The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-09-06
FULFILL THE CONTRACT.
Pay the Bonds In Coin and
Maintain Silver at Par.

child & Co., to hurry pp the
repeal Of the Sherman purchasing
act in the senate, or the hollowness
of the movement towards its repeal
will stand fully revealed. 1t was
claimed that the purchasing OF
silver was running gold out of the
country. In the face of this asser-
ton the gold that was sent out OF
the country has nearly all returned,
and the balance will soon be here.
Cleveland will then be written
down as fool or knave, and his
worshippers can take their choice
Of names.
How much more rational is the
position of John Sherman, who
says gold went out mainly because
the balance of trade turned against
US, and that but for the imitation
given by the purchase act, the panic
would have been eontempo:aaeous
with the Barring crash. And this
suggests the query why the balance
of trade went against US so sud
denly, il having been on one eide
since 1878. The reason is patent.
The object of the Mckinley bill was
to check imports. 1t did not check,
but stimulated them, many mer-
chants loading up in anticipation of
its passage. England, too, seeing
the United States was committed
to the policy of checking imports,
that is of forcing England to pay
for cotton and wheat in money
entirely, resorted to her only
weapon. She began TO make money
dearer, and deferred the purchase
of our wheat till its value wss
lowered by further reduction
in the price of silver. All the gold
now coming to America is for
wheat at unprecedentedly low pri
ces, except little sent iii to pre-
pare to move the cotton at low
prices.
The United States has never
given any consideration to agricul-
,ure. Stove Polish Morse, Of
Massachusetts,, addressing the
house in favor of repe ealing
the Sherman act, called it
that Occupation of last resort, :"
such is the contempt in which the
protected manufacturers hold it.
II Cleveland had had any regard for
the pledges made to elect him, he
would have endeavored to take
some of the burdens off of agricul.
ture by repeal of the tariff before
adding more burdens by a contrac.
tion of the currency by putting the
country upon an approaching money
stand ard.
Aldrich, assistant attorney gen.
eral under Harrison, to whom was
referred the question of the issuing
of gold bonds, decided there was no
power in the secretary of the treas
ury to sell anything but coin bonds,
payable in gold and silver at the
ratio of to Is. This is the whole
issue. Now if no secretary will
avail himself of this right to pay
the debt of the country In silver, it
is idle to talk of maintain.
ing that metal at parity
with gold. Some say the
national, state, municipal, cor
porate and individual iudebtednes SO
of America held in England and
payable in coin amounts to two bill
lion.. dollars, or half the silver in the
world. Others put it at eight bill
lion dollars, or twice the silver in
the world. In either case, if Eng
land were given to understand she
had to take this Indebtedness in sill.
yer, she would at once proceed to
rescind legislation that deprives it
of value. The only way to keep
silver from falling to the level OF
pot metal is to pay all debts in ii
that are by law payable in it, such
as the coin bonds of the United
States, for instance.