The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1893-08-12

hle on demand in gold or silver coin, Al
!, the desire OF the secretary, and that said
notes may Be reissued. 1t is, however
declared in the act to be the established
policy Of the United States to maintain
the two metals upon = parity with each
other upon the present legal ratio Of
such ratio Is may be provided by Law.
This declfation 50 controls the action Of
the secretary of the treasury Is to pre-
vent him exercising the discretion nom.
inally vested in him, if by such action
the parity between gold and silver b
disturbed.
Manifestiy the refusal by the secre-
tary to pay these treasury notes in gold,
if demanded. would necessarily result in
their discredit. and the exercise of discre-
ton as to obligations payable only in
silver would destroy the parity between
the two metals by establishing q dis
elimination in favor OF gold. Up to the
18th OF July, 1898, these notes have been
issued in payment OF silver bullion pur-
chased to the amount OF more than
sl47 coo, 900.
"While all but 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 LIST Of
May, 1899, and the 18th of July, 1895.
the notes Ct this kind issued in payment
for silver bullion amounted to q little
more than s54, OOO, 600, and that during
the same period about s49, ooO, 900 were
paid by the treasury in gold for the re-
demption of such notes.
The policy necessarily adopted of
paying these notes in gold has not spared
the gold reserve OF 800 ,OOO, 900 long ago
set aside by the government for redemp-
ton Of other notes; for this fund has al
ready been subjected to the payment OF
new obligations amounting to $3.50, OOO,-
900 on account OF silver purchases, and
as consequence has been encroached
upon for the first time since its creation.
We have thus made depletion OF our
gold easy, and have asked other and
more appreciative nations to add it to
their stock. That the opportunity We
have offered has not been neglected is
| shown by the large amounts of gold that
have recently been drawn from our
treasury and exported to increase the
financial strength OF foreign nations.
The excess of the exports OF gold over
its imports for the year ending June 30,
1898, amounts to more than $S7 500, 900.
Between the LIST OF July, 1892, and 18th
Of July, 1898, the gold coin and bullion
in our treasury decreased more than
1892 GOO 900. while during the same pc
riod the silver coin and bullion in the
treasury increased more than sli7 600,
900.
The people of the United States are
entitled to a sound and stable currency
and to money recognized as such on
exchange and in every market in the
world. Their government has no right
to iniure them by financial experiments
opposed to the policy and practice OF
other civilized states, nor is it justified
in permitting an exaggerated and unrea-
sonable drain on our national strength
and ability, to jeopardize the soundness
OF the peoples money. This matter
rises above the plane Of party politics; it
virtually 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 time like the present,
when the evils OF unsound finance are
threatening US, the Spectator may an
ticipate harvest gathered from the mis-
fortunes OF others; the capitalist may
protect himself by boarding, or may ev-
en- find profit in the fluctuation OF values
but the wage Garner, the frat to be in
iured by deprecated currency and the
last to receive the benefit OF its correc-
ton, is practically deienseess. He re-
lies for work upon the ventures of conf
dent and contented capital. This falling
him, his condition is without alleviation
for he can neither prey on the misfor-
tunes OF others nor hoard his labor.
at is OF the utmost importance that
such relief as Congress can afford in the
existing situation be afforded at once.
The maxim, He gives twice who gives
quickly is directly applicable. 1t may
De true that the elm barrassnents from
which the business OF the country is sui
fering arise as much from evils appre-
hended as from those actually existing
We may hope, too, that calm coun4els
will prevail, and that neither capitalists
nor wage earners will give way to an I'M
reasoning panic and sacrifice their prop
erty or their interest under the influence
OF exaggerated news. Nevertheless eve
ry day OF delay in removing one Of the |
plain and principal causes OF the present !
state OF things enlarges the mischief al |
ready done and increases the responsl-
bIlity Of the government for its existence.
Whatever else the people have a right to
Expect from Congress, they may certain
y demand that the legislation con
iemned by the ordeal OF three years Of
disastrous experience shall be removed
rom the statute books as soon as their
representatives can legitimately deal
With it.
1t was my purpose to summon Con
ress in special session early in the COM
ng September that we might enter
upon tho work OF tariff reyis-