Mexico weekly ledger. (Mexico, Mo.) 1855-1956, 1894-04-05
AYERS
Cherry Pectoral
Promptto act, sure to cure

Prompt to act, sure to cure
our convalescence, nor should we
forget that relapse at this time
would almost surely reduce us to Il
lower stage of financial distress than
that from which we are just emerg-
ing. | believe that if the bill under
consideration should become a law,
it would be regarded as a retrogres-
sion from the financial intentions
INDUCED by our recent repeal of the
provision forcing silver bullion pur-
chases; that it would weaken if it
did not destroy returning faith and
confidence in our sound financial
tendencies, ,and that as consequence
our progress to renewed business
health would be unfortunately check
ed and return to our recent dis
tressing plight seriously threatened.
This proposed legislation is so
closely related to the currency con-
ditions growing out of the law COM
pelling the purchase of silver by the
Government, that a glance at such
referred to, may not be improbable.
Between the fourteenth day of Au-
gust, 1890, when the law became
operative, and the first day of No
vember, 1898, when the clause it
contained directing the purchase of
silver was repealed, there were pur-
chased by the Secretary of the Treas
ury more than 16S,000,000 OF
ounces of silver bullion. In pay
ment for this bullion the Govern
ment issued its treasury notes Of
various denominations, amounting g
to nearly $156, 900, 900, which notes
were Immediately added to the cur
rency in circulation among our peo-
pie. Such notes were by the law
made legal tender in payment of all
debts, public and private, except
when otherwise expressly stipulated
and were made receivable for Gus
toms, taxes and all public dues and
when so received might be re-issued.
They were also permitted to be held
by banking associations as part OF
their lawful reserves. On the de-
mand of the holders these Treasury
notes were to be redeemed in gold
or silver coin in the discretion of the
Secretary of the Treasury; but it was
declared as a part of this redemption
provision that it was ''the establish
ed policy of the United States to
maintain the two metals on parity
with each other upon the present
ratio or such ratio as may be pro
vided by law" The money coined
from such bullion was to be stand
ard silver dollars, and after directing
the immediate coinage of little less
than twenty eight million ounces, the
law provided that as much of the
remaining bullion should be there.
after coined as might be necessary
to provide for the redemption of the
Treasury notes issued on its purchase
and that ''any gain or seignioragt
arising from such coinage shall bt
accounted for and paid into the
Treasury" This gain or seignior
age evidently indicates so much o
the bullion owned by the Government
should remain after using a sufficien
amount to coin as many standard
silver dollars as should equal il
number t be dollars represented BY
the Treasury notes issued in pay
ment of the entire quantity of bul
lion. These Treasury notes nov
outstanding and in circulation
amount to 1852 ,951 ,2S0, and al
though there has been thus far bu
a comparatively small amount o
this bullion coined, yet the se-callet
gain or seigniorage, as above defn
ed, which would arise from the coin
age of the entire mass, has beer
easily ascertained to be a quantit,
of bullion sufficient to make whel
coined 50, 156, ,6S1 standard dollars
RELATIONS BETWEEN GOLD AND Sill
| YER.
Considering the present intrinsi
relation between gold and silver, tn
maintenance of the parity between
the two metals, as mentioned in thi
law, can mean nothing less than th
maintenance of such a parity in tn
estimation and confidence of tn
people who use our money in thei
daily transactions. Manifestly tn
maintenance of this parity can onl
be accomplished so far as it i
affected by these Treasury notes IAN
in the estimation of the holders c
the same, by giving to such holders
on their redemption the coin, ,whethe
it is gold, or silver, which they pre-
fer. 1t follows that while in term
the law leaves the choice of coin
be paid on such redemption to th
discretion of the Secretary of th
Treasury, the exercise of this discre
ton, if opposed to the demands {
the holder, is entirely inconsisten
with the effective and benefici,
maintenance of the parity betwee
the two metals.
NECESSITY FOR PARITY.
| II both gold and silver are to serv
us as money, and if they togethe
are to supply our people safe an
stable currency, the necessity {
preserving this parity is obvious
Such necessity has been repeated
conceded in ths platforms of bot
political parties and in our FEEDERS