Oxford eagle. (Oxford, Lafayette Co., Miss.) 1876-current, 1895-12-12
.vithara~.ls to be accounted tor b. domestic

been any consideration OF the question o.
pyylng the expenses Of tue government with
their proceeds. raere was no necessity toeou-
sider that question. Al the time Of each bond
isSae we lad a safe surplus Ia the treasury for
ordIfssry operations exclusive q the sold Ia
Cur rbervcs Ia Eel mary. ts9h when the hrst
issue q our bonds "a uad- -ucs Surplus
amounted - ~v-r .f..e0las1 In November,
-Hen tie second ISL ? was male. IL amounted
! 10 over Sf.e'1npo ami In February. fss5. when
I bonds for the third time were issued. such sur
plus amauted % more than II ROW
! amounts - HSQ3En@
Besides all this the secretary OF the treasury
/. had no authority Nhatcref 70 ISSUE bonds 70
Increase the ordinary revenue or pay current
T expenses. lean not but thiak there has been
some eunfusian Of ideas regariing the effects
I u the ISSUE ~ honiS uud The results II the
: withdrawal q gold IL was tse letter r-ceeSc
and 1os fke former shat by subs,itntirg In tne
treasury rnsfed states notes Rnt treasury
: notes for gold Increased bT their amount the
money which was Ia the hrst Instance subject
20 ordinary government expenditure.
WHEN rnx BEGAS.
Although the law Compelling an increased
purchase - silver bg t1c S~lFcrnuHnt was
PASSED on the iith dag OF JAY t-p0 win
drawals % geld from the treasury upon the
notes given n payment on srch parea ses dIi
net begin until October, f-st. tmms1fsrcty fol-
loving that date the Withdrawals upon both
these notes and Tnltei states notes increased
very largely. and have cuntinCesi TO such =
extent that since the passage Of that lay there
has ocen nors than thirteen times a. naea
sntd taken Gus o. the treasury upin United
states notes and treasury notes issued for ST.
yer purchases ~ was thus wi hdraw1 t1rizg
the eleven and a hatf years Immediately proc
thereto and after the fst dag Of January. 80.
when specie payments we're resumed
~snARsEABLK TO risE -srtyEazpuprHs sE LAWS
II IS neither Unfair nor unjust to charge a
large share Of our present financial perpiexi-
ties and dangers to the operation u the laws q
f.7S and i.s1. compelling the purchase q silver
By the COVE rnmeut. which nor oniy furnished \
new treasury obligation upon which Is gold
could be Withdrawn but 50 Increased The fear
Of an overwhelming food Of silver and a forced
descent to silver ayment thar even the re-
peal OF tn a~e laws did not entirely cure the
evils OF their existence.
As TO FsEH cofsAsE ~ SILVIA
while I have endeavored % make a plain
statement Of this, the dlsurdcrgl cfngitiGa %
our currency and the present dangers menae-
ing our prosperity, and % suggest a way
which leafs % q SAFER financial system.
I have constantly had IN mind The fact that
many OF NJ eountFymen whose sinccritf I do
not Doubt Insist that The cure for the lis nov
threatening u may be found in The Sizgir and
simple remedy q tae free coinage q siiver-
Thsy ceufead thar cur mlnt~ shall ~ az ores
thr8zn ou.n 10 tes free. sainii-.s aad luda-
peldens coinage - beth Tutt ard silver dol-
izr~ % fal lsEal-tender quality REGARDLESS q
view o. thr fact taa1 the nla oetHre7 tie
metals Which they slElE~- calls fgr one hun
cred cents North % znit In me gold dollar ~
the present Standard AMI ONLY aftF cents n
n Intrinsic Nurth Of silver iu the silver DOLLAR.
wrre there Infinitely stranger reasons shan caa
D. asfdurrd for hopirE ftat ~urh xction xuuid
-a@=e - ~ NHHNAA 1911 -
lines ~ uarirv an experiment ~ novel and
haz1rlulF~ as that proposed might veil .tlgger
thase she believe mas stability an impsrz-
tive cardt.iou - sound money.
No government. no human soufrtvarrr Or
az. q lrGtslatinn. has ever been able 10 holl
thetwe metals together IN FREE coinage - 4
- established Ia the markets q The world
A~Hszsan1r E-~Prarxxxr
These sha believe that our lntepenlent free
eni1ase = silver a. "A ARTIFICIAL raEio wtth gssl
metals aud consequently between ths eaie=
opFuse an unsupported 4nd lmpunh1nie taeGrr
10 fhe general belief an prctire % utarr as-
tu9S aId tH tue t-acuinE - ne Nlse~E -t11ss-
men AMI erlunsuists q me world. ussta il the
psst and present and Shar - Gar more cca-
elusive. t1eT run roanter n oar own xrtrai e.
pestease~ TNice in our earlier aisrnry our
~laE-maAsr~. in attempting % establish a H-
mslAEc currrncv. undertook frees coinage up-
en- a ratio whlen accidentally varied
from tAe actual reiative vai1c q no
two metals uat more than , pr
cent both esr nat~ttAslaHdtns
man nov sxf-r the coins whose intrinsic warta
vas EnaeryGlaed IN the ratio graiGallY aud
surely disappeared from our circulation a1G
went - other countries where their real valls
was better recognized Acts % cuag~rs~ were
tznuntent tn create equality where natural
causes tecreel even a slight inequality
Twice In our rerelt history We have ssgl24ty
t1l1entp raise By legislation the value Of sill
yer. Under an act OF congress passed In -.
the government va required for more than
- n the purchase % silver bullion for courage.
