People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1895-12-05
ROASTS FREE COINAGE.
y q; +: !; s. 5::lli mn

Z % rom the trstAuYU lUJ-
sued to obtain gold for the .senands
of our national credit. AS has been
shown, the gold thus obtained has been
drawn from the treasury upon United
States Notes and Treasury Notes. This
operation would have been promptly
prevented if possible But these notes
have thus been passed to the treasury
they became the money of the govern
ment, like any other ordinary govern
ment funds, and there was nothing to
do but TO use them in paying govern
ment expenses when needed.
ABOUT PUBLIC EXPENSES.
At no time when bonds have been
issued has there been any cOnsidera-
ton of the question of paying the ex-
penses Of the government with their
proceeds. There was no necessity to
consider that a question.
The time Of each bond issue We have
had a surplus in the treasury for ordi-
nary operations exclusive of the gold
in our reserve. In February 1894.
when the first issue of bonds was made
such surplus amounted to more than
$lS7,OOO,OOO. In November when the
second issue was made it amounted to
more than A2,OOO,OOO and in February
1895, when bonds for the third time
were issued such surplus amounted to
more than $lOO,OOO,OOO; 1t now amounts
to s9S,O72, 42O.3O
Besides all this the secretary Of the
treasury had no authority whatever to
issue bonds to increase the ordinary
revenues or pay current expenses. 1
cannot but think there has been some
confusion Of ideas regarding the effects
Of the issue Of bonds and the results Of
the withdrawal of gold. 1t was the
latter process and not the former that
by substituting in the treasury United
States Notes and Treasury notes for
gold increased by their amount the
money which was in the first instance
subject to ordinary government ex-
penditures. Although the law compel
ling an increased purchase of silver by
the government was passed on the 18th
day Of July 1890, Withdrawals Of gold
from the treasury upon the notes given
in payment on such purchases did not
begin until October 1891.
ALL SILvER'S FAULT.
Immediately following that date the
Withdrawals upon both these notes and
United States notes increased very
largely and have continued to such an
extent that since the passage of the
law there has been more than thirteen
times as much gold taken out Of the
treasury upon United States Notes and
Treasury Notes issued for silver pur-
chases as was withdrawn during the
eleven and one-half years Immediately
prior thereto and after the first day Of
January 1879. when specie payments
were resumed.
1t is neither unfair nor unjust to
charge a large share of our present fl
nancial perplexities and dangers to the
operation Of the laws of 1878 and 1890,
compelling the purchase Of silver by
the government, which not only fur
nished new treasury obligation upon
which its gold could be withdrawn but
so increased its fear Of an overwhelm-
ing flood Of silver and a forced descent
to silver payments that even the repeal
of these laws did not entirely cure the
evils Of their existence.
While have endeavored to make a
plain statement of the disordered con-
dition Of our currence and the present
dangers menacing prosperity and to
suggest a way which leads to a safer
financial system have constantly had
in mind that fact that many Of my
countrymen, whose sincerity 1 do not
doubt. insist that the cure for the ills
now threatening US may be found in
the single and simple remedy of the
free coinage Of silver. They contend