The morning call., 1894-09-08

t ons existing at tie close of Mr.. Cleve-
lands term), was one OF falling revenues.
increasing expenditures and a heavy ex-
pert ton of gold.
the receipts during the Cleveland ad-
mi tr ,ton were 100000 less than
during the Harrison admin tration, willie
the total expenditures were over $751;
O00. 900 less. twenty-five million dollars in
g Ii was imp TT d into this country 10
excess OF the amount exp rted during Mr.
Cleyeland's term, while Mr. Harrison re-
tired from Office with net gold balance
against us Of nesrly $l5S,000.000. These
figures ara star ling. The net exports of
e during the last three months of Mr..
HarTi,on's admin II. ton amounted to
$36.000,000. whil4 the net exports of gold
during the fiscal ye ending June So 1894,
amount I'd to but S4.5S0, ,000
during the Republican administration
expenditures Increased at the rate of $780,
000,000 a year, while the revenues de-
creased more than S1S.0O0.000 annually.
Mr.. Cleveland tired leaving surplus of
$3.50. 900 in the treasury. Four years
of Republican misrule reduced the surplus
TO S62, 100000 with charges fixed for the
ensuing year amounting in round numb bers
to S95.000, 600 in excess OF the revenues
The condition Of the treasury being known
to the financial world, occasioned alarm
lest the Government could no longer main
tain at par the enormous burden Of 420.-
000,000 silver dollars. intrinsically worth
about 65 cents on the dollar, and $3.50. .00O,-
600 OF Sherman notes, predlcated on silver
Of the same character.
This was not the only cause of the de-
preston. Financial panics may be ex-
pected about every twenty years, judging
by the past history of this country, and one
was due in the early niDeties. The Barring
failure in London was largely responsible
for the decentralization of business, but the
fears were intensified by the fact that the
Govern ment already carrying an immense
volume of currency intrnsically worth less
than It's par value, could not stand the
additional unusual purchase of $50, 100000
provided for by the Sherman act aud
maintain its silver at par. 1t was apparent
that unless these purchases should cease
the day would surely come when gold and
silver dollars could no longer be- main
taIned al par. and would reach their COM
meTcial value rather than their legal value,
driving gold at once out of circulation and
bringing this country to a silver standard,
with the same evil consequences that
would follow the free and unlimited coin
age of silver at the ratio of 16 to by the
United States alone.
''rhe 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 1893 it can now be |
readily obtained at low rates OF interest. |
And yet with the terrible experiences of |
last year fresh in our minds il is proposed |
to open the mints without a limit to a flow
Of silver that would certainly produce |
silver monometallism. To the fear of |
silver monometallism may be attributed |
last years panic. What would happen
with free and unlimited coinage of silver. |
which would absolutely produce such |
resut?"
Mr.. Smith closed his speech with an ap-
peal to the voters OF the States to remain |
true to the Democratic party of sound
money inaugurated by Jefferson, sup
ported by jackson and preserved by
Cleveland