The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1895-12-14

or the next hour By the presentation Of the
rStss they rscsiysd ~ sssn1Hgs dof e
such not taken from surplus revenue 70
buy gold in the market. or course. he
could not % this WITHOUT ,s paying 4 premium.
not 30 restrained from = making the best best
to the treasury; but the moment the secre-
tary of the treasury bought gold on any
erai and Y universal premium upon Il. thus thus
breaking down the parity between gold
%h aa the tine
and serious complications
Would he Unjust Taxation.
Besides the accumulation in the treasury
people through taxation is Justly regarded led
| as an evil. and cannot proceed far without
of om ahe
scheme Of taxation which proves itself to
be unjust when IL takes from the earnings
and incomes of the citizens money so
much in excess Of the needs of govern
condition has heretofore in time Of sur
Currency to the people BY the purchase
Its unmatured bonds at a large premium,
national BANKS and we easily G reR%smber
| that the abuse of treasury accumulation
has furnished a most persuasive argument
| in favor of legislation radically reducing
/ our tariff taxation.
Cant Rely Upon Increased Revenues.
Inasmuch as the withdrawal of our gold
ans fr S rsa ts .
| tinuance or recurrence, with its natural
consequences, except such a change In our
frightened and make the desire for gold
less intense. 1t is not clear how an In
satisfy those whose only anxiety Is to gain
gold from the governments store. II can,
| revenues a a n
| To Maintain National Credit
Bonds were issued to obtain gold for tho
| maintenance of our national credit. As
has been shown. the gold thus obtained
upon United States notes and treasury
notes. This operation would have been
notes having thus been passed to the treas
ury, they became the money OF the governs
funds. and there was nothing to do but to
use ,S them ad n paying goyernment expenses
SaVe bee soi issued has there bsen any eon
sheraton Of the question Of paying the
expenses of government with their pro-
that question. At the time OF each bond
Issue we had safe surplus in the treas.
when the first issue of bonds was made.
aV WSen the 50 second SSsa ISSUE was
nnd II 81 %hs sf bonds
smoHn,sd to q, mere re than 81 new
| the secretary Of the treasury had no au-
thority whatever to issue bonds to increase
the ordinary revenues or pay current ex-
penses.
silver Largely Responsible.
| Although thelaw compelling an increased
| purchase of silver by the government was
passed on the 14th day of July, 1880. with
| drawals of gold from the treasury upon the
notes given In payment on such purchases
did not begin until October, 1891. Immedi-
| .aIxy f,IIx. a
upon both these notes and United States
notes increased very largely and have con-
passage Of that law there has BEEN e more ore
than Is times as much gold taken out OF
the treasury upon United States notes and
as was thus withdrawn during the III
years Immediately prior thereto and after
payments were resumed. Il is neither e un.
| fair nor unjust to charge a large share os
% se p
1850. compelling the purchase of silver by
the government >4nns
A Hazardous Experiment.
| While / have endeavored to make plain
our currency and the present dangers
menacing our prosperity. and to suggest
tenn, I have constantly had in mind the
fact that many OF my countrymen, whose
| cure for the ills now treatening US may be
found In the single and single remedy Of
ssa II at opec be
| to the free, unlimited and independent
coinage of both gold and silver OF full
ton Of any other government. and in full
view of the fact that the ratio between
Worth ~ m e sod dollar
| at the present standard. and only so cents
| In intrinsic worth Of silver in the silver doll
| lar.
Opposed to Our Own Experience.
Those who believe that our independent
free coinage Of silver at an ARTIFICIAL ratio
the n parity sD between the Metals and eonse
supported and Improbable theory 70 ths
men and economists Of the world. both In
e con i they 'I run Counter to our own
| actual experiences
Twice II me se history sy I Tia
value of silver, Under an act Of congress
passed in 1878 the government was r,s re,
annually at least t24 .Ooo. 900 in the purchase
| Of silver bullion for coinage, The act of
creased the amount Of silver the govern.
ment was compelled to purchase, and
j to oe fas the entpo
| product of our mines. Under both laws
Silver rapidly and steadily declined in
value.
Dire Eject OF Free Coinage.
In the light OF these experiences, which
accord with the experiences of other ma
| tons, there is certainly no secure ground
| for the belief that nn act of congress could
| now bridge an inequality OF 80 per cent.
| between gold and silver at our present
| ratio, nor Is there the least possibility that
| our country. which has less than one-sev-
| enth of the silver money In the world.
| could by its action alone raise not only our
| own but all silver to It's 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 the
| signal for the complete departure of gold
| from our circulation. the immediate and
| large contraction of our circulating med.
| ium, and a shrinkage in the real value and
| monetary efficiency OF all other forms Of
| currency as they settled to the level Of
| silver monometallism.
Must Maintain the Single Standard.
| Those who advocate a blind and head
long plunge to free coinage In the name
| of bf-metalism and processing the be-
| lief contrary to oil experience that we
| should thus establish double standard
/ and a concurrent circulation OF both met
| ais Of our coinage are certainly reckoning
| from a cloudy standpoint. Our present
| standard of value is the standard of the
| civilized world and permits the only BIZ
| metalllsm now possible. or at least that
Is within the Independent reach of any
| single nation, however powerful that ma.
| tion NAV he. While the value of gold