The Republican. [volume] (Oakland, Md.) 1877-current, 1893-08-10
spared the gold reserve of $780,

other notes, for this fund has al
ready been subjected to the pay
ment of new Obligations amounting
to about $50, 100000 on account
of silver purchases and has as a
consequence for the first time since
its creation been encroached upon.
We have thus made the depletion
of our gold easy and have temptei
other and more appreclative nations
to add it to their stock. That the
opportunity We have offered has not
been neglected, is shown by the
large amounts of gold which have
been recently drawn from our treas
ury and exported to increase finan-
cial strength of foreign nations.
The excess of exports of gold over
Its imports for the year ending
June 30, 1898, amounted to more
than SS7, 100000. Between the lst
day of July, 1890, and the 18th
day of July, 1898, the gold coin
and bullion in our treasury de-
creased more than 1882, 900, 900,
while during the same period the
silver coin and bullion in the treas
ury increased more than $147. 600,
600. Unless government bonds
are to be constantly issued and sold
to replenish out exhausted gofdS
only to be again exhausted. it is APP
parent that the operation of the
silver purchase law now in force
leads in the direction of the entire
substitution of silver for the gold
in the government treasury, and
that this must be followed by pay
ment of all government obligations
in deprecated silver.
A DESTRUCTIVE POLICY.
AT this stage gold and silver must
part company, and the government
must fail in its established policy to
maintain the two metals on parity
with each other. Given over to the
exclusive use of Il currency greatly
deprecated, according to standard
of the commercial world, We could
no longer claim u place among the
nations of the first class, nor could
our government claim II perform
ance of its obligation so far as
such an obligation has been i'm
posed upon it, to provide for the
use of the people the best and SAT-
est money. If, as MANY of its
friends claim, silver ought to oc-
cupy a larger place in our currency
and the currency of the world
though general international CO.
operation and agreement, it Is OBJ
vious that the United States will
not be in position to gain hear
ing in favor of such an arrangement
so long as We are willing to con-
tinue our attempt to accomplish
the result single-h handed. The
knowledge IN business circles among
our own people that our govern
ment cannot make its fiat equ,va
lent to intrinsic value, nor keep in
ferior money on parity with su
perior money by it's own independ
ent efforts, has resulted in such {
lack of confidence at home in the
stability of currency value that cap
ital refuses its aid to new enter
prises while millions are actually
withdrawn from the channels o.
trade and commerce to become idle
and unproductive in the hands o
timid owners. Foreign investors
equally alert, not only decline tC
purchase American securities bu
make haste to sacrifice those whlcl
they already have. 1t does moi
meet the situation to say that ap
prehension in regard to the future
of our finances is groundless anC
that there is DO reason for lack o
confidence in the purpose or power
of the government in the premises
The very existence of this appre
henson and lack of con fidence
however caused, is menace which
ought not for a moment to be dis
regarded. Possibly if the under
taking we have IN hand were tn
maintenance Of u specific know
quantity of silver at a parity vat
gold, our ability to do SO might b
estimated and gagged, and perhap
in view of our unparalleled growtl
and resources, ,night be favorabl,
passed upon. But when GU
avowcd endeayer is to maintain
such parity in regard to an amoun
of silver increasing at the rate 0
fifty millions Of dollars yearly, wit
no fixed termination to such In
crease, it can hardly be said that
problem is presented whose solution
is free from doubt.
TIE PEOPLE CLAIM PROTECTION.
The people Of the United State
are entitled to sound and stabl
currency and to money recognized
as such on every exchange and II
every market of the world. Thel
government has no right TO lnJur