The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1894-09-12

year the United states naO c0aDgoO &c
a use of nearly $50. OOO. 900 year. The
annual production Of silver. In the
meantime, had changed from $50. Geo.
600 at the coinage ratio of 1873 to $780,
600, 900 at the coinage ratio of 1892, and
deprecated in value about 50 per cent.
The people of the United States have
used 20 times as much silver as the
money of full legal tender at present,
as they had before 1873. The depre.
citation in the value of silver was due
to causes other than Its treatment In
the United States.
at is therefore evident that silver, at
the ratio of 16 to l, if unlimited coin
age was attempted in this country,
must either food our minis with enor-
nous uuan titles of silver, which would
at once depreciate the value of our
money. or 1t would be coined only in
reasonable quantities, and this could
not substa ntially affect the mercantile
value of bullion throughout the world.
In either event, we would be forced to
the exclusive use OF the dollar, worth
only little more than half of the
present dollar. 1t would cause set
Element of all contracts at the rate Of
SO cents on the dollar. It would re-
quire the reorganization of all prices
to be adap!ei to the rev depreciats ID
currency. 1t would compel the change
of all legislation in fixing salaries. 1t
would necessitate the entire readjust-
ment of private and govern ment bust.
ness of the United States to meet the
conditions caused by the degraded
dollar. The confusion incident to such
changes would be great.
Administration Compared.
"The whole administration of Harri-
son, with the exception of the first
year (Which received its impetus from
the excellent financial conditions ex-
isting at the close of the Cleveland
tern). was one of falling revenues. In
creasing expenditures and tho heavy
Of gold. The receipts dur.
ing the Cleveland administration were
$62, OOO, 600 less than during the Harri-
sou administration, while the total ex.
penditures were over 1921, 600, 600 less
twenty-five million dollars in gold
we're imported into this country In ex-
cess of the amount exported during
Cleveland's term, while Harrison re-
tired from offics with a net gold bal.
anc, against US of nearly $158. O0O, 600.
These figures are startling. The net
Exports of gold during the last three
of Harrison's administration
to $36. 600. 900. while the net
ex ports of gold during the fiscal year
ending June 80, 1894, amounted to but
81, $50. 900.
''During the republican administra.
lion expenditures increased at the rate
Of $50, 0O0, 900 year. while the revenues
decreased more than SIS, ZOO, 600 an
nualiy. Cleveland retired, leaving q
surplus of $3.50. 1868, 600 in the treasury.
Four years of republican misrule re-
juced the surplus to $62, 0O0, 900, with
charges fixed for the ensuing year
in round numbers, to $685.
200, 900 in excess of the revenues. The
condition of the treasury occssioned
slarm. lest the government could no
onger maintain at par the enormous
burden of APO, 10000 silver dol
ars. intrinsically worth about
Is cents on the dollar. and |
$50, DOC, 900 Sherman notes. predicated
N silver of the same character. The
ears were intensified by the fact that |
he government, already carrying an
immense volume of currency, intriE.
ically worth less than par value, could
lot stand the additional unusual pur.
hase of $50, 900. 600 PROVIDED for by the
sherman act and maintain silver at |
,ar. To the fear of silver monometall-
SUI may be attributed last years panic.
rhe free and unlimited coinage of sill.
,er wOuld absolutelv nr0duce such a
esult."
Smith closed his speech with an ap.
zeal to the voters to remain true to the
party, 10 the sound money
by Jefferson, supported
y Jackson and preserved by Cleve
aud.