Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-10-04

national banks the Government has no.
advanced a dollar OF It's money TO re-
deem any national bank notes. Tit
money has always been furnished by
the banks to take up their circulation
in order to get back the bonds pledged,
or the bonds have been sold by request
of the banks, and the net residue from
the sale returned to the banks. Fol
these reasons national bank notes may
be regarded as a very remote liability
on the Treasury.
Mr.. President, Irepeat that the state
ment of the Senator from Virginia is
substantially correct. The difference
is only in the manner OF stating the
figures. The circulating demands
against the government on which gold
NAV be demanded, may be said 10 e1-
coed 81, 900, 900, 900, and the gold in the
Treasury 10 meet this demand Is only
about Si00, 900, 900. But, Mr.. President.
I place 4 very different construction on
this condition OF things from the con-
illusions reached by the Senator from
Virginia. The Senator from Virginia
uses this as an argument against re-
peal of the Sherman act without substl-
tuting free coinage In It's place, upon
the ground that the repeal OF the Sher-
man act would produce contraction OF
the currency; and as an argument for
the continued coinage OF silver, he con-
cludes that portion OF his argument
with the significant question: al we
do not increase our money In silver,
what are we going to increase IL with?"
And right here, Mr.. President, we
NAV again ask ourselves the question,
whether under the conditions stated
we can safely further increase the vol
ume Of currency to be redeemed in gold
bv coming more silver? Can we con-
tinue TO buy and coin additional silver
under the Sherman law without in
creasing the disparity between the gold
in the Treasury and the increasing
amount OF paper money redeemaole In
gold, and thereby further disturb conf
dence in the ability OF the government
to redeem It's pledges?
1t is well known, Mr.. President, that
one of the most potent reasons assigned
by fnauciers in producing this dlsas-
trous panic was the distrust not only in
other countries, but also by distinguish
ed fiuanciers in our own country that the
United States government could not
maintain its gold standard upon the
basis Of 81 IN gold TO SO In paper
money redeemable in gold, because, as
stated by the Senator from Virginia, 1t
was an ~unbankable basis, and the gov
eminent might from choice or necessity
be compelled to exercise its option to
pay in silver instead Of gold. This APP
prahnnoinp wau n~nfnrfnnatal nTnngl-
fed by q newspaper rumOr at the most
inopportune time, that the Secretary OF
the Treasury had declared his purpose
to pay out silver instead OF gold.
This newspaper rumor was like ad-
ding fuel to the small flame already
started. Men lost their judgment and
equilibrium. and did not stop to reason,
as has always been the case in panics,
whether from storm, fire, or supposed
dangers to the destruction OF money
and property. The panic followed, and
the losses in money and property within
the last ninety days-or you may term
it, II you choose, the lack Of confidence
withid the last ninety days, for it was
really nothing more than a lack OF con-
fdence-has produced losses and wiped
out OF existence values In money and
property in the United States mount
ing TO more than all the gold and silver
ia the world. Different opinions exist
and have been expressed on this floor
as to the causes leading up to the panic.
F II Is nj aEn effSSSySpbSSEft ldtRhlalFF dSE otay laass
the sole cause. -
We can admit that many causes had
-. a. Itch ~ lint all know
that a large portion OF the nnanclal
world believes that the coinage OF Sill
yer and the issue Of paper ~money-part
OF It payable upon it's face in silver dol
lars, part payable in %''coin," which
meant silver as well as gold, hut with
the understanding that the Government
was pledged to the redemption OF all OF
f. in pold-was a menac to the credit
of the country when the Government
had only one dollar In ten in gold to
make It's promise good, and even that
small proportion diminished from day
to day.
Now, Mr.. President, let us look dis
~passionately at the conditions unde
which this paper money and these Sill
YER dollars have been Issued, and are
continuing TO be issued to-day, and the
| results that might follow from 1t, and
in doing so we may contine the appre-
heusion Of the danger OF these results,
if you please, to the minds OF the In
credulous or designing, but the ques-
ton of money and money values IS as
sensitive as the mercury in the barom-
eter. a suspicion Of discredit is immedl-
atelv felt, and il the depression contin-
ues it will produce a storm. We have
outstanding, as l before stated, about
3 so, 600. 600 of silver certificates pay
abIe on their face In silver dollars, and
in addition to this about GO, 900, 600 Sill
yer dollars In circulation, for which sill
YER certificates may be demanded by
returning the dollars TO the Treasury,
and nearly $500, 900, 900 OF ~gresnbacks
and Treasury notes payable In coln'
which means either gold or silver.
These silver certificates, MIR. Presl-
dent, if the Government Is to keep
them on a parity with gold, might as
well be stamped upon their face "paYa-
pie In gold" or for that matter, gold
certificates might as well be issued Tor
the silver. for the certificates mean
gold. and so with the Treasury notes
PAYABLE in 'coin," for they mean gold,
and nothing else, as long as We are
coming and circulating a silver dollar
worth less than 100 cents 10 the gold
dollar. But il may be said in answer
that these silver dollars, although
worth less thar 90 cents, are good dol
lars with the Government pledged tc
redeem them In god. This IS true, pro-
vibed the Government places Itself In
condition 10 give confidence that she
can and will carry out this pledge I'M
der all aud every condition that nay
arise. But, I ask again, will that conf
deDce exist under the present condl