The advocate and Topeka tribune., 1893-08-16


cooperation and agreement, 1t is obvious
that the United States will not be in
position to gain hearing in favor OF
such an arrangement, so long as we are
willing to continue our attempt to accom-
plish the result by single standard.
Fiat and Intrinsic Value.
The knowledge in business circles
among our own people that our govern
ment cannot make its fiat equivalent to
intrinsic value, nor keep inferior money
on parity with superior money by ito
own independent efforts, has resulted
In such lack of confidence at
home, in the stability of currency
values, that capital refuses its aid
to new enterprises, while millions are ac-
tually withdrawn from the channels OK
trade and commerce to become idle and
unproductive in the hands of timid
owners.
Foreign investors equally alert, not
only decline to purchase American secur-
tiles but make haste to sacrifice those
which they already have. 1t does not
meet the situation to say that apprehen.
sion In regard to the future of our fnan.
ces is groundless, and that there Is no
reason for a lack of confidence in the
purposes and power of the government
in the premises.
The very existence of the appre hension
and lack of confidence, however caused,
Is q menace which ought not for q
moment to be disregarded.
Possibly if the undertaking we have In
hand were the maintenance of a spOciRO
known quantity Of silver at parity with
small quantity of this bullion remains
uncoined and without usefulness in the
treasury, many of the notes given in its
purchase have been paid in gold. This
is illustrated by the statement that be-
tween the first day Of May, 1892,
and the fifteenth day of July, 1923,
the notes of this kind issued in
payment for silver bullion amounted to
little more than tifty-four million dollars,
and that during the same period about
forty-nine million dollars were paid by
the treasury in gold for the redemption
of such notes.
The Gold Reserve Not Spared.
The policy necessarily adopted Of pay
ing these notes in gold has not spared the
| gold reserve of one hundred million dol
lars long ago set aside by the govern
ment for redemption of other notes, for
this fund has already been subjected to
the payment of new obligations amount
Ing to about one hundred and fifty mil
lion dollars on account Of silver
purchases and has as con-
sequence for the first time
since It's creation been encroached upon.
We have thus made the depletion Of our
gold easy and have tempted other and
more appreciative nations to add to their
stock.
That the opportunity we have offered
his not been neglected, is shown by tho
large amounts of gold which have re-
Gently been drawn from our treasury and
exported to increase the financial strength
Of foreign nations.
The excess Of exports of gold over i'm
ports for the year ending June 80, 1893,
amounted to more than eighty-seven
and one-half million dollars. Between
the first day of July, 1890, and
the 10Th day of July, 1893, the gold coin
and bullion in our treasury decreased
more than one hundred and thirty-two
million dollars, while during the same
period the silver coin and bullion in the
treasury increased more than one hun
dred and forty-seven million dol
lars. Unless government bonds are
TO be constantly issued and sold
to replenish 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.
Gold and Silver Must Part Company.
4. .A.-.. la 81 ILL.,. .-....A =. "a