The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1895-12-05

presentation for gold. >Uch retention to he
useful ou-ht to be at least as ,u:ably per-
manent and this i precisely wnat is pro-
hibited. so far as United States notes are con-
cerncd. bf tle law OF 1873 focbi iding their fU-
tue retirement.
Ii will moreover he readily seen that The
government would not refuse to pay Gus
United States notes and treasury notes in cur
tent transactions when demtrded and insist
On paving out silver alone and still maintain
the parity between the met ii and the cur
rency Representing god Besides the @ccum-
ulution in the treasury Of currency OF any
kind cxacted from the people brought through
taxation justly reg lrded rs On evil =
Perhaps it is supposed that sufficient rev
cnuc receipts would in a sentimental way i'm
prove the situation by Inspiring confidence lit
our sulvcncy and aliaying the felr OF pecuniary
exhaustion.
At no time when bonds have been issued ms
there been any consi icration of the question
of paying the expenses OF government with
their proceeds. L ere was no necessity to
consider that question At the time OF each
bond issue we had safe surplus in tle treas
ury for ordinary operations. exclusive OF the
gold in our reserve. In February. 1891. when
the first issue of bonis was made, such sur
plus amounted To over s.SOJU.OOO In November.
when the second issue YVES made, it amounted
to more than .4s.0w0,o. and in February, 1875,
when bonds for the third time we're issued.
such surplus amounted to more than slOo.0JO-
OC0. 1t now amounts TO :!S0'!. $50 =
On july |. 1897. more than year and half
before the first bonds we're issued. TO repienlsh
the gold reserve. there WIS net balance III
the treasury exclusive of such reserve OF less
than $13Ot0Dt0 but the gold reserve amounted
to more than sil i.DOlOOi. which was the quiet
ing feature of the situation. 1t was when the
stock of gold began rapidly to fall thit + light
Supervcned and our securities ncid dbrOat
were returned for sale an debts owe abroad
we're pressed for payment. In the mean
time extensive shipment, Of goli and
other unflvorable inl4c tons caused resi-
lessness and fright anon, our people at hom :,
thereupon the general stat, OF our iunIS t =
usivc of gold became also inmaterial TO
them. and they. too. drew gold from the treas
ury for boarding against all contin :encies- This
is plainly shown b. the large increase in the
proportion of gold with drawn watch was re-
tained by our owl peopc as time ana threat
ening incidents progressed
lnaSrnuch as the Withdrawal OF our gold mas
resulted largely from fright there is nothing
apparent that will prevent its continuance or
recurrence. with its natural consequences. ex-
cept such Il chlnge in our financial methods
as will reassUre the frightened an1 nuke the
desire for gold less intense. 1t is not clear
how an increase in revenue unless 1t be IN
gold. can satisfy those whose only anxiety IS
to min gold from the governments store.
1t can not. therefore. b. slfe to rely upon ir-
crel. cl revenue aI Il cure for our present
troubles. -
Bonds were issued to obt1in gold for the
maintenance of our national credit. As has
been shown. the gold thus obtained has been
drawn igain from the treasury upon United
States notes aai treasury notes. This operG-
tiou would have been promptly prevented if
possible: but these no:es hlvinS thus been
passed to the treasury. they became the money
of the gove-nm mt. like any other ordin lry
government funds and there WIS nothing to do
but TO use them in paying government eX-
penses when needed. The president empaatic-
ally repeats that the gold thus obtained WIS
not used for government expenses.
1t is neither unfair nor unjust to charge y
large share OF present financial perpIeE-
tiles and dangers - the operations of the Laws
of 1873 and 1890 co npclling the purchls; OF ST.
yer by the government. which not o1li iur-
nished Il new treasury obligation upon whic II
its gold could be Withdrawn. but so Increased
the fear of an Overwhelming bod of silver
and n forced descent to silver !yncntS tint
even the repeal of these laws did not entirely
cure the evils of their existence
While l h I've enGclvoccl to mlle , ain
statement of III. di>ordere con iition OF our
currency and the pre,cnt danccr' men Icin .
our prosperity. and to sus[eSt way
which leads TO Il = lfc.. ii III i'll system
many Of my coIrtr men. whose SincerItt do
not dJubt. insist that Gu fnf the Ills II Nv
t rea;euins my be found in III: since aad
simple reneiy OF the fte; coiGa &c of silver.
They contend TINT our miltS shiu be a. onrc
thrown oren To the free. untm I Il an in l.
pendent oiIagc of both 20 ID and silver doil.;r :.
of full IL = u tender qu h,ty. re :aril,SS of tAc
action of any other g).erlncnt. and il fun
view OF the ct tn u IN ratio BIT zen the
metals which they su ,re /. { llls for one hun
dred c nts Nor h of gold in the gell dollar IL
tee pre-, Mt standard nj ohlv tiftt ce KS in il
trinSic worth Of silver in The silver Gol. r.
