The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-08-16

between the LIST day of May, 1892 and
the 18th day of July, 1893, the notes of
this kind issued in payment for silver
bullion amounted to little more than
S54,O0O,000, and that during the same
period about s49,OOO,000 were paid by the
treasury in gold for the redemption of
such notes.
The policy necessarily adopted of pay
ing those notes in gold has not spared
the gold reserve of 500, 000, 900 long ago
set aside by the government for the re-
demption of other notes, for this fund
has already been subjected to the pay
ment of new obligations amounting to
about $4,000, 900 on account of silver
purchases, and has as a consequence
for the first time since its creation been
encroached upon.
Giving Rivals an Advantage.
I'VE have thus made the depletion of
our gold easy. and have tempted other
and more appreciative nations to add 1t
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 treasury and exported to increase
the financial strength of foreign nations.
The excess of exports Of gold over its
imports for the year ending June 80,
$685. amounted to more than $S7 500, 900.
the 18th day of July, 1893, the gold coin
and bullion in our treasury decreased
more than 1872, 100000, while during the
same period the silver coin and bullion
in the treasury increased more than
$147. zoo, 900. Unless government bonds
are to be constantly issued and sold to
replenish our exhausted gold, only to
be again exhausted, 1t is apparent that
the operation of the silver-purchase law
now in force leads in the direction or the
entire substitution of silver for the gold
in the government treasury, and that
this must be followed by the payment
of all government obligations In depre-
ciated silve'.
"At this stage gold and silver must
part company and the government must
fail in its established policy 70 main
tain the two metals on a parity with
each other. Given over to the exclusive
use of a currency greatly deprecated
according to the standard of the COM
mercial world. we could no longer
claim a place among the nations of the
first-claSS, nor could our government
claim a performance of its obligation
so far as such an obligation has been
imposed upon it, TO provide for the use
Of the people the best and safest money.
IF, as many of its friends claim,
silver ought to occupy a larger place
in our currency and the currency of the
world through general international CO.
>
that the United States will not be in
a position 10 gain a hearing in favor
of such an arrangemnt so long as we
are willing to continue our attempt 10
accomplish the result single-handed. The
knowledge in business circles among our
own people that our government can
not make its fiat equivalent to intrinsic
value, nor keep inferior money on a
parity with superior money by its own
Independent efforts, has resulted in
such q lack of confidence at home in the
stability of currency values, that capt.
tai refuses its aid to new enterprises,
while millions are actually withdrawn
from the channels of trade and COM
merce 10 become idle and unproductive
in the hands Of timid owners. Foreign
investors. equally alert. not only decline
to purchase American securities, but
make haste to sacrifice those which
they already have. 1t does not meet
the situation to say that the apprehen-
sion in regard 10 the future Of our finan-
ces is groundless, and that there is no
reason for lack of confidence in the
purposes or power of the government
in the premises The very existence of
this apprehension and lack Of confidence,
however caused, is a menace which
ought not for a moment to be disre-
garded. Possibly, if the undertaking we
have I'm hand were the maintenance Of
2 specific known quality OF silver at
parity with gold, our ability to do so
might be estimated and gagged. and
perhaps, in view Of our unparalleled
growth and resources, might be favor
ably passed upon. But when our
avowed endeavor is to maintain such
parity in regard to an amount Of sill
yer increasing at the rate of $50,O0o 900
yearly, with no fixed termination to
such increase. 1T can hardly be said
that a problem is presented whose So
luton is free from doubt.
1.-The people of the United States are
entitled to a sound and stable currency,
and to money recognized as such on
every exchange and in every market OF
the world. Their government has no
right to injure them by financial ex-
periments opposed to the policy and
practice Of other civilized states, nor Is
il justified in permitting an eXagger-
ated and unreasonable reliance on our
national strength and ability to jeop-
ardize the sOundness of the peoples
money. This matter rises above the
plane of party politics. 1t concerns
every business and calling and enters
every household in the land.
The LabOrer Suffers.
There is one important aspect Of the
subject which especially should never be
overlooked. At times like the present,
when the evils Of rnsound finance
threatens us, the Spectator may an
ticipate a harvest gathered from the mis-
fortune of others, the capitalist may pro-
tect himself by boarding, or may even
find profit in the f1uctuation of values;
but the wage-earner, the first to be in
jured by a deprecated currency and the
| last to receive the benefit of its correc-
ton, is practically defenseless. He relies
| for work upon the ventures of confident
and contented capital This failing him.
his condition is without alienation, for
| he can neither prey on the misfortunes
| Of others, nor hoard his labor. One Of
| the greatest statesmen our country has
| known, speaking more than fifty years
| ago, when a arrangement of the currency
had caused commercial distress, said !:
THE very man OF all others who has
| the deepest interest in a sound currency
and who suffers most by mischievOus
| legislation in money matters is the man
who earns his daily bread by his daily
| toll" These words are as pertinent now
as on the day they were uttered, and
ought to impressively remind us that a
| failure in the discharge of our duty at
| this time must especially injure those of
our countrymen who labor, and who, be-
cause OF their number and condition, are
| entitled to the most watchful care of
| their government.
at is Of the utmost Importance that
such relief as congress can afford, in the
existing situation, be afforded at once.
| The maxim The gives twice who gives
| quickly is directly applicable. IL may
| be true that the embarrassments from
which the business Of the country is
suffering arises as much from evils APP