Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1893-08-17

by the statement that, between the
1st day OF May, 1892, and the 18th
day OF July, 1898, the notes OF this
kind, issued in payment for silver
bullion, amounted to more than S54,
900, 900; and that during the same
period about S49, 900, 900 were paid
by the treasury i'm gold for the re-
demptIon OF such notes.
The policy necessarily adopted OF
paying these notes in gold has not
spared the gold reserve OF one hundred
millions of dollars, long ago set aside
by the government for the redemption
OF other notes; for this fund has al
ready been subjected to the payment
of new obligations amounting to
about one hundred and fifty millions
of dollars on account of the silver
purchases and has, as consequence,
for the first time since its creation,
been encroached upon.
We have thus made the depletion of
our gold easy, and have asked other
and more appreciative nations to add
it to their stock. That the oppor-
tunity we have offered has not been
neglected is shown by the large
amounts of gold which have been re-
Gently drawn from our treasury and
exported to increase the q financial
strength of foreign nations. The ex-
cess OF exports of gold over it's inn
ports for the year ending June 80,
1898, amounts to more than $751;
100000. Between the 1st day of
July, 1892, and the 18th day OF July,
1898, the gold coin and bullion in our
treasury decreased more than S132,-
600, 900, while during the same period
silver coin and bullion in the treasury
increased more than STAT 100000
Unless government bonds are to be
constantly issued and sold to replen-
ish our exhausted gold, only to be
again exhausted, it is apparent that
the operation of the silver purchase
law now in force, leads in the direc-
ton of the entire substitution of sill
yer for gold in the government treas
ury, and that this must be followed
by payment of all government obi
cations in deprecated silver. At this
stage gold and silver must part COM
pany and the government must fail
in it's established policy to maintain
the two metals on a parity with each
other.
| Given over to the exclusive use oi
currency greatly deprecated, accord.
ing to the standard of the commercial
world, we could no longer claim a
place among the nations of the first
class; nor could our rgovernment claim
the performance of it's obligations, sc
far as such obligations have been i'm.
posed upon it to provide for the use
of the people the best and safest
money If, as many OF its friends
claim, silver ought to occupy a larger
place in our currency and the currency
of the world, through great interna
tional cooperation and agreement, il
is obvious that the United States viii
not be in a position to gain n hearing
in favor OF such an arrangement, 81
long as we are willing to continue
our attempt to accomplish the resul
single handed.
The knowledge in business circle
among our people that our govern
ment cannot make it's fiat equivalen
to intrinsic value, can not keep in
ferior money to a parity with superio
money by it's own independent efforts
. has resulted in such a lack of conf
, dence at home, in the stability O
currency values, that capital refuse
! its aid to new enterprises, while mi
: lions are actually withdrawn fror
, the channels of trade and commerc
! to become idle and unproductive i
e the hands OF timid owners.
r Foreign investors are equally alert
o They not only decline TO purchas
q American securities, but make hast
. to sacrifice those which they alread
, have. 1t does not meet the situatio
n to say the apprehension in regard t
4 the future of our finances is ground
+ less and that there is no reason 10
q lack of confidence in the purpose c
4 power of the government in the prem
8 ises. The very existence of this al
n prehension and lack OF confidenc
o however, has caused n menace whic
8 ought not for a moment be disr
II garded.
o Possibly should we undertake tt
N maintenance OF a specific, know
h quantity of silver at a parity wit
Il gold, our duty to do so might be est
Y mated and gauged, and, perhaps,
V view of our unparalleled growth ar
i resources, might be favorably passs
=. upon. But when our avowed endeavt
IS is to maintain such a parity in regal
O. to an amount OF silver increasing
O the rate of $4,000, 900 yearly, wit
l. no fixed termination to such increas
10 it can hardly be said that a probe
- is presented whose solution is fr
ar from doubt.
of The people OF the United States a
m entitled to a sound, stable currenc
is and to money recognized as such {
If every exchange and in every mark
NJ in the world. Their government b
We no right to injure them by 6nanci