The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-12-04
HoARDED RIGHT HERE
BOASTS FREE COINAGE.

gold has resulted largely from fright,
there is nothing apparent that will pre-
vent its continuance or recurrence with
its natural consequences except such
change in our financial methods as viii
reassure the frightened and make the
desire for gold less intense: 1t is not
clear how an increasing revenue, unless
il be in gold and satisfactory TO those
whose only anxiety is TO gain gold from
the government store, will help II
cannot therefore be safe 10 rely upon
increased revenues as a cure Tor the
present troubles 1t is possible that
the suggestion of increased revenue as
a remedy for the difficulties We are con-
sidering may have originated IN the
intimation or distinct allegation that
the bonds which have been issued os-
tensibly to relinquish our gold reserve
We're really issued to supply sasuffi-
Gent revenue: Nothing can be fur
Their from the truth. Bonds were is
sued to obtain gold for the maintenance
of our national credit. As has been
shown, the gold thus obtained has been
drawn from the treasury upon United
States Notes and Treasury Notes. This
operation would have been promptly
prevented if possible. But these notes
have thus been passed 10 the treasury
they became the money of the govern
ment, like any other ordinary govern
ment funds, and there was nothing 10
do but to use them in paying govern
ment expenses when needed.
ABOUT PUBLIC EXPENSES.
AT no time when bonds have been
issued has there been any considera-
ton of the question of paying the ex-
penses OF the government with their
proceeds There was no necessity to
consider that question.
The time OF each bond issue we have
had a surplus in the treasury for ordi-
nary opera tons exclusive of the gold
in our reserve. In February 1894.
when the first issue OF bonds was made
such surplus amounted to more than
Sls7, 900, 900. In November when the
second issue was made It amounted TO
more than 81, 0O0, 900 and in February
1895. when bonds for the third time
were issued such surplus amounted TO
more than 500 600, 600; it now amounts
10 SOS, 072 5000.
Besides all this the secretary of the
treasury had no authority whatever 10
issue bonds to increase the ordinary
revenues or pay current expenses 1
cannot but think there has been some
confusion of ideas regarding the effects
of the issue of bonds and the results OF
the withdrawal of gold. 1t was the
latter process and not the former that
by substituting in the treasury United
States Notes and Treasury notes for
gold increased by their amount the
money which was in the first instance
subject 10 ordinary government ex-
penditures Although the law compel
ling an increased purchase OF silver by
zl1 IN .
day Of July 1890, Withdrawals of gold
from the treasury upon the notes given
in payment on such purchases did not
begin until October 1891.
ALL SILVER'S FAULT.
Immediately following that date the
Withdrawals upon both these notes and
United States notes increa sed very
largely and have continued TO such an
extent that since the passage OF the
law there has been more than thirteen
times as much gold taken out OF the
treasury upon United States Notes and
Treasury Notes issued for silver pur-
chases as was Withdrawn during the
eleven and one-half years Immediately
prior thereto and after the first day OF
January 1879. when specie payments
were resumed.
Ii Is neither unfair nor unjust 20
charge a large share Of our present n
nanclal perplexities and dangers 20 The
operation Of the laws OF 1875 and 1880,
compelling the purchase OF silver by
the government, which not oniy luf-
nished a new treasury obligation upon
which its gold could be Withdrawn but
80 increas ed its fear OF an overwhelm-
ing food OF silver and a forced descent
to silver payments that even the repeal
Of these laws did not entirely cure the
evils OF their existence.
Whil. I have endeavOred 10 make a
plain sta renent OF the disordsTed con-
di;ion OF our carrence and the present
dangers menacing prosperity ana 20
suggest a way which leads % a SAFER
financial systern have constantly had
in mind that fact that many u ny
countrymen. whose sincerity do not
doubt. insist thai the cure Tor the lis
now thrsa tsning Is may be found IN
the single and simple remedy Of the
free coinage Of silver. They contend
that our raints shah be AZ once thrown
open 20 the free and unlimited and In
dependent cosus - q both silver ard
gold dollars % full legal tender quality.
regardless % the action OF any other
government and II full view % the fact
that the ratio between TIE metals which
they suggest calls for les cea.s worth
( OF gold in the gold dollar a. the present.
standard ard only % cents "a iutTiDsic
worth o. silver 81 the silver dollar
As TO FREE COINAGE
Were there infinitely stronger buss-
ness than can Be adducea for hooiaE
that such action would sscure so- us a
[ bs=netaI-tc czrrsrcy moving ol lines -
patty ~ experiment - novel AID haz-
+ artous a. that proposed rnSzht z'el
Z s-szSer those s. DO believe that stability