Asheville daily citizen. [volume] (Asheville, N.C.) 1890-1900, 1893-08-08

| would necessarily result in their dis
credit and depreciation, as obligations
payable only i'll silver, and would de-
stroy the parity between the two metals
by establishing discrimination in favor
of gold.
Up to the 18th day of July 1898, these
notes had been issued in payment OF sill
yer bullion purchases to the amount of
more than STAT 100000. While all but
I a very small quantity of this bullion
remains uncoined and without usefulness
in the treasury many of the notes given
in its purchase have been paid in gold.
This is illustrated by the statement that
between the 1st day of May 1892 and the
18th day of July 1898, the notes Of this
kind issued in payment for silver bullion,
amounted to little more than $54, ,OO0,-
COO, and that during the same period
about $49 100000 were paid by the
treasury in gold for redemption of such
notes.
The Gold Reserve.
The policy necessarily adopted of pay
ing these notes in gold has not spared
the gold reserve of $1OO,OOO,OOO long
ago set aside by the government for the
redemption of other notes, for this fund
has already been subjected to the pay
ment of new obligations amounting to
about ST 100000 on account of silver
purchases, and has, as consequence,
for the first time since it's creation, been
encroached upon. We have thus made
the depletion of our gold reserve and
have tempted other and more appreciat-
i've nations to add it to their stock
That the opportunity we haye offered
has not been neglected is shown by the
large amounts OF gold which have been
recently drawn from Our treasury and
exported to increase the financial
strength of foreign nations. The excess
of exports of gold over it's imports for
the year ending June 30, 1898 amounted
to more than $S7 100000. Between
the first day of July, 1890, and the 18th
of July, 1898, the gold coin and bullion
in our treasury decreased more than
$4,000. 900, while during the same
period the silver coin and bullion in the
treasury increased more than $147,-
100000.
Leads to a silver Basis.
| Unless government bonds are to be
constantly issued and sold to rcplenish
our exhausted gold, only to be again ex-
hausted, it is apparent that the oper-
alton 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 tie payment of all govern
ment 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 oyer to the exclusive use
of currency greatly deprecated accord
ing to the standard of the commercial
world we could no longer claim a place
among nations OF the first class, nor
could our government claim a perform
ance OF it's obligations, so far as such an
| obligation has been imposed upon it to
provide for the use of the people the best
and safest money.
If, as many OF its friends claim. silver
ought to occupy a larger place in our
currency and the currency of the world
through general International co-opera-
tion and agreement, it is obvious that
the United States will not be in a position
to gain hearing in favor of such an ar
rangement so long as we are willing to
continue our attempt to accomplish the
result single handed.
All Trouble Charged to silver.
The knowledge in business circles
among our own people that our govern
ment cannot make it's fat equivalent to
intrinsic value, nor keep inferior money
on parity with superior money by its
own independent efforts, has resulted in
such a lack of confidence at home in the
stability of currency values that capital
refuses its aid to new enterprises, while
millions are actually withdrawn from
the channels of trade and commerce
to become idle and unproductive in the
hands of timid owners. Foreign invest
ors, equally alert, not only decline to
purchase American securities, but make
haste to sacrifice those which they
already have.
1t does not meet the situation to say
that the apprehension i'll regard to the
future of our finances is groundess, and
that there is no reason for lack OF conf
dence in the purposes or power of the
government in the premises. The
very existence of this apprehcn-
sion and lack of confidence, how
ever caused, is menace which
ought not tor a moment to be disrc-
garded. Possibly, if the undertaking we
have in hand were the maintenance of
specific known quantity of silver at a
parity with gold, our ability to do SO
might be estimated and gaugcd, and
perhaps, in view of our unparalleled
growth and resources, might be favora-
bly, passed upon, but when our avowed
endeavor is to maintain such parity in
regard to an amount of silver increasing
at the rate of $5O,0OO,OOO yearly with
no fixed termination to such increase, it
can hardly be said that a problem is
prerented whose solution is free from
doubt.
TIuisns.
The people of the Uuited States are
entitled to sound and stable currency
and to money recognized as such on
every exchange and in every market of
the world. Their government has no
right to injure them by financial expert
ments opposed to the policy and prac
tice of other civilized States. Nor is it
justified, in permitting an exaggerated
and unreasonable reliance on our ma
tional strength and ability, to jeopardize
the soundness of the peoples money.
This matter rises above the plane of
party politics; it concerns every business
and calling and enters every household
in the land.
There is one important aspect of the
subject which especially should never be
overlooked at times like the present,
when the evils of unsound finance
threaten us: The speculator may antici-
pate harvest gathered from the misfor-
tunes Of others; the capitalist may protect
himself by boarding, or may even find