The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-09-08
ias tie Lain ualoa. sssss,ary snl.A

&
In tAe meantime the Unstesa States had
e'ssnssssa sF'ssa the coinage of oaly !. -. 80
SILVER dollars ia eighty v~sYS up 4, lS-S ~,
the coinage 81 40 sss 90 stsn.s.r's
a94arS and - the purchase ~
saver nron which treasury notes
we're iSsneg. making = trtal easnsw.
sAaas af SasNsssA gsss of SILVER nSea ln th1x
SsaasFy daFlag sae last twenty vssrS.
FROM an average OF 81 tssansa = xesr ~.
Instes States had el.aas-vsi ~, - -. -
n*aFsx Ssstt1ts0 TIE annual rrs,luetiat,
81 s14srF- ~ the meantime had ehanrssA
from A~atssttt1 at the coinage rate n fS-a
- s@4N.ust 90 at the coinage rate II l.ssF
saa depreciased in value ahoat sl
pes esaI From these facts sew
FIRST, the people Of Eha United states havs
The iail use OF seventy times As much siE.
YER as money of full leras tender al y.ye~-
ent. s. they had before 1878: secana tie
depreciation IN the valae of silver was due
.e eanseS other than its treatment ia tae
Jnited states. Is IS. theFefoFe. evident
thst silver az The ratio OF i6 TO 1 Il ufs-
limited coinage VAS attem pied n this
country. must either food car mAnts
WITH enormous quantities OF sill
yer, which would ag once deprcciaso
the value 81 cur mcney. or il would be
comet on1y Ia reasonable quantities, and
this could not substantially Affect the nser-
eantsie value OF the bullion ihFonghout
the world. In either event We would hs
i0rced 10 the exclusive use Of a dollar
worth only little more than half
the present dollar. liz would cause
the settlement Of all contracts
~ tue rate of - cents on the dollar Is
would require the reorganization OF all
prices - adapt them 10 the new dspre-
ciated currency 1T would compel a
change Of ali legislation in liking salaries.
IL wonld necessitste the entire re-adiust.
nient OF the private and government bush
ness of the United States TO meet the con-
ditions caused by degraded dollar. The
confusion incident TO such changes would
be great. Commercial failures, business
wreck and ruin must al once be preripitat-
ed. No panic from which our country has
suffered could be compared 60 that which
would fall upon the industrial interests hy
such action. The fear that the govern
ment Of the United States would not ee
able TO MAINTAIN its various moneys upOn
parity, and that we we're upon the point
OF being forced TO the silver standard with
results similar to these jnst described.
might be attributed Ga the panic OF last
year.
For the condition of the treasury ieh
led. in part. 20 this fear. The Republican
administration was responsible, said Mr.
Smith. The whole administration OF HAr-
rison. with the exception OF the first year,
ceisent financial conditions existing
at the close of Mr.. Cleyeiand's term,
was one OF falling revenues. in-
creasing expenditures and q heavy
expectation OF gold. The receipts during
the Cleveland administration were Si2..
100000 less than during the Harrison ad-
minIstration. while the total expenditures
were over SIS. .0oo. 900 less. Twenty-Five
million dollars in gold were imported
into this country in excess OF the amount
exported during Dir. Cleveland's term.
while Mr.. Harrison retired from
office with net gold balance
against us of nearly $i5s CO, 900.
These figures are startling. The net ex-
ports Of gold during the last three months
of Mr.. Harnson's administration
amounted to $s6.0oo,0o0. white the net ex-
ports of gold during the fiscal year ending
June %. 1894, amounted 20 but 81, $50, oo0
During the Republican administration
expenditures increased at the rate Of $t0,-
100000 n year, while the revenues de-
creased more than SIS, ,000O00 an-
nually. Mr.. Cleveland retired Ieav-
ing surplus OF $50, sos 600 in
the treasury. -Four years of Ro-
publican misruie reduced the surplus
10 So. $4,000. with charges fixed for the
ensuing year amounting in round num-
bers 10 SO 000, ,0o0 in excess Of the reve-
nues. The condition OF the treasury as
known to the financial world occasloned
alarm lest the government could no longer
maintain at par the enormous burden Of
$40, 900 OF silver dollars, intrinsicaily
worth about 65 cents on the dollar, aud
s150, ,o00. 900 of sherman notes. predieated
on silver of the same character.
This Was not the only cause of the de-
preston. Financial panics may be ox-
pected about every twenty years. Judging
by the past history of this country, and
one was due in the early nineties. The
Barring failure in London also was largely
responsible .or the Generalization OF buzi-
ness, but the fears were intensified by the
fact that tho governments, already
carrying an immense volume
OF currency intrinsicaiiy worth
less than its par value, could not stand
the additional unusual purchase OF t50.-
900, ,0O0 provided tor by the sherman act
aud maintain Its silver nj par. IL was
apparent that, unless these purchases
should cease. the day would surely
come when gold and silver dollars
could no longer be maintained at
par and would reach their CONNER
ciai value rather than their legal
value, driving gold at once out Of
circulation and bringing this country to q
single silver standard with the same evil
consequences that would follow the free
and unlimited coinage OF silver at the
ratio of 10 TO 1 by the United states
alone. The repeal OF the purchasing
clause OF the Sherman bill stopped
the panic. and where money could
not be had at any price in the
summer of 1898 IL can now be readily
obtained Mt low rates Of interest And
yet, with the terrible experiences OF last
year fresh In our minds. IL is proposed 10
open the mints without limit 10 now
OF silver that would certainly produce sill
yer nono-inetallism. The fear Of silver
mono-lnetailism may be attributed 20 last
years panic. What would happen with
free and unlimited coinage OF silver, which
would absolutely produce such RESULT
Mr. Smith closed bic speech with an ap-
peal to the voters OF the state 20 remain
true 20 the Democratic party. 70 the sound
money ideas advocated by jefferson. sup
ported by Jackson and preserved by Cleve-
| land.
I
Nevada PepnIist Nominations
RExo, New. Sept The Fopuilsts re-
I 40 a..