Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1893-08-08

long ngl sot abide by the government
for tho redemption VI other nOtts; ior
this fund has already been sub-
Jected 20 the pnl munt Of new
obligations amounting to about
100000, 600 on account Of silver uut.
uhates, and las ~ consequence, Tot
the fiat Time since lie creation, been
vncr0ached upon. We have thus male
depletion Of cur gold easy and have
tempted other ana more apprcciaiivo
nations 10 add 10 10 tholr stock. That
the opportunity We have offered
has not been neglected Is shown by the
large amounts Oi gold which have
bnen recently drawn from our treasury
and exported 10 increase tho financial
strength Of foreign nations. Tho uN.
cess u exports VI geld over It. Imports
for the year enuing June 80, 1893,
amounts 10 moro than S57,jOD,UuU.
Between the lst day u July,
1890, and the 10TH day Of
July, lsU3, the gold coin and bullion
Ia our treasury decreased more than
sl32, 200, while during the same
period the silver coin and bullion iu
the treasury increased more than
81 1000 900. Unless government
bonds are to be constantly Issued and
sold 10 replonish our exhausted
gold, only to be again exhausted,
II II apparent that the operation OF the
silver purchase law now IN foroo leads
In the direction Of the eatire substitu-
ton OF silver for gold In the govern
ment treasury, aud that this must be
followed by the payment OF all gov.
ornmont obligations IN depreoiatod
silver.
MUST PART COMPANY.
At this stage gold and Ill.
yer must part company and the gov.
eminent must fail In its ehtab-
llHhed policy to maintain the two
metals on a parity with each other.
Given over to the exclusive use Of "A
currency greatly deprecated accord
ing to the standard OF the commercial
world, We could no longer claim q
place among tho nations Of the hrst
class, nor could our government claim
the performance Of it's obligation,
No far ~ such obligation has been i'm.
posed upon Tito provide for the use Of
the people the beet and safest money.
II, rs many Of lis frieuds claim, silver
ought to occupy larger place In our
currency anu this currency OF the
world through general international
cooperation aud agreement, II is obvl-
Gus that the United States will not DO
Ia position TO gain hearing
In favor OF such arrangement, 80 LONG
ns We are willing 10 continue our at.
tempt TO accomplish the result single.
handed. The knowledge In business
circles among our own people that our
government cannot make ila flat
equivalent 10 intrinsic value, mol keep
inferior money on n parity with su.
Ierior money by liz own independent
efforts, has resulted In such
lack OF confidence at home In
tue stability Of currency values that
capital refuses its aid 10 new onter-
prlsos while millions are actually
withdrawn from the channels OF trade
and commerce 70 become idle aud un-
profitable In the hands OF tlmid owners.
Foreign investorp, equally alert, not
only decline 10 purchase American ee-
ourltiea but make haste To sacrl-
hcB those which they already
have. 10 does not meet the situation
TO say that apprehension In regard TO
tho future OF our finances IN ground
less aud that there IN no lack OF conf.
dence In the purchases or the power OF
the government IN the premises. rhe
very existence Of this apprehension
and the lack Of confidence, however,
has cnuaed a mennCe which ought NOT
for a moment 10 b0 disregaTded. Pos.
sibly II the undertaking We have In
hand were the maintenance OF
n specific known quantity OF
silver at parity with gold, our ability
TO do 20 might be estimated anu
gauged, anu perhaps In view Of our
unparalleled growth and resources II
might be iavorably passed upon. But
when our ayowel gndoayor IL 10 main
tain such parity In regard TO
an amount Of silver increasing
at the rate OF hfty million
dollars yearly, with no liked
termination 10 such Increase, 1t can
hardly be said that problem 10 pre-.
sented whose solution 10 free from
doubt. The people " the Unite Il
States are entitled TO sound,
slabla currency aud 10 Il money
recognised as such on every
exchange and In every market
OF the world. Their government has
no right TO injure them by financial
experiments opposed 10 the policy aud
prnc'i ice Of other civilized states, nor 10
IL Justified la permitting an exaggofat.
ed aud Unreasonable reliance ON our
national strength and the ability 20
jeopardizo the aoundness Of the
peoples money.
Nh pOTTTIgg IN IT