Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1893-07-13
Saint Maru's Beacon
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Continued from 1st page.)
no deficit In its revenues aud ample
funds are in its treasury for the
payment Of all its due Indebtedness.
The amount Of gold in circulation
outside of the treasury can be safely
estimated $500, 600, 900, and the
endeavor of the secretary must now
be to induce an exchange by which
he viii obtain gold for the paper at
his disposal. This may seem o
precarious resource, but when it 10
considered that the people of this
country, are accustomed TO paper
money and prefer it to metallic, and
have confidence in their government
it is entirely reasonable to believe
that it may be depended upon for
at least the temporary demands OF
the treasury and until congress can
meet and provide some safer and
more bnsiness-like arrangement.
What arrangement this should be
is the question OF the hour.
II may offer bonds bearing low
interest rate, and which would
doubtless be entirely feasible, but
the practical result Of such action
would be contraction Of it's own
notes, with continued issue of bonds
as new notes should be paid out for
silver purchases under the Sherman
act. When this would end no one
can tell and it scarcely seems pos
sible to believe that congress would
adopt a policy 80 absolutely opposed
to common sense.
Repeal Of the Purchase Act.
Only one certain and reasonable course
is open, and that is, the repeal Of the silver
purchase act and If necessary lie uncon-
ditional repeal.
Let this be done, aud all doubt and dis
trust so far rs the monetary basis ia con
cerned. would disappear. Complete conf
dence would be restored and all the gold
needed TO maintain the parity Of our cur
rencies would be freely rendered. Gold
exports would lose their terror and legiti-
mate business will again prosper, free from
an incubus which has constantly threaten
ed its life since the inevitable effects Of the
silver policy inaugurated In 1873 began TO
be felt and appreciated.
The question. however, will naturally
occur, what then will become of silver If
the purchase act is Internationally repeal
edI If necessary to maintain our financi-
ally free intercourse with the capital ofthe
world, IL would be best that we should
leave il 10 its fate. But am not opposed
10 silver as money metal The world is
not yet prepared TO Danish ii as such, which
fact is proved by the immense amount still
used for that purpose. In many respects
il is better and safer metal for the pur-
pose than gold and, Joined with these con-
sidcrations, is the further fact that it con-
stitutes one of the most important produc-
tons of this country. The destruction of
its money value would cause great damage
and di tress ~ many deserving enterprises
and the business life Of many flourishing
communities, TO say nothing of the i'm
mense loss TO this government, whose treas
ury forms a holding larger, perhaps, than
any other in the world.
Its loss in value has been caused not so
much from over-production as from its dis
use as money. Beginning with its demon
citation by Great Britain in the early part
of the century all the great commercial
powers of the world have closed their minis
to its coinage, whereas all had previously
recognized ii upon some named ratio with
gold. As have already shown, IL was de-
monetized in this country by the act OF
1878.
Nine Owners cupidity.
The cupidity Of the silver producers,
who expected TO profit by an unwarranted
price. and an almost insane belief held by
large number of the people that more
money could thereby be circulated. which
would inure in some way TO their benefit,
have combined TO make possible and popu-
lar series of financial legislative blunders
that have scarcely been excelled In all his
tory. Il surely must now be admitted by
the majority of these that the method adop-
ted TO rehabilitate silver has proven an ut
ter failure, and any further effort in that
direction must be upon entirely different
lines.
International agreement for the present
Is hopeless. While all other nations are
more or less interested in the question,
their interest Is not equal to that of the Un-
lied Siates-and another consideration for
failure TO agree must lie in the fact that
tae low price Of the metal supplies lucra-
tive revenue when coined by them upon
the limited basis authorized
In the April hunter of the North Amer
lean Review Mr.. Bland gives his latest
views upon the question, which are as COL
lows:
When the queetion Is again pressed for
ward. il is difficult TO see how there can be
any other soluiiun-the total alb andonment
of silver, or its restoration to its constitu-
tional privilege at our mints Sill
yer Is either safe money metal, or il is
not Ifit Is not suitable for free coinage.
ii ougit not 10 be further coined