The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1894-04-30

world without being in some way
assisted? And if not, to what
methods stall the people of the
United States resort? Shall it be
paper money? The national bank
circulation is now far less than it
was five years ago, and will CON
tinue 10 decrease. Even If these in.
stitutions were authorized to issue to
the face value of their deposited
bonds, this would constitute but 9
casual addition to the currency.
Or shall We take up the PROPOSE.
ton to issue government promises
to pay, or other paper, TO circulate
as money? This project can never
find favor with thinking people,
who see in it both temptation to
extravaganza and strain upon gov.
eminent credit which should never
be resorted to except in time of
war.
TO Democrats federal paper
money suggestion is still more I'm.
acceptable, as doubtfully authorized
by the constitution. In this respect
the United States is still more poor.
ly prepared than European govern
ments to do business on a gold
basis, for through such instrumen.
talities as the Bank of England,
Bank of France and the Imperial
bank Of Germany the great trans
Atlantic countries can expand their
currency by note Issues on gold
reserve in seasons Of financial stress.
In this country we have no self
acting machinery of that sort, and
under present conditions our in
duatrial progress is narrowed to
hard gold.
Where then shall we turn to find
a measure of monetary expansion
and development? We look up
from the pages of our daily observa.
ton to find necessary way. We
turn to the pages of our consti.u-
ton to find Legitimate way. We
turn to the pages of experience to
find safe way. In my judgment,
we find both in the free and I'M
limited coinage of silver.
There are some so fixed by prep0s-
session and so determined to ignore
silver that they will scout the prem
Uses upon which the argument in its
favor is constructed and asserting
that gold is now and will continue
to be the only money metal of the
world, they will only aver their
willingness to commit the destinies
Of this country to the chances of a
gold policy.
Others, however, will follow the
argument up to this point and agree
ing that the mines of the world do
not furnish gold enough to supply
just volume to the money of the
world agreeing that there ought to
be some plan devised to utilize silver
for this purpose, bat will not agree
that the free and unlimited coinage
of silver by the United States is
that plan. Their objections run in
Just about this circle: The great
nations of Europe pursue the other
policy and we must stand in line
England, Germany, Holland and
Franco have abandoned silver coin
age, and if we began it the entire
silver of the world would be
dumped into our mints; that the
silver dollar should depreciate in
value until it had fallen far below
par with gold; that the gold would
all leave US and go to Mexico; that
we would go to silver basis like
Mexico; that the bullion in silver
dollar is worth less than so cents;
that law for the coinage of silver
would therefore be merely bounty
to the silver mines of Colorado;
that silver is cheap money; that the
laboring classes are always the first
to suffer from such issues, and that
the experiment would be attended
with disaster" But many VINO
feel all proper solicitude that the
United States shall have no other
money but sound money feel that
these objections are unreal. We
believe the experiment of free and
unlimited coinage can be entered
upon safely. By free coinage we
mean equal coinage, that is to say,
that the COINAGE of silver shall 10