The Maryville times. (Maryville, Tenn.) 1884-1944, 1893-07-26

with gold United States bank issues had also
been tried, and, though backed by the wealth
OF the nation, they too had failed TO preserve q
parity with gold. The increasing production Of
silver as compared with that Of gold had in
duced Germany 10 follow England and to dis
card 1t as twin standard Of value, and the
wisest and most considerable statesmen Of the
world were being rapidly driven to the convic-
ton that the highest and best political econo
my required and demanded single standard Of
value
"The American congress Of 1873, actuated no
doubt by these views and earnestly desiring to
escape in the future evils that the least sa-
gacious were now compelled to admit had fol-
lowed the use of deprecated money, adopted
without dissent the single gold standard This
was, in reality no violent change from the long
declared policy OF the government At the
date Of the creation Of greenback notes, eleven
years before, the pledge was given that they
should be redeemed In coin at the close Of the
war, and the obligation Of that pledge was still
acknowledged by all political parties. So far
as the silver dollar was concerned, Its coinage
has been free from the time Of the first coinage
act, in 1872, but during the eighty-one years
that had now elapsed only about 100000 Of
these dollars had been coined 1t is true that
half dollars quarters, dimes and other sub
sidiary silver coins had been made at the mint,
but, being tender for only limited sums, the
silver currency had never been an important
factor In the business transactions OF the
people
The Single Standard Necessary.
"Two years after adopting the single stand
ard, in 1875 measure was inaugurated and
passed for the resumption of specie payments,
TO become operative on January |, 1879 II
these two measures had remained on the statute
books, inviolate and unamended, there is no
economical reason why the United States and
their people should not to-day enjoy the most
unbounded prosperity. We should have had the
best and most abundant currency-a gold cur
rency OF universal value and OF such volume as
TO force its circulation, as in England. France
and Germany, into the hands Of the people. To
be assured OF this fact 1t is only necessary
again to examine the conditions OF commerce
for the last seventeen years In the first year
after resolving upon specie payments the ex-
cess OF our exports Of mercha ndise over i'm
ports was 79,653,4Sl. In the next year, ending
June 80, 1877, this excess was $751;, ,094 For
1878 it was s51 Sl4 234 For 1879 it was 1884 66l,
COG. and this excess continued, with various
amounts, down to 1892 excepting only small
adverse balances in the years 1888 and 1882 The
net balance Of trade in our favor from June 30,
1870, 10 June 3d. 1892 amounted to the enormous
sum of $780,, 1856, 446 1t is safe to assume that
il the legislation Of 1878 and 1875 looking for a
permanent circulating medium of intrinsic
value, had remained at least one third-that Is,
1000, COZ, 0Co--of this vast trade balance would
have been paid to us in gold In the first six
years Of the time ending June 30, 1851, we had
already imported in gold over sl02, 900 900 more
than we had exported, and 1t must be remem-
bered that in 1881 we had been already four
years on our downward course to ward q silver
standard after the Bland law OF 1878.
Gold shipments Disastrous.
Finally after passing the Sherman law Of
1892, which more than doubled the silver pur-
chases, the remarkable fact Is disclosed that
no amount OF expectation of merchandise could
stay the shipments of gold from the United
States. For instance, in 1890 we exported an
excess of merchandise OF over $4,000 900, and
in the same year exported an excess OF gold OF
over sls.0)O0ol In 1891 we exported an excess
OF merchandise of over 100000 and exported
| an excess Of gold OF over f72, 900, and al
| though the excess Of our exports OF products
in 1892 amounted tonearly S2O3, OOO0 0o, yet the
| almost startling fact appears that during that
| year We exported over sl3,0C0 900 Of gold, and
| now that the balance Of trade has naturally
| turned against US the country is being drained
of It's remaining gold with alarming rapidly.
II any gold be left in this country 1t is boarded
by the timid II is as completely absent from
January $780, to June 1892 nearly Il, 800, 900 900
Of gold and gold certificates were withdrawn
| from the national treasury. The rapid disap-
| pearancc OF gold may be further determined by
! the fact that in January, 1891 $50 per cent. OF
the customs taxes in New York we're paid in
| gold and gold certificates, while in May, 1893
only oae-tenth Of per cent was similarly paid.
rs, 1t only remains now briefly to state the
character Of the silver acts of 1873 and 1890 and
| to furnish you the reasons for believing that
the overthrow Of public confidence and the
present depression in business are the legiti'
mate consequences of those acts. The natural
or normal results of this legislation would prob
ably have followed much sooner but for the
many abundant crops of this country and the
numerous failures in that respect abroad. The
act OF February 20 1878, known as the Bland
| act, was, by title to authorize the coinage OF
| the standard silver dollar and to rest its
legal tender chlyacter 1t directed the secre'
| tary OF the treasury to purchase monthly moi
less than 100000 nor more than A0Oo,0OI
| worth Of silver bullion, to be Immediately
coined into silver dollars OF 4l2i, grains OF pure
fnetai-and these dollars, when SO coined, were
made Legal tender for all deb,s public and
private, except when otherwise expressly slip
| ulltei IN The contract The act further pro
| vidcd that the holder OF these coins might de
| post them with the treasurer or assistant
treasurer Of the United States and receive
| therefor certificates of not less than $40 in
amount, and these certificates were made re
ceivable for customs, taxes and all public dues
and when so received may be ressued.'
Rad Business Policy.
THE act Of July IA, 1890, known as the Sher.
man law, directs the secretary Of the treasury
to purchase 4,50c.0oo ounces OF silver bullion Al
the market value thereof so long as silver
| was deprecated below the par of gold. and tC
issue in payment thereof treasury notes OF the
| United States in determinations OF IL to VI 600
These notes were made a legal tender for al
debts and receivable Cor all public dues and
were TO be reissued by the government The
secretary of the treasury is required to redeem
these notes in gold or silver coin, at his discre
ton. To induce the national banks to accept
them they are authorized to count them as a
| part Of their lawful reserves. Coinage OF sill
yer dollars was to continue, as provided by the
Bland act Till July l. 1891, and after that the
secretary Is required to coin any additional bu
lion that may be necessary to redeem the treas
ury notes issued for its purchase
Under the act Of 1878 the government pur
chased .9l s9s. 0i9 ounces Of fine silver AT cost
Of SSsS 1879, 80, and coined 1t into silver dollars
to the amount OF :S7s,l9S,Tsa The profit o.
nearly s.o,Gco coo made by stamping .alsehoot
| on the coins was covered into the treasury u
so much profit Under the act OF 1879 the gov
ernment, up to June /. 1923, had purchased
sl45, ,s51, and under the injunction OF con
tinued coinasefor year, under the act Of 1890
there were coined additional dollars to III,
amount OF tS6,osT, 04o Adding to these amounts
the recoinage OF trade dollars into STANDARD
| dollarS we have on July l. 1903 coined suvel
| dollars amounting to 4i9. So, 30S
III we take the market price ofsilver on Jun,
| |, 1881 ls5 cents per ounce), the loss on thi:
bullion so purchased by the government was OF
that day ss5,5ls.65S On June IS 1898, bar sill