The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-08-09

ing the discretion nominaiiy Ncstou III niui,
If by such action the parity between soiu
aud silver may be disturbed. Manlfestly
refusal by the Secretary to pay these treas
ury notes In gold. IL demanded. would nec-
essarIlv result in their discredit and depre-
ciation rs obligations payable only In
silver, and would destroy the parity be-
tween the two metals by establishing u
discrIm nation In favor of gold.
Up to the 18th day of July. 1898. these
notes had been issued In payment of silver
bullion purchases To the amount of more
than one hundred and forty-seven millions
of dollars. While all but very small guam
tity of this bullion remains uncoined. and
without usefulness In the treasury, many
of the notes given in its purchase have
been paid In gold. This Is illustrated by
the statement that between the 1st day OF
May 1892, and the 18th day of July. 1893.
the notes of this kind issued IN pay yment for
silver bullion amounted TO a little more
than tifty-four millions of dollars. and
that during the same period sbout forty
nine millions of 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 one hundred millions or
dollars long ago set ASIDE by the govern
ment for the redemp ption OF other notes. for
this fund has already been subjected I'd
the payment of new obligations amount
ing To about one hundred and fifty millions
of dollars on account OF silver purchases,
time since it's creation. been enc croached
upon.
OUR GOLD TAKEN BY FOREIGNERS.
We have thus made the depletion of our
gold easy. and have tempted other and
more appreciative nations to add to their
stock. That the opportunity We have Of
fered has not been neglected is shown by
the large amounts of gold which have
a
exported to increase the financial strength
of foreign nations. The excess of exports
of gold over its mpOrts for the year ending
June 80, 1898. amounted to more than
eighty-seven and q half millions of dollars
Between the lst day OF July. 1880, and the
18th day of July. 1923. the gold coin and
bullion in onr treasury decreased more
than one hundred and thirty-twO millions
of dollars, while during the same period
the silver coin aud bullion in the treasury
increased more than one hundred and
forty-seven millions of dollars
Unless government bonds are to be con-
stantiy issued and sold to re eplenish our eX-
hausted gold. only to be again exhausted,
1t Is apparent that the operation OF the sill
yer purchase law now in force leads in the
direction of the entire substitution of sill
yer for the gold in the government treas
ury and that this must be followed by the
payment of ali government obligations in
depreciated silver. AT this stage gold aud
silver must part company and the govern
meDt must fail in it's established policy to
maintain the two metals on q parity with
each other. Given over to the exclusive
use of currency greatly deprecated ac-
00rding to the standard OF the commercial
world, We couid no longer claim q place
among the nations of the first class. nor
GOULD our government claim performa nee
of It's obligations. SO far as sucn an ObliRa-
tion has been imposed 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 larger place in our cnr-
rency and the currency OF the world,
through general International co. operation
and agreement 1t Is obvious that the
United States will not be In position to
gain hearing In favor of such en- arrange
maDt SO long as we are willing to continue
our attempt to accom- plish the result single
handed
The knowledge in business orioles among
our own people that our government can
not make its fiat equivalent TO intrinsic
value nor keep inferior money on Q parity
with superior money by its own inde-
pendent forts, has resulted in such lac k
of confidence at home In the stability of
currency values that capital refuses its
aid to new enterprises lille millions are
actually Withdrawn from the channels of
trade and commerce to become Idle and
unDroductive in the hands of timid own
ers. Foreign investors. equally alert. not
only decline. to purchase American seour-
tiles. but make haste to sacrifice those
which they already have.
LACK OF CONFIDENCE MENACE.
1t does not meet the situation to say that
the apprehension In regard to the future OF
our finances is Rroundless. and that there
is no reason for lack OF confidence in the
purposes or power of the government in
the premises. The very existence Of this
- -
ever caused, is q menance which ought not
for moment to be disregsrded. Possibly,
II the undertaking We have in hand were
the IN maintenance of q specific known guam
tlty OF silver at parity with gold. our
ability to do so might be estimated and
gauged, and, perhaps, In view of our un.
paralleled growth and resources, might be
favOrably passed upon. But when our
avowed endeavOr is to main tain such parity
In regard to an amount of silver increasing q
at the rate OF 50.0O0. 600 yearly. with no
fixed termination to such increase, il can
hardly be said that problem is presented
whose solution Is free from doubt.
The people of the United States are en-.
titled 10 q sound ard stable currency and
to money recognized as such on every ex-
change and In every market of the world.
Their government has no right to injure
them by financial experiments opposed to
the policy and practiou OF other civilized
states nor is il justified in permitting an
oXhkVoTAteu anu uuTca6ouAUio reli6uce on
our national strength and ability to jeOp.
ardIze the soundness of the peoples money.
This matter rises above the plane
of party politics IL concerns every bust.
sss eSsry houeshold " " IN the % land. PSsls There
Is one important aspect of the subject
which especially should never be over
looked. At times like the present. when
the evils of unsOund finance threaten us.
the s2eculator may anticipate O harvest
gathered from the misfortune of others. the
capitalist may protect himself by hosrdi in 9
or may even find profit in the fuctuation
of values; but the wage.earner, the first to
be injured by q deprecated currency and
the last to receive the benefit OF its cOrrec-
tion, Is practically defenseless. He relies
for work upon the ventures of confident
and contentod capital. This failing him,
his condition is without alleviation. for be
can neither prey on the misfortuues OF
Others nor hoard his labor.
One of The greatest statesmen our coun-
try hts known, speaking more than fifty
years ago. when arrangement of the cur
rency had caused commercial distress. said:
The very man of all others who has the
deepest interest In sound currency and
who suffers most by mis- chievous legisla-
tiOn in money matters is the man who
earns his daily bread by his daily toil.u
These WORDS are rs pertinent now as on the
day they were uttered. and ought to i'm.
pressively remind ns that failure in the
discharge of our duty at this timo must
who labor and who. because of their num-
ber and condition. are entitled TO the
most watchfal care of their government.
RELIEF NEEDED AT ONCE.
1t 10 of the utmost Importance that such