People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1893-08-11

lated TO our national resources: nor Is it trace
able TO any OF the Affections which frequently
cneck national growth and prosperity With
plenteous crops with abundant promise Of re-
mnerattve production and manufacture. with
unusual invitation TO safe investment and with
satisfactory assurance to business enterprise
sudden financial distrust and fear have
sprung up on every side Numerous moneyed
institutions have suspended because abundant
assets were not Immediately available TO meet
the demands OF frightened depositors. surviv.
ing corporations and individuals are content TO
Keep in hand the money they are usually anx-
1ouS 10 loan and those engaged in legitimate
business are surprised TO ind that the securi-
hes they offer for loans, though heretofore
Satisfactory, are no longer accepted Values
supposed TO be fixed are fast becoming con.
lectural and loss and failure have invaded
every branch Of business,
THE SHERMAN ACT THE CAUSE
i believe these things are principally
ehargeable TO congressional legislation touch.
ing the purchase and coinage Of silver by the
general government This legislation Is EN-.
bodied IN statute passed on the 18th day Of
July, 1880, which was the elimination Of much
agitation of the subject involved and which
may be considered truce after the long
struggle between the advocates OF free silver
coila.s and those intending TO be more con.
sentative.
Undoubtedly the monthly purchases by the
government Of As 900 ounces OF silver, for, ed
under that statute, we're regarded by those
interested In silver production as q certain
guarantee Of It's increase in price. The result,
however, has been entirely different. for i'm.
mediately following a spasmodic and sill hit
rise the price Of silver began to fall after the
nlgGlmp nf the and cippa bad
lowest point ever known This Disappointing
result has led to renewed and persistent effort
IN the direction Of free silver coinage
Meanwhile, not only are the evil effects OF
the operation Of the present law constantly ac-
Gnmulatlns but the result TO which its execu-
tion must inevitably lead is becoming palpa-
bic TO all who give the least heed TO financial
subjects.
EFFECTS OF THE LAW.
This law provides That in payment for the
4,5O,NO ounces or silver bullion which the
secretary Of the treasury is commanded to
purchase monthly. there shall be issued treas
ury notes redeemlble on demand in gold or
silver coin, at the discretion of the secretary
OF tho treasury, and that the Sid notes may
be reissued II Is, however, declared in the
act 10 be "the established policy of the
United States 70 maintain the two metals
upon parity with each other upon the pres.
ent legal ratio or such ratio as may be pro.
Plded by law This declaration so controls
Inc actions OF the secretary OF the treasury as
10 prevent his exercisin the discretion nom.
nally vested In him il by such action the
parity between gold and silver may be dis
turbed Manifestly. refusal by the secretary
10 pay these treasury notes in gold if de-
manded would necessarily result in their dis
credit and depreciation. aS obligations payable
only in silver, and would destroy the parity
between the two metals by establishing dis.
elimination in favor OF gold
UP TO the 18th day OF July, 1893 these notes
mad been issued in payment Of silver bullion
purchased 10 tho amount of more than STA
OCUO While all but very 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 staterient that
between the LIST day of May, 1892 and the 18th
day OF July, lgJ. the notes Of this kind issued
IN payment for silver bullion amounted 10 a
little more than S5l,OlOOn. and that during
The same period about S490N0O0 were paid by
the treasury IN lold for the redemption OF
such notes.
DEPLETION OF THE GOLD RESERVE.
The policy necessarily adopted Of paving
these notes in gOld has not spared she qold re.
serve of Sll00J0O0). long set aside by the
government for the redemption CT other notes,
for this fund has alrca17 been subjected to the
payment Of new obligations amounting 10
about Sl5),C0)00) on account Of silver pur-
chases, aud hls as 4 consequence for the first
time since Is creation, been encroached upon.
We have thus made the depletion of our
gold easy and have tempted other and more
appreciative nations to add it TO their stock
That the opportunity We have offered has not
been nc ,lccted is shown by the large amounts
OF gold which have been recently drawn from
our re'sury and exported TO increase the
tnanci Il siren tn Of forei n nations The ex.
cess Of exports OF gold over its imports for
the year endin: June 20, 1893, amounted to
more than SSi5O.0Jl Between the first day
Of ly, 1850 and the 18th day OF July. 1898, the
gold coin and bullion in our treasury decreased
more than SlSSO0J,0jl while during the same
period the silver coin and bullion in the treas.
ury increased more than sl47, 10000
Unless government bonds are 10 be con-
stantly issued aud sold TO replensh our ex-
hausted gold, only TO be again exhausted it Is
apparent that the operation Of the silver pur.
chase 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 the payment Of all government
obligations In deprecated silver
At tins stage Old and silver must part com.
pany and the government must fail in it, es.
taolished policy TO m lintain the two metals
on parity with each other.
DANGERS OF DEPRECATED CURRENCY.
Given over 10 the exclusive use Of a currency
greatly deprecated according to the stan
dard OF the commercial world, W e could no
longer claim place anon, the nations OF the
first class nor could our governm ent claim a
performance Of its Obli,ation so far as such
an obi ,ation has been imposed upon it. to
provide for theu use of the people the best and
safest money If as many oil its friends claim.
silver ought to occupy lar er place in our
currency and the currency Of the world
through general international cooperation
and o. reement. it is Obvious that the United
States viii not be in a position 10 gain hear.
lng in favor OF such IN ARRANGEMENT so long
as we are willing to continue our attic mpt TO
accomplish the result sin lie handed
The knowled e in business circles among
our own people that our government cannot
make its fiat equivalent 10 intrinsic values
nor keep inferior money on q parity with SUI
periOr money by its own independent efforts,
has resulted in such lack OF confidence at
home in the stability OF currency values hat
capital refuses its aid to new enterprises W hie
millions are actually withdrawn from the
channels OF trade and commerce 10 becOme
idle and unproductiye in the hands Of timid
ownerSS Foreign investors equally alert not
only decline TO purchase American securities,
but make haste to sacrifice those which they
already have.
SOUND AND STABLE CURRENCY WANTED.
1t does not meet the situation 10 say that
apprehen lion in regard to the future OF our
finances is groundless and that there is no rea-
son 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 menace
which ought not for moment be disregarded