Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1893-08-16

Gently drawn from our treasury and
exported to increase the financial
strength of foreign nations,
The excess of exports of gold over its
imports for the year ending June 30,
1893, amounted to more than SS7, ,500,-
900. Between the first day of July, 1890,
and the 10Th day of July, 1898, the gold
coin and bullion in our treasury de-
creased more than Sl32, 1000, 900, while
during the same period the silver coin
and bullion in the treasury increased
more than S147,000,000 Unless Gov
ernment bonds are to be constantly
issued and sold to replenish our ex
hausted gold, only to be again exhaus-
ted. 1t is apparent that the operation
of the silver purchase law now in
force leads in the direction of the sub
stitution of silver for the gold in the
Government treasury, and that this
must be followed by t'';sspayment of
all Government obligations in depreci-
ated silver. At this stage gold and sill
yer must part company, and the Govern
ment must fail in its established policy
to maintain the two metals on parity
with each other. Given over to- the
exclusive use of currency greatly de-
preciated, according to the standard of
the commercial world, we could no
longer claim place among nations of
the first class, nor could our Govern
ment claim a performance of its obi
CATION, SO far as such an obligation has
been imposed upon it to be provided
for the use of the people to the best and
safest money. If, as many of its
friends claim, silver ought to occupy a
large place in our currency and the
currency of the world through general
international cooperation and agree
ment, it is obvious that the United
States will not be in position to gain
hearing in favor of such an arrange
ment SO long as we are willing to con-
tinue our attempt to accomplish the
result single handed. The knowledge
in business circles among our own peo-
pie that our Government can not make
its fiat equivalent to intrinsic value,
nor keep inferior money on parity
with superior money by its own inde-
pendent efforts, has resulted in such q
lack of confidence at home in the
stability of currency values that capi-
tai refuses its aid to new enterprises,
while millions are actually withdrawn
ffom the channels of trade and com
merce to become idle and unproduc-
tive in the hands of timid owners.
Foreign investors equally alert not
only decline to purchase American Sc
curities, but make haste to sacrifice
those which they already have. Itdoes
not meet the situation to say that ap.
, prehension in regard to the future OF
our finances is grOundless, and thai
, there is no reason for lack of confidence
in the purposes or power of the Govern
ment in the premises. The very ex
. istence of this apprehension and lack Of
, confidence, however caused, is mean
ace which ought not for moment tt
/ be disregarded. Possibly, if the under
:. taking we have in hand were the main
, tenance of specific known quantit,
Y of silver at parity with gold, oul
0 ability to do so might be estimated ant
T. gauged and perhaps, in view of Ou
: unparalleled growth and resources
r might be favorably passed upon. Blu
@ when our avowed endeavor is to main
e tain such parity in regard to an amour
y of silver increasing at the rate of $50,
d 600, 1000 yearly, with no fixed termina
Q ton to such an increase, it can hardl.
d be said that problem is presente,
p whose solution is free from doubt.
70 The people of the United States ar
d entitled to sound and stable currency
a and to money recognized as such OF
1t every exchange and in every market o
e the world. Their Government has IL
10 right to injure them by financial e,
if periments opposed to the policy an
s. practice of other civilized States. No
ID is it justified in permitting an exat
" gerated and dishonorable reliance o
8 our national strength and inability
10 jeopardize the soundness of the pc,
IS pies money. The matter rises abON
~ the plane of party politics. 1t vital
a. concerns every business and callir
H. and enters every household in the Ian
e. There is one important aspect of Il
lg subject which especially should new
be overlooked.
Sc At times like the present, when Il
of evils Of unsound finance threaten u
Mt the speculator may anticipate hu
Ill vest gathered from the misfortunes
H. others the capitalist may protect hiI
ut self by boarding, or may even fiji
he profit in the fuctuation of values b
i'd the wage earners is the first to be |
he jured by deprecated curren'
of and the last to receive the ben
", fits of its correction-is practically q
in fenssless. He relies for work upon Il
ed ventures Of confident and content
nd capital. This failing him, his conditi'
'ut is without alienation, for he can Meth
ry prey on the misfortunes OF Other
ch nor hoard his labor. One of the gre,
ed est statesmen our country has kno "
lot speaking more than fifty years ago,wh
90, a arrangement of the currency h
mt caused commercial distress, said. vt
for very man Of all others who has Il
tad daaneat intereat In n sound currpnf