Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-21

st ad In the language of Burke. "a wise
ana salutary neglect is the highest service
we can now render to silver
AIter the repeal of the silver-purchase
law OF 1880 the United States will not
Wrestie alone with the overproduction of
silver, as the question will equally con-
s st4nt foreign nations and can not be
such nations that does not know the United
states can fX and carry a currency on the
soio standard necessary Though do not
WIN greater ease than any other nation on
the earth. We produce enough of the metal
ourselves to supply any needful annual in
crease or currency in gold coins, much
more than equal to our annual increase Of
population.
There is little now of the necessaries of
upon any foreign country in peace or war.
ana much of what we produce to sell. like
coeton, petroleum and provisions. can not
50 readily be obtained elsewhere in equal
abundance or on terms equally salts
factory. There is no possible combine
ION OF circumstances that can deprive the
Of the worlds gold, unless by free Coinage
we go directly to the silver standard, or
unless our revenue laws shall be SO framed
as TO permanently fasten upon the country
an excess Of imports over exports, and Of
tn1s no party in our country can ever af-
ford to take the risk.
ital will flow into our country by millions
LOT Investment. but with any cheap or I'M
certain standard Of money panics will be an
every day occurrence. and foreign capital
would stand aloof and foreign creditors
Woula demand prompt return Of all in
ut has been absurdly charged" said the
speaker. that to repeal the law of 1890
which requires the Secretary of the Treas
e Jury TO purchase i54 tons Of silver bullion
the golo standard and nothing else; but
Inat Is untrue and comes here as a scare
crow that M win scare nobody who does not
VIII vote to repeal that law will do 1t as
gold monometallist. The purpose and effect
al rne hepea! VIII be to keep in circulation
s tS keeping company with 1t to maintain
In the parity OF the two metals. The repeal
ism 'he inte only Lever by which bimetal-
Americans should have the courage
TO use this lever and take a stand
dttion from foreign dictation. and secure
the stock of gold which must naturally
nnd home in the United States and
W wnien should not be deprived Of that home
49, would not be offensive to anybody
pu' i lhink 1t could with more propriety
metallism is a subterfuge to conceal an Or
gained purpose of precipitating silver mon
fhinI ,ha1, upon the American people.
think they will not fail to so understand n
unue the purchase Of silver not one will
consent to any purchase of gold.
The Eject of Repeal.
Inc repeal OF the silver purchasing part
or the act Of 1890 will at once unlock mill
lions OF gold now boarded, as we'll as mill
hons OF the old United States notes TO re-
deem which gold has long been held in the
treasury as 1t would satisfy the public
that Congress as well as the President pro-
pose 70 maintain every dollar of our cur
rency as good as every other dollar. ~ No
greater ana no lower value than we have
mad, and 50 just and sound as to give as
both the debtor and creditor toiav as we'll
as years hence.
We cannot afford to take the risk of a
ward of wage-earners nearly one-half and
cause an epidemic of strikes Merchants
might possibly shirk or transfer TO Others
a large share of their losses from a depre-
ciated dollar; but farmers for what they
have to sell. would be compelled to accept
Whatever legal tender might be offered
able merchandise. II paid in deprecated
silver. would suffer a reduction that would
more than satisfy even the exterminators
Of protection.
With the present rate of annual accumu-
lation there would be piled up in the trea-
sury within ten years over a billion in pig
silver bullion, and its depraved value fiuc-
tuating with the daily market when sold
for use in the arts and manufactures Ger
talnly no prudent Senators can be expected
seriously to propose that this expensive ac-
cumulation of silver and of public debt
shall go on forever. bringing. as our exper-
fence has already shown, no benefit to pro-
our common country Alone. and without
International cooperation, II the United
states would take its annual purchase of
silver and give IL a fatal plunge over the
Tails OF Niagara, so that II would be ire
bic while wood grows or water rms
we might somewhat advance the market
price or silver and by no other less heroic
measure. nor by any cunningly contrived
compromise, while the supply is great and
the demand down to zero. can the United
States by itself lift silver out of the mIre
OF overproduction.
The Increase OF the Silver Output.
Thirty three years ago the yearly prodac-
ton or silver in the United States amounted
to only Sl50.000: but In 1892 it amounted to
hve thousand times that sum- The silver
extremists now demand that the United
states snail not only take and pay for tie
whoie or this vast increase, but at the yalu-
alton OF thirty-three years ago, and will not
even ald In opening the way for largely in
~ ,ha +, ne. sne demand for silver by making
IL tne interest of many nations to cooper.
ate IN bimetallic standard for its use
PROBABLY. with one-half Of all our iron
t nulnaces closed, ana one-half or more of all
wooden and cotton mills idle we have rarely
required so small an amount of currency
ior actual business purposes. The difficulty
Is .nat currency. to an extraordinary
amount, Is being boarded by millions of de-
positors In savings banks, who have feared
they would have to wait sixty days il they
were not drawn out at once Only one
country in the world has a larger per capits
circulation or money than the United States
We shall have plenty of money Whenever
distrust goes out Of circulation
According to the great Roman orator n
commonwealth should be immortal and I
cannot suppose that any Senator would
willingly limit the life of our government to
any briefer period. In all the advantages
OF power and wealth, of natural and indus
trial productions. of coal, iron and copper
OF food products and of territory and
climate. no other people will dispute
the superiority Of the American re-
public. Nor will they dispute our
primacy as to the producer Of gold and SILL
yer. They dispute only our capacity for
seif-government and deny the wisdom of
universal suffrage. They believe We are TO
stumble on silver.
THE crucial test Is whether we are or not
to drop from the bimetallic standard Of gold
and silver. maintained on a parity, to the
dangerously crippled standard of silver only.
and thereby limit to an inferior currency
the foremost business nation of the world
The grave responsibility rests upon a demo-
cratic administration now in full control of
both branches of Congress, as well as of the
executive department. No government can
be sustained which does not fulfill its pledg-
es in good faith. The public debt, national
and state. and all other contracts. by our
recorded pledges. are payable in legal tender
on a parity with gold The honor Of the
country may be In peril. Whatever policy
will relieve the public distress will be my
policy. Whatever party favors the public
credit will have my favor. Whatever nnea-