The state chronicle., 1893-06-09
THE PROPOSED REPEAL.

The balance OF trace UoAAs
against this country, naturally.gold
has been sent out to pay the debt
Quick payments are the more IN
sisted on because Of the money
stringency in England, which has
been produced by the failure OF the
Australian banks; and the pay
ments are necessarily made in gold,
which is the only international
money. II one familiarizes his
mind with the above facts, we
think he will agree that the repeal
of the silver purchasing act today
would not arrest the outflow of
gold: and he will possibly agree
that if it had never been passed
the situation in regard to gold
would be about the same as it Is.
1t is therefore apparent that it's
repeal is not the remedy needed.
And, for our part, we would prefer
that at present the act should not
be repealed.
The act was passed with two pur-
poses in view, one to supply this
country with additional currency,
which purpose can however be Sc
cured by the establishment Of State
banks of issue; and the other, as a
measure tending to the restoration
of silver as an international money
metal.
So far as this second purpose is
concerned, it has not yet been &C
complished; and there seems to be
but faint hope that it will be. But
we have invited European nations
to consider the subject, and in our
opinion it is subject that deeply
involves the best interests of the
people of the world. There being 6
an insufficiency OF gold, to adopt
thst metal as the exclusive money
Of the world, by discarding silver
will produce continued occurrences
of terrible financial disasters. With
out doubt gold has risen in value
and as all currency is maintained
on par with gold, the whole vol
ume of currency of the civilized
world has likewise been lifted il
value, and much evil has already
been produced by that cause. Tt
abandon the expectation Of evel
using silver again as internationa
money would Of itself inves
gold with a greater value, anG
though the entire volume of cur
rency might, by one device or an
other, be generally maintained or
the gold basis, yet there would bs
constant departures from a perfec
adjustment, such as we now Sc,
here, breeding panics, and in
volving entire nations in fnancia
ruin. Believing this as we dc
knowing it as we do, we are AYERS
to relinquishing hope that such a,
insecure monetary system will no
be adopted by the world in ODE
dience to the demands of cupidit
and avarica on the part of some
and the absence of just compre
hension of the subject by larg
class who think it best "5o let Gnan
cial matters BE managed by fnan
ciers." Therefore, We would prefe
not to abandon our straightforward
policy in regard to restoring silve
as money metal, until the Europea
nations de6uitively reject our pre-
posals. We confess that it seem
that they will; and when they d.
so that it would be useless for us t
pursue that policy further, W
should repeal the silver purchasin
act, and prepare to enter the conte'
: with them for gold. In the NEAR
time the government of the Unite
} States should not allow itself to I
used as a mere collector of gold ft
: expectation, that not being one {
the legitimate functions of the Fe'
J, eral Treasury. Nor should al
/ measure be adopted that does NJ
t provide for larger increase of Il
o currency.