The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1893-08-16
SOMERSET, PA, WEDNESDAY, AUGUST is, 1898

suit in their discredit and depreciation
as obligations payable only in silver, and
would destroy the parity between two
metals by establishing a discrimination
in favor of gold
Up to the 18th day of July, 1895, these
notes had been issued on payment Of
silver bullion purchases to the amount of
Sl47, 100000. While all but very small
quantity of this bullion remained un-
coined 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 May l, 1892, and July Is, 1898, the
notes of this kind issued in payment for
silver bullion had amounted 10 a little
more than s54, 100000 and that during
the same period S49,0OOOOO were paid to
the treasury in gold for the redemption
of such notes.
DEPLETING THE GOLD RESERVE.
The policy necessarily adopted Of pay
ing the notes in gold has not spared the
gold reserve OF SI00O00,OOO long ago SET
I aside by the government for the redemp-
tion of other notes, for this fund has al
ready been subjected TO the payment Of
new obligations amounting to about
! Sl5OO00OO0 on account OF silver pur-
chases and has as consequence for the
first time s.nce its creation been encroach-
ed upon. We have thus made the deple-
ton Of our gold easy and have
tempted other and more appreciatiye na-
tions 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 treasury and exported to in
crease financial strength Of foreign na-
tions- The excess Of exports Of gold over
/ its imports for the year ending June 80,
| 1898, amounted to more than SS7, 10000.
Between the lst day Of July, 1890, and
the 10th day Of July, 1898, the gold coin
and bullion in our treasury decreased
more than SIS2, 100000, while during the
same period the silver coin and bullion
in the treasury increased more than
Sl47 100000. Unless government bonds
are 10 be constantly issued and sold to
replenish out 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 en-
tire substitution Of silver for the gold in
the government treasury, and that this
must be followed By payment of all gov
ernment obligations in deprecated sill
yer.
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 cur
rency greatly deprecated, according 10
standard ofthe commercial world, We
could no longer claim place among the
nations Of the frst class, nor could our
government claim performance Of its OBJ
| legation, 50 Ear a. such an obligation has
been imposed upon II, 10 provide for the
use Of the people the best and safest mon
ey. If, as many Of its friends claim, sill
yer ought 70 occuPy larger place in our
currency and the currency Of the world
through general international co-opera-
ton and agreement, it Is obyious that
the United States viii not be in a posi-
ton 70 gain a hearing in favor Of SUCH an
arrangement 50 long as We are willing
70 continue our attempt 10 accomplish
the result singie-handed. The knogi-
edge in business circles among cur oEn
psoPle that our government oannd
make its fat equivalent % intrinsic value
nor keep inferior money on a parity with
superior money by It's own independen;
efforts, has resulted in such lack Of
confidence al home in the stability Of
currency value that capital refuses its aid
TO new enterprises while millions are act
ually Withdrawn from the channels OF
trade and commerce 10 become idle and
unproductive IN the hands Of timid own
ers. Foreign inventors equally alert, not
only decline - purchase American secur-
tiles but make haste 10 sacrifice those
which they already have. 1t does not
meet the situation to say that apprehen-
sion in regard to the future ofour finances
is groundiess and that there Is no reason
for lack Of confidence in the purpose or
power Of the government in the premi
ses. The very existence OF this appre-
hsnsion and lack of confidence, however
caused, Is menace which ought not for
a moment to be disregarded. Possibly If
the undertaking We have in hand were
the maintenance Of a specific known'
quantity 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&bly passed upon Bat when our
ayowed endeayOr is % maintain such
parity IN regard 20 an amount Of silver
increasing at the rate Of fifteen millions
Ofdollars yearly, with no fixed termina-
ton to such increase, 1t can hardly be
said that a problem is presented whose
solution is free from doubt
THE PEOPLE CLAIM PROTECTION.
The people of the United States are
entitled to sound and stable currency
and to money recognized Is such on every
exchange and in every market OF the
world. Their government has no right
10 injure them by financial experiments
opposed to the policy and practice Of
other civilized States, nor is it justified
in permitting an exaggerated and un-
reasonable reliance on our national
strength and ability to jeopardizs the
soundness Of the peoples money.
WAGE WORKERS THE CHIEF VICTIMS.
This matter rises above the plane Of
party politics It vitslly concerns every
business and calling and enters every
household in the land. There l. one i'm
portant aspect of the subject which es-
pecially should never be overlooked.
At times ike the present, when the evils
Of unsound finance threaten Us, the
speculator may anticipate harvest gath