The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-09-12

distress among small dealers and work
ingmen. Never was there a more sense
less clamor or a more criminal disturb
ance of public confidence. Every dol
lar of our currency that we had before
was still here, and the Sherman law
was adding to it at the rate of $5O,0OO,-
600 per annum; in fact, one speaker in
the House of Representatives, more
candid than the rest, declared that the
want of confidence was produced by a
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 slight
ly decreasing, and not near keeping
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 private
hands in Europe and America. That
tells the whole story-the decreasing
supply, and the extraordinary hold
ings IN the hands Of the c~onspirators-
silver, the only rival Of gold, being
wiped out, the world would be at the
mercy of those Who held the yellow
metal. And so the attempt is now
made to give the finishing touch to sill
yer by this panic, fraudulent
than was the legislation of 1878; and,
though $40, 600, 600 Of gold has come in
within the last thirty days, and con
tinues to come, and will come just so
long as we keep foreigners in u debt,
they keep up their clamOr for repeal.
If the Sherman law sent out the gold,
it surely has brought it back. If not,
what has made it return?
If the fact of it's 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 u country are SO
| great as to be able to check the out
flow Of gold and to turn the tide in the
home direction, ought to restore conf
dence to every man whose confidence
is worth securing-even to the loud
mouthed stock gambler and the other
confidence men, who are managing
and steering this panic.
But they refuse to be comforted, and
at this moment, as l talk, banks which
had shut down for the want of u r
rency have reopened for business, en-
terprises suspended temporarily are
starting up again, and the Sherman
law continues to feed the reaction at
the rate Of $50, 600, 900 per annum added
to the currency. 1t looks as though
they were afraid their panic would
pass away and be exploded before they
could get silver destroyed. But all the
argument in regard to the uses and ad-
vantages Of silver money are conceded;
so, too, are all the blessings which at
tend bimetalism, and all the evils
which would be upon the country, by
the destruction Of Of the great fac
tors of exchange, and I need not further
discuss them.
The discussion is further narrowed
by the fact that all parties profess bi-
metaIlism, how sincerely is doubtful,
and have declared for the use of both
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 to re
peal says he is a bimetallist; so do all
the Republican Senators on this floor,
every one, likewise the author OF the
bill to repeal that law and those on the
Democratic size who agree with him
all claim to be devoted b~imetallists;
some, however, on conditions we'll
known to be impossible, some on CON
ditiOns known to be improbable, and
other some on conditions available in
all things except as to time. They say,
mot now; the stringency is too great;
at some other time we will do the thing
that is right by silver. Go thy way,
at a more convenient season I will call
for thee" Laughter
1 have even heard it intimated that
the President is a bimetallist, but this
is not authentic, and those who know
that he generally does his own talking
and announces his own position will
receive this with many grains of allow
ance. So, then, the advantages of q
currency founded on both metals, the
dangers and distress which might arise
from the demonstration of silver, ali
being acknowledged, it only remains
for us to inquire-supposing we are in
good faith-whather the bill hafnra Us