Iuka reporter. (Iuka, Miss.) 1888-1894, 1893-08-17

Wnlcn nave peen recently drawn from
our Treasury and exported to increase
the financial strength Of foreign ma.
lions.
THE RECESS OF EXPORTS OF GOLD
over its imports for the year ending
June 80, 1898, amounted to more than
eighty-seven and half millions of
dollars. Between the first day of
July, 1890, and the 10Th day of July,
1898, the gold coin aud bullion in our
Treasury decreased more than one
hundred and thirty-two millions OF
dollars, while during the same period
the silver coin aud bullion in the
treasury increased more than one
hundred and forty-seven millions of
dollars.
Unless Government bonds are to be
constantly issued and sold to replenish
our exhausted gold only to be again
exhausted, it is apparent that the op
Grafton of the silver purchase law now
in force leads in the direction of the
entire substitution OF silver for the
gold in the Government Treasury, and
that this must be followed by the pay
ment of alt Government obligations
In deprecated silver. 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 accord
ing to the standard of tho commercial
world, we could no longer claim
place among the nations of the first
class, nor could our Government claim
performance of its obligations so
far as such an obligation has been inn
posed upon it, to provide for the use
of tho people the
BEST AND SAFEST MONEY.
If, as many of its friends claim, sill.
yer ought to occupy a larger place in
our currency and the currency of the
world, through general International
cooperation and agreement, it is OBJ
vious the United States will not be in
position to gain a hearing in favor
of such an arrangement, so long as
we are willing to continue our attempt
to accomplish the result single-handcd.
The knowledge in business circles
among our own people that our own
Government cannot make its fiat equiv
olent to intrinsic value, nor keep infe.
rior money on parity with superior
money by its own independent efforts,
has resulted in such a lack OF conf
dence at home in the stability of cur
rency values that capital refuses its
aid to new enterprises, while millions
are actually Withdrawn from the chan
nels of trade and commerce to become
idle and unproductive 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.
1t does not meet the situation, to
say that apprehension in regard to the
future of our finances is groundless
and that there is no reason for lack of
confidence in the purposes or power
of the Government in the premises.
THE VERY EXISTENCE
of this apprehension and lack of con-
fldence, however caused, is menace
which ought not for a moment to be
disregarded. Possibly if the under
taking we haye in hand were the
maintenance of specific known guam
tity of silver at parity with gold, our
ability to do SO might be estimated and
gagged, and perhaps, in view of our
unparalleled growth and resources
might be favorably passed upon. But
when our every endeavor is to main i,
tain such parity in regard to an
amount Of silver increasing at the rate.
of $50, 900, 900 yearly, with no fixed
termination to such an increase, il
can hardly be said that a problem is
presented whose solution is free from
doubt.
The people of the United States are,
entitled to a sound and stable curren-
cy, and to money recognized as such
on every exchange and in every mar
ket of the world. This Government
has no right to injure them by.
FINANCIAL EXPERIMENTS,
opposed to the policy and practice Of
other civilized States, nor is it iusti-
fed in permitting an exaggerated and
unreasonable reliance on our National
strength and ability to jeopardize the
sonndness of the peoples money. This
matter rises far above the plane of
party politics.
1t vitality concerns every business
and calling, and enters every house,
hold in the land. There is one inns
portant aspect OH the subject, whicR
especially should never be overlooked.
At times like the present, when the
evils of unsound finances threaten us,
the speculator may anticipate har-
vest gathered from the misfortunes of
others; the capitalist may protect him.
self by boarding, or may iind profit
in the fuctuation Of values, but the
wage Garner, the first to be injured By
q deprecated currency, and the last 70
receive the benefit OF it's correction, Is
practically defenceless. He relies for
y x7rrr, thu x,o., k.r.oo Of cnnfidoftf