Were there iniritel: stronger rc sois taan
can oc adtIu.ei 70; hoping tnat &C ion would
secure 20 Us Il bi:hcttrliic currelcy moving on
lines of parit-. an exre iInc O. novel and so
hazardous that propo 'ed might well sta=-cr
those who be eve that Stability IS an impe ~
tive condition Of sound money.
No government. no hu nan contriv . or
of legislation. h ever been a)ie tb I'D the
twD metals together in free coina%. at i + Il
{ ;irpreciably DIFF -Gnt from that wh!cn IS e.
! t.D ished in the m ,rllet- of the world .
Twice in our ear Ter hiStocy our law 'n;:lscrS,
I in attempting to c tb.iSh Il bnctilllc cu:-
: rcrcY. tdartooll lrtc coinnte upon ratio
! which accidentally varied from tae actu-:l rei-
. ative vdluc> IF thH two met t.s not more II N
three per telr. In both ca ,e5 n jtwith't in'lin
greater iii, u ties and 90 of transport ttio
than nov exist the coins who It intrinsic
worth &:S undccvalucd III the r.tio graduI Il
/ and surel; d.sap )carcd from our cl Gu alton
ami went to othc coultrjcS ware tneir re u
value was better recoSIiz.d- Acts OF coI%cc S
we're impotelJ to cr;. t. equ tlity where natur-
al causes deccect even = slight iac.lu slit9.
Twice in our recent history we hive >t5nIll7
failed TO IL isc by legislation the value OF sl-
yer Under III act Of col"-cSS plsS.t in ln' :
tie government " Is re lul"ct Tor more thln
twelve years to exp n annually n eist 81 :
0)ttCO in the pur n S ;S Of silver bu!l.ol fJr
coinage
The act of july ~. 1870 in still bolder c.
fort increased the amouLt of silver the So'-
ernment was ca,npcl. cd to purchase AMI fore
it to become the buyer annutI: OF 54hO.Ob
ounces, practically ths it.re product ii
our mines Under bctl law; silver rapidly afG
steadily Gecliaed in value. The prophecy and TIC
expressed hope and exp ,ct.tion OF tn 'Se In the
/ congress who led il tlc passage OF tn; IL
mentioned act that it would rc-estabi- h AIT
m-intain III, former tax party bttwccn t;l'
two metals are still fr-sn in our :T;cmo-g.
The president. on reviewing these exp =
icnces. 5 VS. III; t our ;ttemlt to acco.np i3l
this by the free tcinafe of silver 1T ;
ratio Git:erin: widely from actual Relative
{ values would b. tIe signal f,r the cofa'
: pete departure of gold from on
circulation. the imned. te and lar:t
contraction If oar circulating medium and ;
shrink re il the real value and monetary Ell
cheney OF all ether forms Of currency as urJ
settled to the level of silver monometa.l..:n
Every one wno receives Il ii ed salary a:lG
every woriie: Sor wTGeS wou.d find the oollal
in his hand ruthlcs>ly sealed down to the point
OF bitter disappointm mt If not TO pinchil ls
privatiol.
i 4 chrrgs n our standard to silver moro
| me tall m w5u d also brig on L col psc 81
the entire SIS. EN- of credit v hicE. when oaScC
Oh Il standard which is recognize Il and adoptct
b. the world of bLsine IS is :nany tim $ moe
. potent and useful IN III tn; cittr3 Vo une pi
/ currcncy and is safely capab e of almost H.
/ definite exp n-ion u meet the grown Of trade
anG enterpri e
: The preSit ent tha1 goes OF to arElc at gre II
ic tn the dangers Of IL headlonG plunge TO f:c5
I f. ii.,-e II ric t :mc of bime:t tl~E and claims
that even the continued agitation of [ le sub
iect add, rrcatl; TO the dill 'ulties of u danger
Gus financial situation il cldy forced upol us
, and in conclusion say Il cSpeti tllE eltreaj
| the peop c's representatives i'll the coagrt 5
who are CHARGED with the responsibility of in
perty OF our co nmol country, to promptly an
/ effectively consider the ills of or critic n
financial plight. l have sugge ited remedy
I which my jud .ment approves. l desire. hcw-
} ever to assure congress- that am prepared tt
cooperate til them IN pcrtcrtinS ano.hel
measure promising thorough and prac tica
relief and that vi gladl' Labor with ther l.
every patriotic cudeavOr 70 further the inter
csts and guard the welfare Of cur counsr iner
III .,NF.