Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1893-08-12

dav OF Juty 1870. and the fifteenth day of July,
1895 the gold coin and bullion in our Treasury
decreased more than one hnndred % ana thrS d,,ri9e
the same period the silver com ana
bullion in the Treasury increased more
than one hundred and forty-seven mill
ions of dollars Unless Government bonds are
to he constantly issued and sold to replenish
our exhausted gold. only to be again exhaust
ed it is apparent that the operation OF tne
Silver Purchase law, now in force leads IN the
direction of the entire substitution OF silver
for the gold in the Government treasury, ahG
that this must be followed by the payment ol
ALI Government obligations in deprecated
silver. 6.
At this stage gold and silver mnst part
company and the Government must tall III
its established policy to maintain the Two
metals on n parity with each other. Given
over to the exclusive use OF a cur
rency greatly deprecated com%l 3GGoFdlhg Tniai
world we could no longer claim a place among
the nations of the first class, nor couid our
/ Government claim a performance OF lJs opilpa-
/ tions so far as such an obllgatloh mas Deen
I imDosed upon it, to provide for the use OF the
/ people the best and safest money II, as
! many of it's friends claim, silver ougni
! to occupy larger place in our currency anu
1 the currency of the world through general IN
/ ternational cooperation and agreement, IL II
obvious that the United states VIII not De IN
| a position to gain a hearing in favor OF such an
! arrangement so long as we are willing to con-
tinue our attempt to accomplish the result
single-handed.
Resulted in u Lack of Confidence.
The knowledge in business circles among
our own p ople that our Government can
moi make its fiat equivalent to intrinsic value
nor keep inferior money on parity WIN
superior money by its own lnue-
pendent Efforts has iesulted in such a
lack OF confidence at home IN the
stability of currency values that capital re-
fuses it's aid to new enterprises Wh1le mllllohs
are actually withdrawn from the channels Oh
trade and commerce to become ide and unpro-
/ f{xyni in bn a
| investors equally alert not only decline TO pur-
chase American securit les, but make hasle
to sacrifice those which they already haVe. tNo
1t does not meet the ituation TO say that
apprehension in regard TO the future OF oui
finances is grOundless and that there Is NJ
reason for lack of confidence IN the purpose sF
or power of the Government IN tne
premises. The very existence or Ihls
apprehension and lack OF confidence hoWever
caused, is menace which ought nQt LOT a i lilU
ment to be disregarded Possibly II the unuVI
taking we have in hand were the illalutenalieie i
OF specific known quantity OF SILVER az "a . pa pa
ty with go d. our ability TO DO SO nleht po es,, %
| mated and gagged and perhaps, III view OF oui
. / unparalleled growth and resources, hlgu'
4 be favorably passed upon. But Wheh oul =.
q avowed endeavor is to MAINTAIN Such pailtS ~ -
| regard to an amount of silver increasing aI Vh'
rate of fifty millions of dollars yearly, with ~
fixed termination to such increase, 1t can har9i!
be said that n problem Is presented whose Ho'"
The people of the United States are entitled
y to a sound and stable currency ana 10 mont.
. recognized as such on every ein esehanee rSet an
: Government has right to lnJur
r them by financial experiments oppose'
I to the policy and practice OF otne
n civilized states nor IL il justified in permit
- ting an exaggerated and unreasonable rellanc
= on our national strength and ability TO Jeop
< ardize the soundness Of the peoples money
0 This matter rises above the plan of party pol
itics. II vitally concerns eyerv business an
II calling and enters every household in the lane
y Harmful Effects To the Wage Earnrr.
l. There is one important aspect of the sui
II ect which especially should never be- Over
h . looked. At times like the present, whe
!, the evils OF unsound finance thrcatcn u'
u the speculator mas anticipate a haryc'
= gathered from the mistOrtuues ut other
n the capitalist may protect himself by hOafdin
2 or may even md profit n the fiuctuatiou
e values, bat the wage -earucr The hrst % hc ii
r. ured by deprecated currency and the last
n receive the benefits Of itH entrct tion lH lfu
=. ucallv dcfeuselcsH Ne relies for work up,
~ the Veuturcs ~ Couhds NJ aud cni
r. tented capital This failing him. hs t1i
ii neither prey 90 The misinrtupcs ot otl
IN crs nor hoard his labor Ouo of %
Z greatest statesmen oar country haf know
" speaking moro THAN hftY ftaFH ago hh
e dfr4nacmfut nf thF ruffHrrN hhH cause
@ eomfhrFciat diatrrsH falf The NrN nah
sg ~ others who hls the deepest tniffeni ih
= legislation iu monetary mHttffs Il thf Iha
III 1850 eafus be ialif hfead hf his tallf o.
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