Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1893-08-08

long ago ret aside by the government
Tor the redemption " other nOlct; Tor
this iuud has already been sub
jected 10 the payment OF new
obligations amounting to about
$3.50, 600, 900 on account Of silver pur.
Uhnses, ana has ns consequence, fer
the fret time siucn li8 creation, been
encrOachud upon. We have thus maze
depletion OF cur gold easy and have
tempted other ami more appfcClgiiyc
nations to ndd IL to their stock. That
the opportunity wo have offered
has not been neglected Is shown 10y the
large amounts OF gold which have
been recently drawn from our treasury
and exported 10 increase the financial
strength OF foreign nations. Tho OK
GEES Of cXpOrto Of geld over ita imports
Tor the year enuing June 30, 1898
amounts 10 more than sS7,5lO,1JO.
Between the lat day Of July,
1890, and the ljth day Of
July, ls03, the gold coin and bullion
in our Treasury decreased more than
sl3., 1000, while during the sane
period the silver coin and bullion In
the treasury incronscd more than
$4,000, 900. Unless government
bonds afu TO DO constantly issued and
sold 10 rcplcnish our exhausted
gold, only to be- again exhausted,
II Ia apparent that the operation OF the
silver purchase law now In force leads
In the direction Of the eutirO substltu.
ton Of silver Tor gold in the govern
meat treasury, and that this must DO
followed by tho payment Of all gov.
eminent obligations IN deprecated
silver.
MUST PART COMPANY.
At this stage gold and oil.
yer must part company and the gov.
oinment must fail ~ It's eslab.
liahed policy to maintain the two
metals on parity with each other.
Given over TO tho exclusive use Of u
currency greatly deprecated accord
ing 10 the standard OF the commercial
world, We could no longer claim q
place among tho nations u the hrst
class, nor could our Government claim
the Performance Of IT. obligation,
no far 90 such obligation has been i'm.
posed upon Tito provide for the use Of
the people the best aud aRfcst money.
ought 10 occupy larger place IN our
currency and the currency OF tue
world through general international
cooperation and agreement, II II obvl-
Jus that the United States will not be
In n position TO gain hearing
In favor OF such arrangement, 70 long
Ne We are willing 10 continue our NJ.
tempt 10 accomplish tho result single
AuH.I.N Tho lnnWp 1Htltgu Ia luaGp.aa
circles among our own people that our
government cannot make its fiat
equivalent 10 intrinsic value, not keep
Inferior money on a parity with au-
Ierior money by IT'S own indepenuent
10 rir, hes resulted In such a
lack Of confidence at home IN
t..v STABILITY Of currency values that
capital REFUSES ia aid 10 new enter.
prlses while millions are actually
Withdrawn from the channels Of trade
and commerce to become idle and ~.
profitable In the hauds OF timid owe
Foreign iuvostOrs, equally alert, not
only decline to purchase American &C.
curities but make haste 10 sacrl-
Ace those which they already
have. II does not meet the situation
10 say that apprehension In regard 90
the future OF our hnancea Is ground
less and that there Ia no lack Of conf.
donoe In the purchases or the power OF
the government in the premises. The
very existence OF this apprehension
aud the lack OF confidence, however,
has caused n menace which ought not
for a moment TO be disrsgarded. Pos.
slbly II the undertaking we have In
hand were the maintenance OF
InngEm
silver ut parity with ROld,our ability
10 do 10 mlyh be estimated anu
gagged, anu perhaps In view Of our
Unparalleled growth and resources Il
might be favorably passed upon. But
when our avowol endeavOr Ia TO main
tain such parity In regard to
an amount Of silver Increasing
at the rate OF hity million
dollars yearly, with no fixed
termination to such increase, II can
hardly be- 0aid that n problem ia pre-.
| sented whose solution IL free from
/ doubt. Tho people VI the Unite d
| States are entitled 10 sound,
stabl currency aud TO money
recognized as such on every
exchange aud Ia 4 every market
vi the world. Their government has
no right to inlure them by financial
experiments opposed to the policy aud
practice of other civilized states, nor IL
Il justified In permitting an eXnggefat-
ed aud unreasonable reliance un our
national strength and the ability 10
jcopardi1e tho soundneas Of the
peoples money.
NO POLITICS IN IT.
This matter rises above the plane o.
party politics. IL vitality concerns
J every business and calling and enters
every household ia the land There 10
one important aspect of the subject
which especially should never be over.
looked at time like the present when
the evils OF uns0und finance threaten
Us. The speculAtor may antioi.
rate a harvest gathered from the mis-
fortunes Of others. The capitalist may
protect himself by boarding or may
even find profit In the huetuatlon Of
the markets. But the wage-earner-
the first to be Injured by u DEPRECATED
currency and the last to receive the