The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1893-08-16

600, 900 on account OF 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 tempted other
and more appreciative nations to add it
to their stock. That the opportunity we
have offered has not been neglected is
shown by the large amount of gold which
has been recently drawn from our Treas
ury and exported to increase the financial
strength of foreign nations. The excess
of exports OF gold over its imports for the
year ending June 80, 1898, amounted to
more than SS7 100000. Between the first
of July, 1890, and the fifteenth day of
July, 1898, the gold coin and bullion in
our Treasury decreased more than Sl32,-
100000, while during the same period the
silver coin and bullion in the Treasury
increased more than $l47 100000 Unless
government bonds are to be constantly
issued and sold to replenish our exhaust
ed gold, only to be again exhausted, it is
apparent that the operation Of the silver
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 ofall governmentobigations
in deprecated silver.
At this stage gold and silver must part
company and the government must fail
in its established policy to maintain the
two metals on parity with each other.
Given over to the exclusive use of cur
rency greatly deprecated according to
the standard OF the commercial world, we
could no longer claim place among the
nations of the first class, nor could our
government claim performance of its OBJ
legations, 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 our friends claim, silver
ought to occupy a larger place in our cur
rency and the currency of the world
through general international co-opera-
ton and agreement, it is obvious that the
United States will not be in a position to
gain hearing in favor of such an arrange
ment so long as we are willing to contin-
ne our attempt to accomplish the result
single-handed.
The knowledge in business circles
among our own people that our govern
ment can not make its fiat equivalent TO
intrinsic value, nor keep inferior money
on a parity with superior money by its
own independent efforts, has resulted in
such lack of confidence at home, in the
stability of currency values, that capital
refuses its aid to new enterprises, while
millions are actually withdrawn from the
channels Of trade and commerce to be-
come idle and unproductive in the hands,
of timid owners. 4
Foreign investors, equally alert, not
only decline to purchase American secur-
tiles, but make haste to sacrifice those
which they already have. 1t does not
meet the situation to say that the appre-
hension in regard to the future of our f.
nances is groundless, and that there is no
reason for lack of confidence in the pur-
poses or power OF the government in the
premises.
The very existence of this apprehen-
sion and lack OF confidence, however
caused, is menace which ought not for
moment be disregarded. Possibly, il
the undertaking we have in hand were
the maintenance of specific known
quantity OF silver at parity with gold,
our ability to do so might be estimated
and guaged, and, perhaps, in view of our
unparalleled growth and resources, might
be favorably passed upon. But when our
avowed endeavor is to maintain such par
ity in regard to an amount of silver in
creasing at the rate Of $54, 000, 900 yearly,
with no fixed termination to such in
crease, it can hardly be said that prob
lem is presented whose solution is free
from doubt.
The people of the United States are en-
titled to sound and 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 practice of other oivilz-
ed states, nor is it justified in permitting
an exaggerated and unreasonable reli-
ance on our national strength and ability
to jeopardize the soundness OF the peo-
Piles money.
The matter rises above the plane OF par
ty politics. 1t concerns every business
and calling and enters every household in
the land. There is one important aspect
OF the subject which especially should
never be overlooked.
At times like the present, when the
evils of unsound finance threaten us, the
Spectator may anticipate harvest gath
cred from the misfortune OF others, the
capitalist may protect himself by hoard
ing or may even find profit in the fiuctu-
atoms of values; but the wage-earner-the
first to be injured by deprecated cur
rency and the last TO receive the benefit
OF its correction-is practically defense
less. He relies for work upon the ven
lures OF confident and contented capital.