The farmers' union. (Memphis, Mo.) 1891-1895, 1893-12-07
RESULTS OF REPEAL.
DANGERS THAT NOW CONFRONT
THE PEOPLE.
The Fatal Folly of Following the Lead OF
the Gold Gamblers in Our Financial Leg
islation 10 Already Hearing Fruit-Re-
form Notes.
Effect Is Being Felt,

! publican paper of the east, thus states
some Of the dangers which now con-
front the American people. as the re-
suit Of the fatal folly of following the
lead of the gold gamblers, in our
financial legislation:
0Having cried long and loud for the
repeal of the silver purchase act, the
country has at last obtained its desire:
and now, the perturbation and excite
ment having in measure ended, it
may not be Improbable soberly to
consider what will probably be some
of the results of repeal. One hoped
for result, removal of the industrial
depression, clearly We shall not obtain.
| But what consequences of a positive
character are likely to present them
selves?
In the first place, there will be, in
! effect. contraction of the currency.
No more silver will be bought or
coined. and no more silver certificates
will be issued Thus the supply of
money will be shortened at time
when the population of the country is
| increasing at the rate of Il million and
! n half year. and when if business
! <ere to have a chance, commercial
! operations would expand continuously.
An insufficient supply of money in the
carly future. and the consequent COM
pulsOry idleness of numbers of the
/ people, will certainly appear unless
there shall be legislation for increas-
ing the currency. That legislation
will probably be enacted in shape of
permission to enlarge the issues of
l,,-
national banks; possibly by both.
Thus the control of currency issue
will be taken from the Government
and given to private corporations, and
paper promises to pay will appear in
the place of the silver which ought to
be irredeemable money Of final pay
ment. Instead of coin, paper. In
stead of the regulating power of ma
ture, operating on supplies of Il prec-
ious metal, the regulating power of
human law, permitting great expan-
sion and sudden and violent con,rac-
ton in times of panic and stress, when
actual money is most needed.
Rapid and continuous decline of the
price of silver has already begun since
repeal was assured, and it will con-
tinue. The metal is now demonetized
everywhere throughout the civilized
world. The great Indian market has
a gold basis, and England threatens to
impose a duty on imports of silver into
India. Thus excluded from the money
function and from the best mark cts,
silver must fall. In other words. gold
must advance With the decline of
silver staple commodities will go
down. They have fallen fast and far
within the last week, bringing despair
and the promise OF ruin to the wealth
producers of this country. But this is
not all. If silver shall continue to de-
preciate, will not public faith in the
nearly six hundred millions of our own
silver currency be shaken? If the
gold value of the bullion in a dollar
shall fall to forty cents, is it not posi-
ble that gold may be driven to q pre-
MUM in our own country? Is there
not, indeed, some reason to fear that
The very measure adopted upon the
.retext that it was necessary to keep
s from going upon silver basis may
Nssibly put us upon Il silver basis? 1t
Ill be surprising if we do not within
year hear demand from the gold
+onometallists that the silver currency
hall be called in because all of it is
G ,Mgerous.
We are now planted upon the single
basis of gold. Silver will never be re-
stored to its ancient place as the CO.
ordinate of gold without desperate
conflict; that conflict will he made /;
but meantime, the world being en-
gagged in scrambling for gold, of which
there is not enough to go around.
every outward movement Of the metal
will disturb our market, will excite
fear and keep the nation in state of
continual agitation, Having linked
our system with that of Europe. every
ance here. We shall feel every shock
communicated to the money markets
of the world. With silver mines able
to give us enough metallic money for
, all domestic uses, bu. with that source
of supply, given by bo1ntiful nature,
closed by legislation, there is danger
of our becoming but a plaything in
the hands of the tinanciers Of Europe.
The sum of the matter is. that Eng
!, land for the moment controls our
finances and will soon control our
tariff policy.
We DO Not Want 1t.
, In late Wall Street circular issued
by Henry Clews. it was stated that
, millions of foreign capital stood ready
for investment in this country as soon
as the purchasing clause of the silver
. law of 1890 shall be repealed. Nc
:, true. we'll informed American can de.
sire such investment. There is entirely
too much foreign money now invested
in this country. The interest upon i,
is a drain upon our industries which
can only bring disaster. The resources
Of cur country are SO great that We
can endure such drain probably
longer than any nation on earth, but
the very existence of those resources
should make us independent OF foreign
capital, and would do SO under ra
. tional and economic system. We dc
{ not want this foreign money. Every
dollar Of II that comes here is cI1rst