The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-05-15

4
10, entailing loss TO the people Of $780,
472,030 SO. This purchase involved a
bounty to the silver mine owner on each
dollar equal to the difference between tie
market value of the silver and the actual
value of the standard gold dollar, the
deprecated silver dollar being redeem
able in gold. The aggregate OF this
bounty could not have been less than
100000, O00
1.-THE loss resulting from this purchase
might seem sufficient, but it was bit the
beginning OF our disasters. The Govern
ment had placed itself in the position of
one who had Endorsed, and who pr)pos-
| ed indefinitely TO indorse the notes of a
friend whose financial standing was inn
paired; his own ultimate solvency was
questioned, and the holders of his OBJ
legations were anxious TO get rid of them
at any price. So our Government hay
ing Endorsed metal constantly falling
in value and having obligated itself to
maintain its parity at any cost excited
distrust both at home and abroad. II
was predicted years ago by emin mt
writers, both at home and abroad, that
disastrous consequences would result
from the assumption of such an obliga-
ton. The policy was denounced in the
Democratic platform as brought with
possibilities of dangers in the future
People began to doubt the ability OF the
Government to redeem its promises. Be-
ginning as far back as 1890 our securities
were thrown upon the market. The dis
trust grew with the continued fall in the
price Of silver increasing the respon-
sibilties OF the Government to maintain
its nominal value. All American secu-
rites were doubted. People distrusted
one another. A general panic prevailed
the country. The silver certificate and
greenback were brought to the Treasury
for redemption. There was general
run on the banks. To strengthen them
selves they drew more gold from
the Treasury. To replenish its losses the
Treasury was compelled to borrow $780,
10000 within one year.
"The exciting cause OF this fearful
panic was the attempt of the Govern
ment to make fifty cents worth of silver
worth dollar in gold. Attended as it
was by threats OF the advocates OF free
silver to pay the obligations OF the Gov
eminent in this deprecated currency,
the panic continued beyond the repeal
OF the Sherman law until the firm atti-
tude of the executive department con-
vinced the world that our Government
would sustain its credit by keeping faith
with the holders of its securities.
''By this attempt Of the Government
to increase the price of silver it has
lost immensely in revenues, owing to
the stagnation in commerce. 1t has
lost on the depreciation of the purchased
silver, involving bounty to the silver
miner, more than $l59,O0O,00O And to
maintain the run upon the Treasury
occasioned by this policy it has been
compelled to incur debt of $l60, 900, 900,
the interest on which will amount to
about $3.50, 100000 more, amounting in
the aggregate to about $4,000, 100
without counting the large reductions in
revenues. The additional losses inflicted
upon the people individually in conse-
quence OF this financial essay are meal
culable Manufacturing establishments
were closed, trade was suspended, hun
dreds Of thousands OF people were thrown
out Of employment, labor riots were
prevalent, Coxeyite armies we're march
ing through the land feeding upon the
substance Of the people, and general
discomfort pervaded the minds OF the
people.
"If this retail attempt TO uphold the
price Of silver has proved so disastrous,
fear that the wholesale experiment,
which 1t is now proposed to try, will
prove fatal to the country. AS | have
seen no suggestion on the part Of the
advocates OF this experiment to change
the existing laws requiring the redemp-
ton OF the silver coin to give it the
requisite value, / assume that they de-
sire redemption in the future as in the
past. II this be an act for free and uL-
limited coinage, so would be equivalent to
the Government saying to the silver
miners In all countries and to the holders
Of silver everywhere, You can produce
annually an amount OF silver, which, if
sold in the markets Of the world, would
bring only about 100000, 900, yielding
you profit of probably not more than
$50, 100000. You are poor but honest
and worthy, and your virtue eeerves
reward. We are rich and powerful,
having become SO by fruitful commerce
with all the nations Of the world. We
can, therefore, afford to adopt a policy
which will isolate us from other nations.
cut of all sources OF wealth derived from
commerce and expend our Accommodations
in charity. Bring therefore your silver
to our mints. We will have II melted
down and coined at the cost Of our peo-
pie, and for your $200,OO0.00O worth I I
Suffered for Twelve Years.
Orstds, formerly Enteyprtss,x Taylor
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