The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-09


OF the secretary OF treasury as to pre-
vent his exercising the discretion noml-
nally vested In him, II by such action
the parity between gold and silver may
be disturbed. Manifsstly q refusal by
the secretary to pay these treasury notes
in gold, II demanded, would necessarily
result in their discredit and deprecia-
tion and as obligations payable only in
silver, and would destroy tho parity be-
tween tho two metals by establishing q
discrimination in favor OF gold.
Up to the 10th day OF July, 1893, these
notes had been issued on payment OF
silver bullion purchases, to the amount
OF more than one hundred and forty
seven mlllions OF dollars. While all
but very small quantity Of this bull
lion remains uRcoined and without
usefulness in tho treasury, many of
the notes given in its purchase have
been paid in gold. This is illustrated
by the statement that between the first
day OF May, 1893, and the tiftoenth day
OF July, 1893, the notes OF this kind
issued in payment for silver bullion
amounted to little more than S54, ,000,-
600, and that during the same period
about $40,000.000 were paid by the
treasury in gold for the redemption Of
notes. Tho policy necessarily adopted
OF paying the uotesin gold has not spared
the gold reserve Of one hundred mil
lions of dollars long ago set aside by the
government for the redemption ofother
notes, Tor this fund has already been
subjected to the payment OF new obli-
cations amounting to about $3.50, 900 900
on account of silver purchases aud has
as q consequence for the first time
since its creation been encroached
upon. We have thus made the deple.
ton OF our gold easy and have tempted
other and more appreciative nations to
add 1t to their stock. That the opp0r-
tunity we have offered has not been
neglected, is shown by the large
amounts Of gold which have been 70.
Gently drawn from our treasury and
exported to increase financial strength
OF foreign nations. Tho excess OF ex.
ports OF gold over its imports for the
year ending June 80, 1903, amounted to
moro than $S7,5O0,000. Between the
first day OF July. 1890, and the 10th
day OF July, 1893, the gold coin and
bullion in our Treasury decreased more
than one hundred and thirty.two
millions OF dollars, while during the
same period the silver coin and bullion
in the treasury increased more than
one hundred and fortY.seven millions
OF dollars.
THE KEYNOTE.
Unless government bonds are to bc
constantly issued and sold to replonish
our exhausted gold only to be again ex.
hausted, it Is apparent that the opera
ton OF the silver purchase law now in
force leads in the direction OF the en-
tire substitution OF silver for the gold in
the government treasury, and that this
must DO followed by payment OF all gov
elnment obligations In deprecated sill
yer.
at this stage gold and silver must
part company and the government must
fail in its established policy TO maintain
the two metals on a parity with each
other. Given over to the exclusive use
OF currency greatly deprecated &C.
cording to tho standard OF the CONNER
cial world, We could no longer claim q
place among the nations OF the first
class, nor could our government aim al
performance of its obligation, 80 far
as such an obligation has been imposed
upon it, to provide for the use OF peo.
pie the best and safest money. II, as
many of its friends claim, silver ought
to occupy larger place in our currency
and currency OF the world through gen.
eral international cooperation and
agreement, tits obvious that tho United
States will not bo in a position to gain
q hearing in favor OF such an arrange
ment so long as We are willing to con-
tinue our attempt to accomplish the re-
suit single handed.
The knowledge in business circleE
among our own people that our govern
ment cannot make its fiat equivalent to
intrinsic value nor keep inferior money
on a parity with superior money by III
own Independent efforts, has resulted
in such lack OF confidence at homo in
the stability OF currency values that
capital refuses ita aid 10 new enterprises
while millions arc actually withdrawn
from the channels OF trade aud com
merce to become idle and unproductive
in the hands OF timid owners. Foreign
investors, equally alert, not only do
cline to purchase American securities,
but make haste TO sacrifice those which
| they already have.
II does not meet the situation to say
that apprehension In regard to the III.
ture Of our finances is groundloss, and
that there ls no reason for lack Of conti'
dence in the purposes or power OF the
government in the promises. The very
existence Of this apprehension and lach
Of confidence, however caused, is {
monaco which ought not for moment
TO bo disregarded. Possibly II the un
dertaking We have in hand were the
maintenance of specific known guam
tity Of silver at q parity with gold, oul
ability to do so might DO estimated ant
gaugod, and perhaps, in view OF oul
unparalleled growth aud resources
might be favorably passed upon. BuI
whom our avowed ondoavor Is To main'
tain such parity in regard to an amount
OF silver increasing at the ratio OF fifty
millions OF dollars yearly, with no tixet
termination 10 such increase, 1t car
hardly bo snid that n problem 10 pro
sentea whose solution rs FREQ from
doubt.
THE PEOPLE MUST DE PRoTEcTRD.
Tho people of tho United statos urt
entitled to Il sound and stable currchc!
aud to money recognized as such OF
Ovcry exchange and In ovcry market 0
tho world, Their government has nj