IL
silver production as certain guarantee
of its increase in price. The result
bowever has been entirely different, fol
Immediately following Il spasmodic aht
slight rise the price of silver pegal
70 fall after the passage OF the act ant
bos since reached the lowest point evel
known. This Disappointing result ha'
led to renewed and persistent effort II
| the direction of free coinage.
Meanwhile, not only are the eVii ehec.
of ,he operation of the present law con
SANITY accumulating but the result U
which IFS execution must inevitably lea'
;s becoming palpable to all who give IN
least heed to financial subjects.
This law provides that in paymen
for the 4.5O0,000 ounces OF silver Dul
lion which the secretary OF the treasur'
is commanded to purchase monthly the,
shall be issued treasury notes redeemanl
m demand in gold or silver coin, at IN
discretion of the secretary Of the treasury
and that said notes may DE reissueo y
II is. however, declared in the act 70
"thc established policy of the Unite
States, to maintain the two metals Oh
nority with each other on the presen
iorol ratio or such ratio as may be pr'
vidcd by law" This declaration so cor
trolls the action of the secretary OF IN
treasury as to prevent his exercising IN
discretion nominally vested in him, II D
such action the parity between gold an
silver NAV he disturbed Manifestly,
refusal by the secretary to pay tines
treasury notes In gold, If deInande'
would necessarily result in their discreu
and depreciation as obligations pavap
only in silver and would destroy the pa
ity between the two metals by estaphsl
;ny discrimination in favor of gold.
It's Baleful Effects.
TN to the fifteenth day of July, lS1
these notes had been issued in paymei
of silver bullion purchases, to the ehdil
lime 20. 1893, amounted to more tina
Ss7 ZOO. 900 Between the first day
July. 1890, and the fifteenth day
July, 1893, the gold coin and bullion !.
our treasury decreased more than Sla-
0OO.OOO. while during the same perl'
the silver coin and bullion in the treasul
increas sed more than $147, ,OOO,OOO. unie
government bonds are to be constant
;ssnc,l and sold to replenish our exhaus
ed gold, only to be again exhausted
il apparent that the operation of the !,
rer nurrhnse law now in force leads in U
direction of the entire substitution
silver for the gold in the governme
treasury, and that this must 'tel be follow w
.. hy the payment of all government oo
cations in deprecated silver.
AZ this stage gold and silver mu
+ part company, and the government mu
, fail in It's established policy to mainta
the two metals on a parity with ca
alher. Given over to the exclusive nse
\ currency greatly deprecated accordi
to the standard ef-the ccmmcrciai wor'
! We could no longer claim : place auo