Arizona weekly citizen., 1893-08-19

gold. This is ilIu- -ated by the state
ment that between the frat day of May,
1892, ard the 18th day of July, 1893,
notes Of this kind issued in payment for
silver bullion amounted to little more
than S54 100000, and thai during the
same period about S49,O00,O00 were paid
by the treasury in gold for redemption
of such notes. The policy necessarily
adopted on paying these notes in gold
has not spared the gold reserve of $780,
100000 long ago set aside by the govern
ment for the redemption of other notes.
For this fund has already been subject
| ed to the payment of new obligations
amounting to about S150,000,000 on ac-
count of silver purchases, and has as a
consequence, for the first time since its
creation, been encrOached upon. We
| have thus made
and have tempted other and more ap-
preciative nations to add it to their
stock. That the opportunity we have
offered has not been neglected is shown
by the large amounts of gold wh ch
have been recently drawn from our
treasury and are expected toincrease the
financial strength of foreign nations.
THE EXPORT AND IMPORT OF GOLD.
The excess of export of gold over the
import of the year ending June 80, 1893,
: amounted to more than SS7, 100000. Be-
tween the first day of July, and the
18th day of July, 1898, the gold coin and
| bullion in cur treasury decreased more
than s132,000,G00, while during tie
same period silver cUin and bullion in
| the treasury increased more than S147, :
OO0,O00. Unless government bonds are
| to be constantly issued and sold 10
| replenish oar 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 entire substitution of silver for
gold in the government treasury, and
this must ee followed by the payment Of
all government obligations in depre-
ciated silver.
AT THIS STAGE GOLD AND SILVER MUST
PART COMPANY,
and the government must fail IN its es-
;aolish he'd policy to maintain the two
metals on parity with each other.
Given ever to the exclusive use of a
currency greatly deprecated, according
| to the stand of the commercial world,
we could no longer claim place among
the first nati ms Of the world, nor could
our Fovrnment claim the performance of
its obligations, SO far as such obliga-
tion has been imposed upon 1t to pro-
vide for the use of the people the BEST
and safest money. II, rs many of it's
friends claim, silver ought to occupy
| larger place In our currency and the
currency of the world, through gen.
eral international cooperation and
agreement, it is obvious the United
States will not be in position to gain a
hearing or favor by such an arrange
ment, so long as We are willing to con-
tinue our attempt to accomplish the re-
suit single handed. The Knowledge in
business circles among our own people
that our government cannot make it's
faith equivalent to It's intrinsic value,
nor keep inferior money on parity
with superior money by it's own inde-
pendent efforts, has resulted in such
LACK OF CONFIDENCE AT HOME
in the stability of current values that
capital refuses its aid II new er terprises,
| while millions are actual y Withdrawn
from the channels of trade and CON-
merce 20 become lille and unproductive
in the hands of timid owners. Foreign
investors are equally alert. and not only
decline to purchase American securities,
bdt make haste to sacrifice these which
they already have. 1t does not meet
the situation to say apprehension Ii re-
gard to the future of our finances is
groundle s, and that tbs 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 b, disre
garded.
Possibly, If the undertak'ng we have
in h md were the maintA Anance OF a spe-
c'tic known quantity of silver at parity
with gold, our ability to DO so might be
estimated and gauged, and, p rhaps, in
view of our unparalleled growth and re-
sources, might be favorab!y Iassed
upon; but when our 6vowed endeavOr is
to maintain such parity IN regard To
the amount of silver Increasing at the
rate of 9J0,0000O0 yearly, with no fixed
termination To such en- increase, it can
hardly be SAID that a problem S pre-
sented whose solution is free from
doubt.
THE PEOPLE ENTITLED TO SOUND, STABLE
MONEY.
The people of The United States are
entitled to sound, stable currency, and
to money recognized as such on every
exchange ana in every market of the
world. Their government has no right
to injure them by financial experiments
opposed to the policy and practice of
other civilized states, nor is it justified