The Russellville Democrat., 1893-08-17

this kind issued in payment for sil- yer bullion amounted to little more than fifty four million dollars, and during the same period about forty mine million dollars were paid by the treasury in gold for the redemption of such notes.
 The policy necessarily adopted of paying these notes in gold has not spared the gold reserve of $l00,- 900, long ago set aside by the gov ernmert for the redemption of other notes, for this fund has already been subjected to the payment of new ob- ligations amounting to about $50 900, 900 on account of silver purchases, and has as consequence for the first time since it's creation been encroached upon. We thus made the depletion of our gold easy and tempted other and more appre- ciative nations to add it to their stock. That the opportunity we offered has not been neglected is shown by the large amounts of gold which has been recently drawn from the treasury and export ed to increase the financial strength of foreign nations. The excess of exports of gold over it's imports for the year ending June 30, 1893, amounted to more than $S7 ,500, ,000
 Between the 1st day of July, 1890, and the 10th day of July, 1893, the gold coin and bullion in our treasury decreased more than $132, ,G00,0 ,000, while, during the same period, silver coin and bullion in the treasury increased more than $147, ,000, ,000. Unless government bonds are to be constantly issued and sold to replenish our exhausted gold, only to be again exhausted, it is apparent the opera tion of the silver purchase law now in force leads ia the direc- tion of the entire substitution of silver for gold in the governments $ treasury, and this must be followed by the payment of all government obligations in depreciated silver. At this stage gold and silver must part company, and the government must fail in the established policy to main
 tain the two metals on a parity with each other. Given over to the exclusive use of currency greatly depreciated ac- cording to the standard of the com
 mercial world we could no longer claim place among nations as first class, nor could our government claim the performance of it's obliga- :ion so far as such an obligation has been imposed upon it to provide for the use of the people the best and safest money. If, as many of it's friends claim, silver ought to oc- cupy a larger place in our currency and the currency of the world though general international cooperation and agreement, it is obvious the United States would not be in a position to gain hear ing in favor of such an arrangement so long as we are willing te con tinue our attempt to accomplish the result single handed Knowledge in business circles among our own people that our government cannot make its fiat equivalent in intrinsic value nor keep an inferior money on parity with a superior money by it's own independent efforts has resulted in such lack of conf dence at home in the stability of currency values that capital refuses to aid new enterprises, while mil lions are actually withdrawn from the channels of trade and commerce to become idle and unproductive in the hands of timid owners. For eign investors, equally alert, have not only declined to purchase Amer ican securities, but make haste to sacrifice those which they already have. It does not seem to relieve the situation to say the apprehension in regard to the future of our finan- ces is groundless, and that there is no reason for the lack of conf dence in the purpose or power of the government. The very existence of this appre- hension and lack of confidence, however caused, is menace which ought not for a moment to be disre- garded. Possibly if the undertak- ing we have in hand were the main tenance of a specific known quantity of silver at parity with gold, our ability to do so might be estimated and gauged, and perhaps viewed in the light of our unparalleled growth and resources might be ia vorably passed upon, but when our avowed endeavor is to maintain such parity in regard to amount and silver increasing at the rate of $50, ,000, 900 yearly with no fixed termination of such increase it can hardly be said to be problem presented whose solution is free from doubt. The people of the United States are entitled to a sound and stable currency, and money recognized as such on every ex- change and in every market of tho world. Their government has nc right to iniure them by financial experiments opposed to tho policy and practice of other civil
 ized states, nor is it justified in per
 hitting an exaggerated and unrea
 sonable reliance on our natiopa |