The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1894-09-08

VI way. he tSpcSiohy oScN thS 70
peal OF the ten per cent tax on state banks
as a remedy, within the control OF the
United States, of great value.
SILVER COINED BIZ THIS COUNTRY.
After sketchine the history of silver de-
monetization BY Germany in 1871 and sub
sequently by Norway, Sweden, Denmark,
Holland, Russia and the nations compris-
ing the Latin union, Secretary Smith
said:
I'm the meantime the United States had
changed from the coinage or only soO5l.-
go silver dollars in 50 years up to 1878 To
the coinage of S4l9, 756, 900 standard silver
dollars aud to the purchase or silver upon
which treasury notes were issued. making
total coinage value of 500, 600, 900 of sill
yer used in this country during the last
twenty years.
From an average of 81, 100000 year the
United States had changed 10 the use OF
nearly $4,000, 900 a year: the annual
product of silver in the meantime had
changed from $50 900, 900 st the coinage
ratio of 1873 TO 500 000. 900 at the coinage
ratio of 1892 and deprecated in value
about 90 per cent. From the facts
several conclusions are irresistible.
First, the people of the L nNed States have
the use of seventy times as much silver as
money of full legal tender at present as
they had before 1873; secoud, the deprecia-
ton in the value OF silver was due to causes
other than its treatment in the United
States
Is AFRAID OF THE DEGRADED DOLLAR.
1T is therefore evident that silver at
ratio Of 10 to /, If unlimited coinage
was attempted in this country, must
either flood our minis with enormous
quantities of silver. which would
at once depreciate the value of our money,
or 1t would be coined only in reasonable
nnuld "A n
tally effect the mercantile value of the
bullion throughout the world. In either
event, we would be forced 10 the exclusive
use of a dollars worth only
little more than half the present
dollar. 1t would cause the settle
cent on the dollar IL would require the
reorganization of all prices to be adopted
to the new deprecated currency. 1t would
compel change of all legislation in fixing
salaries. 1t would necessitate the entire
REIMBURSEMENT of the private and govern
ment business of the country TO meet con-
ditions caused by degraded dollar. The
confusion incident to such ShaDges would
be great Commercial failures, business
wrecks and ruin must be at once pre-
cipltated.
DEPICTS TERRIBLE PANIC.
mo panic from which our country has
SuhCAOu NC ptlcu W tHhb
would fall upon the Industrial interests by
sucn action. The fear that the govern
ment of The United States would not be
able to maintain its various moneys upon
parity, but that we were upon the point
of being forced to the silver stand
ard with results similar to those
Just described, materially Contributed to
the panic of last year. For the condition
of the treasury which led partly to the
fear, the Republican administration was
responsible. The whole administration of
Mr.. Harrison, with the exception of the
first year, (Which received its impetus from
the excellent financial conditions existing
at the close of Mir. Cieveland's term,) was
one of falling revenues, increasing eXpend-
itures and heavy export alton of gold.
The receipts during the Cleland admin
istration were SCI 900 600 less than during
the Harrison administration, while the
total expenditures were over S2Sl 900, 200
less twenty-five million dollars in gold
were imported into this country in excess
of the amount exported, during Mr.. Cleve-
lands term, while Mr.. Harrison retired
from Office with net gold balance against
us of nearly Sl5S, 600, 600. These figures are
startling. The net exports of gold during
the last three months of Mr.. Harrison's
administration amounted to S36, 900, 600
while the net exports of gold during the
fiscal year ending June, 80, 1894, amounted
to but 81, $4,000.
ALSO TALKS OF REPUBLICAN MIsRULE.
During The Republican administration
expenditures increased at the rate of S60
O00, 900 year, while the revenues decreased
more than SIS, 600, 900 annually. Mr.. CIeve-
land retired leaving surplus of $780,
34S, 900 in the treasury. Four years OF Re-
publican misrule reduced the surplus to
S62, $50 600 with charges fixed for the en-
suing year amounting in round numbers
to sos, 900 coo 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 1920, 600, 900
of silver dollars iBtrInsicaily worth
about O. cents on the dollar, and $50, 0OO.
coo of Sherman notes. predicted on silver
of the same character.
PANICS COME EVERY TWENTY YEARS.
"This was not the only cause of depres-
sion. Financial panics may be expected
about every twenty years. Judging by
tina past history of this country, and this
panic was due in the early ninties. The
Barring failure in London also was
largely responsible for the demoralizs-
ton of business, but the fears were
intensified by the fact that the
government, already carrying an immense
volume of currency intrinsically worth
less than it's par value, could not stand
the additional unusual purchase OF
$50, 600 600 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 not
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 coun
try to single silver standard with the
same evil consequences that wonld follow
the free and unlimited coinage OF silver at
the ratio of l6 to by the United States
alone.
1.-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 1873 it can now be
readily obtained at low rates OF interest.
aud yet, with the terrible expert
ence of last year fresh IL our
minds, il is proposed 10 open the minis
without a limit to the flow OF silver that
would certainly produce silver monemetal
lism. II the fear of silver monemetsllism
materially Contributed TO last years panic.
what would happen with free and un-
limited Coinage OF silver IL would aDso-
lGteiy produce such = result
Mr.. Smith closed his speech with en- np-
peal To the voters of the state 20 remain |
trOe 10 the DefnOcretic ptluOaFic VI eounu
money inaugqrated by Jefferson support |
Ell by jackson and preserved By Cleveland |
The Istrostchfk Fetched the Rub1e.
once had an adventure with a droseT I
driver in st. Petersburg whose tactics 4
in order TO obtain extra payment for driv- l
ing me were more ingenious than threat /
10 hang himself or throw himself into the 4
Neva wanted to give him 50 kopeos, 4
and he demanded a ruble, but as / was 4
not 10 give way he suddenly, 4