The record-union., 1894-09-08


1893, and deprecated in value about so
per cent.
From these facts several conclusions
are irresistible. First, the people of the
United States have the full use of over
seventy times as much of silver as money
OF full legal tender at present as they had
before 1878; second, the depreciation in
the value of silver was due to causes
other than its treatment in the United
States. 1t is, therefore, evident that
silver, at ratio OF l6 to l, if un-
limited coinage was attempted in
this country, must either flood our
mlnts with enormous quantities OF silver,
which would at once depreciate the value
OF our money, or it would be coined only
in reasonable quantities, and this could
not substantially affect the mercantile
value of the bullion throughout the
world. In either event we would be
forced 10 the exclusive use of dollar
worth only little more than half the
present dollar. 1t would cause the set
tlement Of all contracts at the rate of fifty
cents on the dollar; it would REQUIRE the
reorganization of all prices to be adapted
to the new deprecated currency; it would
compel change of all legislation in fix
ing salaries; 1t would necesSitate the en-
tire readJustment of the private and Gov
ernment business of the United States to
meet the conditions caused by degraded
NANlAo' 1AS COuluSIOn lUCluSnC 10 Such
changes would be great. Commercial
failures, business wreck and ruin must at
once be precipitated. No panic from
which our country has suffered could be
compared to that which would fall upon
the industrial interests by such action.
The fear that the Government of the
United States would not be able to main
tam its various moneys upon a parity,
and that we were upon the point of being
fOEcHn
suits similar to these just described,
might be attributed to the panic OF last
year, for the condition of the Treas
ury, which led in part to the fear that the
republican Administration was re-
sponsible. The whole administration of
Harrison, with the exception of the first
year (Which received it's impetus from
the excellent financial conditions exist
ing at the close of Mr.. Cleveland's term)
was one OF failing revenues. increasing
expenditures and heavy expectation of
gold. The receipts during the Glove
land Administration were So, 900, 600 less
than during the Harrison Administra-
ton, while the total expenditures were
over S2Sl, 900, 900 less. TWENTY-FIVE mill
ion dollars in gold were imported into
this country in excess of the amount ex-
ported during Mr.. Cleveland's term,
while Mr.. Harrison retired from office
with net gold balance against us Of
Sl58,000,000. These figures are startling.
The net exports of gold during the last
three months of Mr.. Harrison's Adj
mlnistration amounted to $50 900, 900,
while the net exports of gold during the
fiscal year ending June 30, 1894,
amounted to but 81, $50. 900. During the
Republican Administration expendi-
lures increased at the rate of $50, 600, 600 a
year, While the revenues decreased more
than Sic, 100000 annually. Mr.. Cleveland
retired leaving surplus of $3.50, ,36S, 600 in
the Treasury. Four years OF Republican
mlsrule reduced the surplus to So, 400, 900,
with charges fixed for the ensuing year
in round numbers to 800, ,000,-
600 IN excess of the revenues.
THE condition OF the Treasury known
to the financial world occasioned alarm
lest the Government could no longer
maintain at par the enormous burden of
$40, ,000, 600 of silver dollars, intrinsicallV
worth about sixty-hve cents on the dol
lar, and Sl50, 100000 of Sherman notes,
predicated on silver of the same charac-
ter. This was not the only cause OF the
depression.
Financial panics may be expected
about every twenty years, Judging by
the past history of this country. and was
due in the early nineties. The Barf4a
failure in London also was largely re-
sponsible for the decentralization of busi-
ness, but the fears were intensified by
the fact that the Government, already
carrying an immense volume of cur
rency, intrinsically worth less than its
par value, could not stand the additional
unusual purchase of 100000, 600 provided
for by the Sherman Act and maintain it's
silver at par. 1t was apparent that un-
less 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 commercial
value rather than their legal value,
driving gold at once out of circulation
and bringing this country to a single sill
yer standard with the same evil conse-
unlimited coinage of silver at the ratio OF
l6 to l 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, it can now
be readily obtained at low rates OF inter
est. And yet, with the terrible exper-
lences OF last year fresh in our minds, it
is proposed to open the mints without
limit to the flow of silver that would cer-
tainly produce silver mono-metallism.
The fear of silver mono-m -metallsm NAV
be attributed to last years panic. What
would happen with free and unlimited
coinage OF silver, which would abSo-
lutely produce such result?
Mr.. Smith closed his speech with an
appeal to the voters of the States to re-
main true to the Democratic policy of
sound money inaugurated by jefferson,
by Jackson and preserved by
Cleveland"
ESTEE ARRIVES AT LOS ANGELES.
Los ANGELES, Sept. 7.-Morris M.
Estee, the Republican candidate for Gov
ernor, arrived in this city on the Jonathan
Club special train at o'clock this even
IL
Lancaster, where he had been delayed on
account of the wreck this morning, and
after he had been transferred to the spe-
cial portion, at least. of the eighty miles
intervening between that point and this
city was run at the rate of a mile minute,
being the fastest railroad travelling ever
made in the southern part of the State.
The extreme speed was necessary in
order that MIR. Estee might meet his en-
gagement to speak at Pasadena tonight.
AS the train was pulling out w, III.
President of the Jonathan
Club, made short address of welcome to
Mr.. Estee, and introduced General
Pierce. who, with ]. w, Wood OF Pasa-
dena, welcomed Mr.. Estee to Southern
California.
In response Mr.. Estee said he did not
expect such a reception as he had re-
ceived, and he had no words with which
to properly convey his appreciation of
such treatment He said he was not
much of a speaker at best, but in this in
stance the best he could do was TO tender
his grateful thanks. He took occasion to
pay his respects to Southern California
by saying that he knew no sectional
boundaries; that he lived in the great
State of California, and its every part was
dear to his heart.
Mr.. Estee will address mass meeting
In Los Angeles tomorrow night, after
which he will be rendered reception.
Express Train Wrecked.
RATION On. NJ, Sept. THE California
express, westbound. on the Santa Fe was