The farmers' union. (Memphis, Mo.) 1891-1895, 1893-08-17

related TO our natural Resources: nor il it
traccahlc to my of TIN" Affections which fire.
Iucntly check national growth and prosper
tty. With p!cutcous crops. with abundant
promise of rcIluncrativc production and
manufacture. with unusual invitation to
safe investment and with satisfactory AS
surancc to business enterprise. srddcnlv
financial di-tru~t and fear have sprung up
on every side. Numerous luoncvcd institu-
lions hav. suspended because ahandailt asset =
were not Immediately available 10 meet the
demands of frightened del o'itors: surviving
corporations and Individuals are too conttnt
to keep in hand the money they axe usually
anxious TO loan. and those engaged i'll lcgiti-
mate business are surprised to find that the
securities they offer for loans. though hereto
fore satisfac ory. lun1cr accepted.
Values supposed to be fixed are fast bcc0lnu :.
conjcctural and loss and ia lure have invaded
every branch Of business.
The silver Purchase Law.
believe these things are principally char .e-
able to Congressional lcgislat ion touching tne
purchase and coinage OF silver by the general
government. This legislation is embodied IN
statute i Oh the l4th day Of July 1870
VIII ..ie elimination of much ag!t ton
subject involved. aud which may be
considered Il truce. after the long struggle
between the advocates of free silver coin age
and those intending to be more conservative.
Undoubtedly the monthly purchases by
the Government of l.5op 900 ounces of siIv er
forced under that statute. were regarded by
those interested n silver production as a GER
tain guaranty Of its increase in price. The re-
suit. however. has been entirely different for
Immediately following a spas:nodic and slight
rise the price OF silver began 10 fall after the
passage OF the act and has since reached the
lowest point ever known. This uisappoint ing
result has led to rurwc,. and pers ent effort
IN the direction Of free coinage.
MEANWHILE no; only are the evil effects of
accommodating, but the result to which Its exc
cution must inevitably lead IL Becoming pal
rasle TO all who give The least heed to 1iuau cia
subjects This law provides that in pavlilert
for the 10000 ounces Of silver bullion which
the Secretary OF the Treasury i. com nauaed
TO purchase monthly there shall hc issued
Treasury notes rcdecmahc on demand in
gold or silver coin. az the discreet ioa Of the
Secretary of the Treasury. an that AID no, e~
may be reissuei. II il. however. lie t!areI il
the act 20 be the established ptlicy ut the
United States to mliut ain the Two metals ny
on Il parity with each othe. upon the present
legal ratio or such ratio As may H. provided nv
law. This declaration so controls the action
of the Secretary Of the Treasury a. - pre-
vent his exercising the discretion no,unally
vested III him. ii ny such action he parity be
tween gold and silver may be disturbed. Man
lfcstly a refusal i,y The SeCrt tary ~ pay these
Treasury notes IL gold. II us uaadti, would
necessarily result III their i,~credlt and de
probation a. obligations pa, ahle ONLY III sill
Yer. and would destroy tht parity between the
two met ais Ivy anll>nin- IL ion III
favor of gold
Up TO The l-:h day OF July. 1898. these notes
had been issued IL payment OF silver bullion
purchased 10 the amount o. rlore than -l+--
,sutN. While all but very small quantity
Of this bullion remains Uncoi: ed and
withou: usefulness III the Treasury. many
of the notes given il it purchase
have been paid il gold, This i 1llUStr;st by
the Statement. that between The FIRST DAY OF
May. l>H. and The fifteenth day OF July l>q3
the notes Of this kind issued il payment .or
silver bullion amounted - little more than
tifty-tour millions Of dollars AMI th.t during
the same period about forty-i.lro millions ~
dollars were PAID by The Treasury in gold for
The redemption Of such notes.
Drain pom the cold Reserve.
The po,icy necessarily aaon.ri cf having
these notes III gold has Not Si,,r,I! lie cnl. re-
Government for the redemption OF other notes
FOR this fund has already been subiecte ed 10
the ray,uent of new obligations amounting 10
nbou; >lIp.'tuo" on account II silver pur-
claScS and has. H. i consequence. for tne
tir.. time since its creation. been ercroachtts
upon.
We have thus made the depletion ~ oar gold
easy and have tempted other ana more. APP
nratia-iye nations 70 add i IL their stock
That the opportunity We have offered ha- Nos
been neglected is shown ny the large oI:ut :
OF gold which have been recently dIaw:l
frosl our Treasury an! eNpoItSd 10 III
crease the financial s.reuGth OF for
ci,-n nations The excess OF exports o: sod
over lis imports fer the year ending June 81.
1888 amounted 10 more than eiG,lty-seHen and
a halt millions of dollars. Ectwecn fhe nr>t
day OF July, ls.tt. and the fifteenth day OF July.
1,l.; the gold coin and bullion Ill our Treasury
decreased more than one hundred and thirty