The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1893-09-14
BARNES CLOTHING STORE,

began to pour into the market the tide
was turned, and the gold began to
! come back and continues to come back
to this day. But, determined to pursue
their warfare for the demonetization OIL
silver, and enable them to refute the
| arguments which the gold coming in
every day furnished, they put the
necessity for the repeal of the law upon
the fact that they had lost "confi.
dence;'' that there was want of con.
fidence in the ability and disposition
| OF the Government to pay its debts in
gold; whe- -eas it was only the deposi
tors who had lost confidence in the
banks.
Those of New York being parties to
the conspiracy, of course contracted
| their circulation, refused money or
the usual terms, which caused the
| stopping of some factories and the
| stagnation of some business ente..
prises, and some distress among smAl
| dealers and workingmen. Never was
there more senseless clamor or q
more criminal disturbance of public
confidence. Every dollar of our cur.
rency that we had before was still here
and the Sherman law was adding to il
at the rate of s5O,0O0,O0O per annum
in fact, one speaker in the House Of
Representatives, more candid than the
rest, declared that the want of conf.
dence was produced by too great
abundance Of money and not by a
scarcity.
When the danger of resorting to the
gold standard was pointed out by show
ing that the production Of gold is
slightly decreasing, and not near keep.
ing pace with the increasing demands
of commerce and population, we were
told that although the amount of gold
produced from the earth was not in.
creasing, that there was an extraordi-
nary amount of it held in privite hands
in Europe and America. That tells
the whole story-the decreasing supply,
and the extraordinary holdings in the
| hands of the conspirators-silv tie
only rival Of gold, being wiped out,
the world would be at the mercy o1
those who held the yellow metal. And
so the attempt is now made to give the
finishing touch to silver by this panic,
more fraudulent than was the legisla-
ton of 1878; and, though O,OOO,O
of gold has come in within the last
thirty days, and continues to come,
and will come just so long as we keep
foreigners in our debt, they keep up
their clamor for repeal. If the Sher-
man law sent out gold, it surely has
brought it back. If not, what has
| made it return?
If the fact of its going is due to that
law, the fact of its returning is equally
proof that it is due to that law and
the fact that in the midst of this clamor
the resources of our country are sc
great as to be able to check the outflow
of gold and to turn the tide in the
home direction, ought to restore
confidence to every man whose conf
dence is worth securing-even to the
loud-mouthed stock gambler and the
other confidence men" who are
managing and steering this panic.
| DuC ACluSC W UC tCu, dIlU
at this moment, as 1 talk, banks which
had shut down for the want of cur.
rency have re-opened for business
enterprises suspended temporarily arc
starting up again, and the Sherman law
continues to feed the reaction at the
rate of s5O,OOO,OOO per annum added
to the currency. It looks as though
they were afraid their panic would
pass away and be exploded before they
could get silver destroyed. But al
the argument in regard to the uses ant
advantages of silver money are con.
eded; so, too, are all the blessings
which attend bimetallism, and all the
evils which would be upon the country
by the destruction of one Of the great
factors Of exchange, aud I need moi
further discuss them.
The discussion is further narrowed
by the fact that all parties profess
bimetallism, how sincerely is doubtful
and have declared for the use of botl
gold and silver in their platforms and
their speeches and public professions
Even the author of the much abused
and maligned law that they wish tt
repeal says he is bimetallist; so dc
all the Republican Senators on this
floor, every one; likewise the author
of the bill to repeal that law and those
on the Democratic side who agree will
hini-all claim to be devoted bimetal.
lists; some, however, on conditions
well known to be impossible, some or
conditions known to be improbable
and other some on conditions available
in all things except as to time. They
say, Not now; the stringency is tot
great at some other time We will dt
the right by silver. Go thy way, at a
more convenient season I will call fo
thee" [Laughter.l
l have even heard it intimated tha
the President himself is bimetallist
but this is not authentic, and those wht
know that he generally does his OWL
talking and announces his own position
will receive this with many grains o
allowance. So, then, the advantage
of a currency founded On both metals
the dangers and distress which nigh
arise from the demonetization of silver
all being acknowledged, it only re
mains for us to inquire-supposing W
are in good faith-whether the bill
before us pursues the only way, or tn
best way, or any other way at all tc
promote, establish. and maintain tn
bimetallic use of silver as an equa
coordinate part of our currency.>
i Mr.. President, human endeavor run