Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1894-04-18
Gold and Silver Dollars.

For the SPECTATOR.
| What has affected the purity between silver
, and gold dollars? The equality of silver and
gold dollars has been prescribed in quantities
of metal in each by law. They have been
unexampled prosperity and greatness, indie,
pendently, with full knowledge of the fact
| by the world. The money Of the United
States the bank paper based on it for final
redemption in value and the credit OF the
United States never stood higher, nor was
more satisfactory to the public. What then
produced the sudden and distressing change in
the business of the country? The veto mes
| sage says, at was very generally conceded
that the operation of law. then in force,
which required the government to purchase
monthly large amount of silver bullion and
issue its notes in payment therefor, was either
entirely, or to large extent, responsible for
our condition" Under the Shearman-pur-
chase act, in force Feb. A. 1890, repealed Noy.
1, 1898, there were purchased by the Secre-
tary of the Treasury more than 16S, 900
ounces of silver bullion. In payment for this
bullion the Government issued its Treasury
notes of various denominations amounting to
nearly $165, 100000, which notes were imme-
diately added to the currency in circulation
| among the people" The notes were known
as silver notes or silver certificates On the
demand of the holders of 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 redemp-
ton provision that it was the established
policy of the United States to maintain the
two metals on parity with each other upon
the present legal ratio or such ratio as may be
prescribed by law" The duty of the Secre-
tary of the Treasury was clearly defined, his
discretion limited the receivers of the notes
and the world apprised that, in their redemp-
ton in coin, the established policy of the parity
of the metals should be preserved by the
Secretary, by paying in equal quantities Of
such metal, or if the imprimatur of the Gov
eminent was needed to strengthen silver, to
pay all in silver. When a run with the silver
notes, by money-changers and spectators, to
fill foreign orders for gold was made, the
Secretary surrendered his discretion to the
wishes of the spectators, violated the legal
restrictions on him and paid all the silver GER
tificates presented in gold, the very thing the
legal caution on him was designed to prevent.
By this fragrant breach of trust he gave the
high sanction of the Government to the
spectators discrimination against silver,
ignored the established policy of country and
made an unconditional surrender to the op-
ponents of her monatry system, which has
been seized upon by the money-changers of
London and New York, with their followers,
to decry silver, greatly depress property values
and increase the purchasing power of gold
By the advocates of British gold standard it
was proudly claimed that the finance of the
United States was impregnable, and that all
corners should be paid in gold, without regard
to parity Or contract to pay in silver or gold
The large balance in the Treasury at the end
of Mr. Cleveland first term enthused his sue
cessors, and high hands of extravaganza were
lifted by the visionary Mckinley, to put
money into the Treasury, and Secretary Foster
to pay it out-both bankrupt in their private
fortunes and poorly fitted to manage the
finances of great nation-''the borrower is
servant to the lender"
by the report that the Treasury had run down
to minimum and that it was necessary to
borrow money by the sale of bonds to get gold
to float the government, with an immense
amount of silver on hand totally unavailable
under the new policy inaugurated-the use of
gold alone in payment of silver certificates
Mr.. Cleveland came to his second term to find
an almost bankrupt treasury, with extrava-
gance and abuse on every side, supposed he
could remedy the evils by retrenchment and
economy, &c., but returning prosperity was so
long delayed that our Aaron demoralized by
disappointment, has engaged to complete the
Golden Calf commenced by his predeces-
sors and the amazed and weary people be
called to bow down to the idol of London
the Babylon of the age. When will our
Moses come and restore the laws and traditions
of our Fathers?