Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-09-08

e'"si.NfN sllNcr dollars IN eighty years
up TO iSss. to the coinage OF aia, 5b6 600
standard silver dollars and to the pur,
chase OF silver upon which treasury
notes were issued. making total coin
age value OF $50 100000 Of silver used
In this country during the last twenty
Years. From an average OF 100000 a
year. the United States had changed to
the use OF nearly sSO,0OO,O 600 year.
The annual product OF silver. In the
meantime, had changed from $4,000 600
at coinagc ratio In iS7a 60 800 900 900
az coinage ratio In 1892. and deprcclat-
ed In value about per cent. From
these facts several conclusions ore ir-
fesistahle. First, the people Of the
United States have the use Of -a-vvnty
times as much silver as money OF fun
LEGAL tender At present as they hNi
before 1898, Second. the depreciation
IN the value OF silver is due TO causes
other than It's treatment In the United
States. IL " therefore evident that
silver at q ratio OF lt 10 l, " unlimited
coinage was attempted ln this 'ountiN
must either nood our ninta with cnOr-
NOUS quantities OF silver which would
my doprcclSte the valno OF our money
or Il will be coined only In reasonable
quantities. and then could not sub
stGntially AFFECT the mercantile value
OF the bullion throughout the world.
In either event we would he forced 70
the exclusive use Of u dollar, worth
only little more than half the prosent
dollar Il would cause the settlement
cf contracts at the rate OF 80 cents on
the 81. IL would require the irorHnnisa-
ton Of all prices TO be adopted TO tng
new deprecated currency II would
compel chnnEc OF all legislation IN
nNing salaries II would necrsslae
the entire rcAdiustmcnt OF the private
and government business of the umtli
States To meet conditions caused hS a
degraded dollar The confusion met
dent to such changes could NeNr'N,N W
described. Commercial disorder ousl-
ness wreck and ruin must AT once he
nrcrinitntod. No panic from which our
enuutry aver suflercd has been conn
pnrnblc 10 the one which has been M
nicted upon thc indus triM ihteteA'h W
gnrh action 49,,
The fear that the government OF wy
United states would not be "p.v
maintain It's various inohleh w "N,satn,,
hut that we were ON the point ol pVu't
forsed to the silver standard WIN "
s,,ita tas,ultAr TO those just dCscllhuu,
materially contributed TO the pNhV 81
last year. For the condition OF Wv
trcaslry which led, In part TO thla leut
The Republican administrator WIZ
swnnsiile Tho whole OF Mr. Harrison
Standardization with the exception OF
Inc arat year (which received ltH IN
uetug from the excellent financial con-
ditioua eNiating at the CLOSE W ~
Cleveland's term was one ot inihns
revenues. Of Increased expenditure ~
n henvy expectation OF goldThc reeelpt
du,inr tho cleveland administration
were gixty two million doilnta less tlhn
during tho HurrlHon administration
willie the total cNpcudiiW en- We're VNNt
sgsi 600 600 less; 23,OOOOOo gulp Wert lpn-
ported into this country In excess OF w W
amount exported during ClcNglhhuu
term, while Mir. Harrison retired from
onice with net gold balance nHhihht
Ne of nearly SIS, 600 900 These figures
arc startling The net exports OF golo
during the last three months of Mt
uHrrlson'a administration amounted 70
1896, 600 900 while the net exports OF Hvlu
during the fiscal year ending June ~
isQi amounted to 81 $50. 600 During the
RcpublIcuu administration eNpcndi-
lures Increased az the rate OF sixty
million "A year while the revenue de-
creased more than SlS,O00,OO0 annually
MIR, Cleveland retired leaving a sur
plus In the treasury OF ss9O'ah,uVu' four
| years Of Republican mlsrnle reduced
| the surplus TO SG2 100000 with charges
fixed for the enRurlnE year amounting
IN round numbers to $4,000, 600 IN eN.
cess Of the revenue Tho condition or
the treasury known 10 the hnanclAl
world accustomed alarm lenst the
government could not longer mnlnthln
w nhf iIlf NilNlINhAN bAAN'iA - HHHfFH'f
OOO OF silver dollars iutrinscally worth
about Gh cents ON the dollar and $780,
000.O 900 of sherman notes prodieated ON
silver or the same character THIS was
not the oIly cause of the dcpienHlon
financial uanos may be expected
about twenty, judging ny past hlhtoty-
"The Barring failure IN London also
Ia largely responsible for the demorall-
zatlon Of business. but the fears wrro
Intensified by the fact that the govern
ment, already carrying an Immense
volume OF currency lntrinsicnlly worth
less than lts par value. could not
stand the additional purchase OF 500
000 900 provided for by the sherman
net and maintain lta silver at par II
was apparent that unless these pur.
chnses should cease the day would
come when gold and silver dollars
could no longer be maintained at
parity and would reach their CONNER
olni value rather than their value,
driving gold at once out Of circulation
and bringing this country TO single
silver standard with the same evil con
roauencen that would follow the free
and unlimited coinage nf silver at the
ratio OF lg TO / by the United States
nlone. The repeal ~ the purchasing
clause OF the Sherman act stopped the
panic and whore money could not be
Lad al any price IN the eummcr Of 1898
II can now be readily obtained ~ low
rates Interest And yet with the
terrible experience OF last year fresh
~ our minds. It IL proposed 10 open the
ininta without n limit 20 the dow Of
silver that would certainly produce
munometalllsm, The fenr ~ silver
recommendation materially contributed
TO last years panic. What would hap
pen with free and unlimited coinage OF
silver which would absolutely produce
such n rcauitY"
Mr.. Smith closed his speech with nm
appenl 10 tho voters OF the state 10
remain true 10 the Democratic prlnci-
pies Of sound money inniigirhtnd by
Jefferson. supported by Jackson and
preserved by Cleveland.