The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1895-12-06

alton Ehdef discussion ~ lltIGffllls IA 5Ilty--
tunify Affecting these notes In the treasury
Bhen received. and thus preventing their pre-
sentatfon for gold
such retention O. the metal ought 70 be It
least measurabiy permanent, and. tlis IS pre-
eiselg what IS prohibited sc far as United
States notes are concerned
By the law Of 1879. forbidding their future
retirement, that statute in so many words
provides that these notes when received into
the treasury ana belonging to the United
States shall be paid out again and kept in
circulation. Tt viii moreover be readily seen
that the government could not refuse to pay
out United States notes and treasury notes in
current transactions Wnen demanded and in
sist ca paying out silver alone and still
maintain the parity between that metal and
the currency. representing gold. Besides the
aceumnl ton in the treasury Of currency. Of
any kind exacte6 from the people through tax
alton is justly regarded as an evil and it can
not proceed far without vigorous protest
against an uniustihabIe retention Of money
from the business OF the country and de-
nunciation Of scheme Of taxation which
proves itself to be unjust when it takes from
the earnings and income Of the citizen money
SO much in excess Of the needs Of government
support that large sums can be gathered and
kept in the treasury Such o condition was g
peril in time OF surplus revenue and LED gov
ernment to restore currency to the people by
the purchase Of its unmatuTed bonds at a large
premium and by large increase Of its Gepos-
its in national banks, and we easily remember
that the abuse of treasury accumulation has
furnished most persuasive argument in favor
OF legislation radically reducing our tariff tax
alton
Perhaps it is supposed that sufficient rev
enue receipts would in sentimental way inn
prove the situation by inspiring confidence in
our solYency and ailaying the fear Of peeuniary
exhaustion. And yet all through our struggles
to maintain our gold reserve there never has
been any apprehension as to our ready ability
to pay our way with such money as We had and
the question whether or not our current re-
eeipts met our current expenses has net en-
tered into the estimate of our sClyency. or
course the general state Of our funds exclusive
OF gold was entirely immaterial to the foreign
creditor and investor. His debt could only be
paid III gold and his only concern was our abiI-
ity to keep on hand that kind Of money.
Inasmuch as the withdrawal Of our gold has
resulted largely from fright, there is nothing
apparent that will prevent its continuance or
recurrence, with its natural consequences, ex-
cept such a change in our financial methods as
will reassure the frightened and make the de-
sire for gold less intense. It is not clear how
an increase IN revenue, unless it be in gold, can
be satisfactory TO those whose only anxiety is to
gain gold from the 90 tnInents store. Tt can
not therefore, be SUE rely upon increased
revenues IS cure Tor Opt present troubles.
Although the law compelling an increased
purchase Of silver by the government was
passed on the iith Gay o. July, 1880, withdraw
ais Of gold from The treasury upon the notes
given in payment or such purchase did not be-
gin mill 0ctCbeT, 1891. Immediately following
nat date lie Withdrawals upon both thsse
notes and United States notes increased very
largely and lave continued &c such Gn extent
that since the passage Of shat law there mas
been more than thirteen times as much gold
taken out of the treasury upon United States
notes and treasury notes issued for silver puF-
chas6s as was Withdrawn during lie eleven
and haif years immediately prior thereto, and
after the first day Of January, 1879 when spe-
cie payments we're resumed
, Ihave cons 5antly had in mind the tact chat
many OF ny countFymen, whose sincerity I
90 not aoubt, insist that the cure Tor the Ills
now threatening IS G1GT &c found ia the single
and simple remedy Of the free coinage OF sill
yer. They contend that OJT minis snail be at
once thrown opeE TO the free and unlimited
and Independent coinage Of both gold and sil-
ver dollars of full legal tender quality, regard
less Of the action OF any other government and
in full view Of the fact shat the ratio between
tho metals which they suggest calls for 100
CENTS worth of gold in the gold dollar at the
present STANDARD ana only 90 cents in intrinsic
WCTtn o. silver in the silver dollar
We're there infinitely stronger reasons than
can be adduced foF hoping tha5 such action
you'd secure for us 2 bimetallic currency IaOV-
ing on lines OF parity, an experiment so novel
and hazardous IS that proposed might well
stagger those who believe chat stability is an
imperative condition OF sound money. No
government. no human oontriVauCe or act Of
legislation has ever been able to hold the
tao metals together ii free coinage at
a ratio appIecia5lv different from that which
Is established in the markets Ct the world
Those Who believe that our independent free
coinage OfSilver at an artificial ratio with colo
of IS TO would restore the parity between the
metals and consequently between the coins op-
pose On unsupported and improbable theory
10 The belief ana practice Of other nations and
Che teechings Of the Tisest statesmen and
economists Of the world, both in the past aud
present, and what is far more conclusive they
run counter 70 our own actual experiences.
Twice in cur earlier history our law makers il
attempting to establish q bimetauic currency
undertook free coinage up0n a ratio which &C
Gidentaly varies from the actual rela-
tive value Of the tWo metals not more than
8 per cent in both cases, DOtwic hstanding
great difnoulties and cost of transportation
chan row exist the coins whose intrinsic worth
we're dndsrValued in the ratio gradually and
surely disappeared from our circulation and
Ten5 TO other countries where their real value
vas better recognized. Acts Of congress were
lmpotenJ to create equality where natural
causes decreed even slight inequality. Twice
in our recent history we have signally failed to
raise by legislation the value OF silver. Under
an act OF congress IN 1873 the government was
required for more Than eleven years to extend
annually at least S26,0O)000 in the purchase in
silver bullion for coinage.
The ect Of July Il, 1899, Ia still holder eff
tort increased the amount Of silver the gov
eminent was compelled to purchase and forced
1T to become the buyer annually of "a coo 600
ounces, or practically the entire product of our
mines. Under both laws silver rapidly and
steadily declined in value. The prophecy and
the expressed hope and expectation Of those
in the congress, VINO led in the passage Of the
last mentioned act that it would rs-establish
and maintain the former parity between the
two metals are still fresh in our memory
In the light Of these experiences, which ac-
cord with the experience of other nations,
there is certainly no secure ground for the be-
lief that an act Of congress could now bridge
an inequality Of 80 per cent. between gold and
silver ut our present ratio, nor is there the
least possibility that cur country, which has
less than one-seventh OF the silver money in
the world could by its action alone raise not
only our own but all silver to its lost ratio
with gold. Our attempt TO accom- pIiSh this by
the free coinage OF silver at a ratio differing
from the actual relative value would be she
signal fOF a complete departure OF gold from
OGP circulating the immediate and large con-
traction Of our circulation medium and shrink
age ia the real value and monetary efficiency
Of ali other forms Of currency as they settled
to the level Of silver monometailism-
In a self-iaVited struggle through darkness
and uncertainty our humiliation would be in
creased by the consciousness that We had
parted company with ell the enlightened and
progressive nations OF the world. and we're
and hopeiessly striving to meet
the stress of modern commerce aud competi- /
tion with debased and unsuitable currency,
and in association with the few weak ana lag
gard nations which have silver alone as their
standard of value All history warns US
against rash experiments which threaten
violent changes II our monetary standard and
DEGRADATION of cur currency