The act u luis - ts9N. in a still buiier EFFORT.
Increased th= amount ~ silver the govern
msnt vas compelled 70 purchase aud f1rred u
= becunne thu buyer annually Of 5lH9ff
ounces OF practically tho entire product Of cur
ritie= Eafter both laws silver rapidly and
steadily declined IN value. The prophecy aud
tae expressed hope and expectation Of those
% TIE eaazrsss WIN led in the passage Of the
klst mentioned act that u would re-sStlhlish
ant maintain the former parity between the
tso metals. are SIN fresh In cur memory.
~ FHE EIsar OF PAST ~ExPERTEScE
In the Light Of these experiences which &C.
sord nth the experiences OF other nations
thsfs - eerlAlaty no SECURE ground Tor the be-
lief that an act q congress could now bridge
al inequality Of - per cent between gold and
silver At cur present ratio. nor IS there in the
least possibility that our country. which has
less taan One-~fEeuth OF the silver money in
the world. could by It's action alone raise not
only our eva but all silver to its lost ratio
with gold Our attempt to accomplish this by
the free coinage Of silver at a ratio differing
widely from actual relative values would be
Tue signal FOR the completes departure of gold
from cur circulation. the Immediate and large
contraction % our circulating medium and 4
shrtnka-e n the real valle and monetary Ell
cheney Of all other forms OF currency as they
settled 10 the level OF silver mon0metallism
Everyone who receives q fixed salary and
every worker for wages would ind the dollar
IN his hand ruthles " scaled down to the p0in,
OF bitter disappointment IL not To pinching
RtleAtlah AehaHze IN our standard 10 silver
recommendation would also bring on a collapse
q the entire system Of credit. which when
based on a standard which is recognized and
adopted By the world OF business * many
/, times more useful than the entire volume OF
CUR ncy. and 4 safely capable OF almost in
definite expansion TO meet the growth OF trade
In a seif-invited struggle through darkness
and uncertainty, cur humiliation would be In
creased BY the consctcuSnesS that We had
parted company with al the enlightened and
progressive nations % the world and were
desperately and aopelessly striving To meet
the stress % modern commerce and competi.
E ZION With I t@hXaH1 And Wu-uIr1hla currency
and N association with the few weak and lag
gard nations which have silver alone As their
Standard Of ya4ne- AL history warns u against
rash experiments which threaten vi0ieu;
changes n Cur Monetary standard and the de-
graduation Of our currency
SATIosAL ~FISsSCtAL HoS0R INVOLVED.
Our eonatry's Indebtedness. whether owIns
sy the government or existing between indl-
vidu1ls. has been contracted Win reference q
our present standard To decree by act OF ecu.
gress thaE these debts hall BE- payable In less
valuable dollars th1n those within the euntem-
platioa and iut-ul0r % the parties whea cau-
t~raetef wouAt operate % transfer. by the IA,
q properly aAd . volume % rAgnts and Inter-
ests almost laca.ruisbi@- Those who sfvurafe
bind AID headlalz pillEe 20 fre~ coinage a
ne name 4 osrletaulsul. ara urJfe~siau the
hetef cuafrarV - AL eNrsrienre. that Na
cuEad tnaz establish . dounle standErI aud a
Concurrent eirenlatpn q n1ta metals IN ou'
eaiaa<e sns e~ertalaly r-cksainr frusn a cl0ndy
-HAaau1lHE oar present. Standard Of value i
te STANDARD - lAe civilized Narli and permits
- s1H &aAFAtalNAU AEA ka-aaNara or ~ MAsl
t141 EttHAG the l1dencntirur rracn % n1r sinvi4
aa-iou a9NeVer powerful that nafioa nav b.
} While TIE saaas p soAd A. a standard i stead
ed d alraosf universal commercial and busi-
a - tie IL daeS not 1e~pise silver nor seek Il.
oan4s1naenE Wherever this standard l. nziu-
t4lnesf. there By il side. In free and unqaex.
toned circulation = t1Hnd a volume q silgei
enrrency. S9uetines equalin=. aad sometimes
even e1ceedirg d IN amount. hath maintained
Al parity notwithstanding a depreciation OF
aaefn1t8an IN tn ~lntrtasic value Of silver.
MIST w FTxED AND CERTAIN
There Is a vast elre-ence between a standard
q x41ae 1aai 4 currency for monetary use. This
>tAndar1 m1st necessarily BY fixed and GER
rAi1- The currency may be in diverse forms
and Of Eartors kinds No silver STANDARD eou1-
sry has a gald currency in circulation. but an
e1Agatenet and wise system Of finance
secures The benefits OF both gold and silver a,
currency ans circulating medium By keeping
he standard stable and all other currency al
par with IL >uch q system and such ! stand
ard also give Tree scope for the use and expaa-
slon OF safe and conservative credit so tndis-
! spenstole 70 broad and growing com
: nerci1l Transactions and 50 well sub
xtltuEed for Tie actual use OF money