The Progress., 1893-08-12
WAsn1NeroN. D. c. Anr. 9.

OF much agitation OF the subject m
Volved' and which may be cons iiere,
a truce after IA long struggle between
the advocates of the free silver coinge aud
these intending To be more conservative Tn
douhtcdiy the monthly purchases by the gov
ernment oil i"Dutl ounces OF silver enforced
under That statute were regarded by those in
. tereSted in thr silver production as a certain
guaranty OF its increase in price. The TesIl
however, has been entirely different. for i'm
. mediatcly following n spaSmodic and slight
. rise the price of SILVER began to fall after the
passage OF the act, and has since reached the
LOWEST rRICE EVER KNOWN
This Disappointing result has led to q renewed
and persistent effort in The direction of free
silver coinage. Meanwhile not only all the
EVIL effects OF the operation of the present law
were constantly accumulating, but the result
/ to which its execution must inevitably lead is
becoming palptble TO all who give the least
heed 20 financial subjects. This law provides
that IN payment for 4jO0O0O ounces of silver
bullion which the secretary of the treasury is
commanded To purchase monthly there shall
be ISSUED treasury notes redeemahle on de
mand IN gold OF silver coin ar the discretion of
the secretary OF the treasury and that
SAID NOTES MAY BE REIssUED.
IL rs, hewevcr. declared in the act to be
the established policy of the United States to
maintain the two metals on a parity with each
other on the present legal ratio or such ratio
as may be provided by law" This declaration
30 controls the action of the secretary of the
treasury as to prevent his exercise of The dis.
cretion nominally vested in him. IL by such
acton the parity between gold and silver may
bs disturbed, manifestly the refusal by the
secretary to pay these treasury notes in gold
II demanded would necessarily result in their
dlscredit and depreciation obligations pay
able on In silver and would destroy the
PARITY BETWEEN THE TWO METALS
by establishing a discrimination in favor of
gold Up to the 18th day of July. 1893 these
notes had been issued in payment of silver bul-
lion purchases to the amount of mere than
tl4IUoOOO, while al but very small quantity
afn a
usefulness in the treasury. Many of the notes
given in Its purchase have been paid in gold
This is illustrated by the statement that be-
tween May ], 1892. and July Is, 1893. notes of
this kind issued in payment for silver
bullion amounted to little more than SJ4OpD-
OOO and that during the same period about SIg-
the
REDEMPTION OF SUCH NOTES.
The policy necessarily adopted OF paying these
notes in gold has not spared the gold reserve
OF NiuOOO,O 100 long ago set aside by the govern
ment for the rede mp ion OF other notes for
this fund has already been subjected to the
payment OF new obligations amounting
TO about sl50OOO,O00 on account of silver
purchases and has consequence for the
the first time since its creation been encroached
upon. We have thus made Il depletion OF our
appreciative nations 10 add to their stock
That the opportunity we have oner
ca Cd has not been neglected is
have been recently drawn from our own treas
ury and exported to increase the financial
STRENGTH or FOREIGN NATIONS.
The excess OF exports of gold over its impor.s
Tor the year ending June 20, 1893. amounts 10
more than SS7,aO00OO. Between the list OF July |
1880. and the 10Th day OF July. lSg3 the gold
more than sl33OOO,OO0 while during the same
period the silver coin and bullion in the
treasury 5ne y,nintI increased more than $1,000,
to be constantly issued H ana SonSs ssld aio to
replenish our exhausted gold only to be |
again exhausted. 1t is apparent that the opera |
T5 force the eaSs sger lns law
Of the entire substitution OF silver for gold in |
lhe government treasury. and that this must |
Oe followed by the payment Of all government |
obligations in deprecated silver At this Stage
gold and silver
MUST PART COMPANY,
and the government must fail in its estab-
ished policy to maintain the two metals on
1arity with each other. Given over TO an OK
,lusi,e use OF currency, greatly deprecated.
20 the standard Of the Commercial
world. we cou.d no longer claim place
,ould our government claim the performance
II It's obligation, SO Tar az such an obligation
las been imposed upon II to provide for the rse
" the people the best and safest money II asi
nahy q lts ir:ends claim. silver ought {? occn- !
~ larger place N our currency, aud mo cnr
ency OF the world, through general interna-
iohal corporation aud agreement il is Obvious
hat the United States viii not be in position 10
arrangement
o long as we ore willing TO continue unr at.
empt TO
ACCOMPLISH THE RESULT sINGLE-HANDED.
The knowledge in business circles
mong our own people that our
ent TO intrinsic value nor keep an inferior
money on parity with n superior money by
Is own independent efforts ihaS resulted in
Il currency values that capital refuses its aid |
o new enterprises while millions are actually
from the channels of trade and com
neTce TO lie idle and unproIuctiYc in the hands |
Il owners Foreign invest rs equally alert
lot only decline TO purchase American securi-
les but make haste to sacrifice those which
hey already have. ltdOes not meet The situation
o say that tn apprehension in regard to the
uture of our finances is grOundless and that
here is no reason for lack OF confidence in the
purposes or power of the government in the |
ensi0n and lack of confidence, however |
aused, Is menace which ought not for a mo-
cent to be disregarded, Possibly, if the un-
ertaking We have IN hand were the man
enance of specific quantity of silver at a
arity with gold our ability to do SO might be
stimatsd tied. and ganged; and perhaps,
rowth and resources, might be favorably
assed upon; but when our avowed endeayor
to maintain such parity in regard to an
mount OF silver increasing at the rate OF
FIFTY MILLIONS OF DOLLARS YEARLY
nth no fixed termination to such increase IL
an hardly be said that a problem is presented
hose solution Is free from doubt. The
cope OF the United States are entitled TO a
OuEd and stable currency and to money rec
gnized as such on every exchange and Ia every |
larket OF the world Their government has no |
ght To inJure them by financial expert
tents opposed to the policy and prae-
&c OF other civilized states nor
to be justified in permitting an exaggerated
nj unreasonable reliance on our national
'renz tn and ability TO jeopardize the sound.
ess OF the peoples money. This matter rises
ooye the plane OF party politics. II concerns
ouse hold In the land. There is one impor.
mt aspect OF the subject which especially