The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-12-07

such not taken from surplus revenue 20
bny, gold AZ the market ! ~ e otn1n,,, ne
Private holders OF sold, unlike thq govern,
:sert. having no parity 20 me,nta r. "2n asf
bargain Ss possible when hey furnished gold
20 the treasury. but tho moment ne eecIc-
ss5. p Ss ps h xo sSSshs sSs On sn
eral and universal premium upon y. thus
breaking dewn the parity between FOLD
10 maintain. and opening the way 20 now
and serious complications
would 80 Unlast Taxation.
Besides the accumulation In the treasury
people through taxation Is Justly regarded
al an evil. and cannot proceed far without
p gr9's ss 1om * sse p5aness
scheme OF taxation which proves itself 20
and an r incomes m's OF the citizens money 80
much In excess OF the needs OF govern
srsS a snepIRs cpt mn hs ass soS
condition has heretofore In time or SUR
plus revenue led the government 20 restore
It's nnmatured bonds az large premium.
and by a large increase OF ita deposits In
that 0a the abuse o. III treasury fy' Sscumuiaiicn
in favor o. legislation radically reducing
Can't Rely Upon Increased Revenues.
Inasmuch as the withdrawal OF our goi1
has resulted largely from fright. there Il
nothing apparent rnaa viii P5evH ta n ss e9
consequences, except such change In our
financial methods as win reassure the
less Intense II II not clear how an in
crease IN revenue. unless II bo TN geld. can
ses,hlpiy those whose only anxiety y 10 gam
not therefore be safe to rely upon increased
revenues as a cure for our present troubles
To Maintain National Credit.
Bonds were issued 70 obtain. gold for she
maintenance OF our national credit. A4
has been shown, the gold thus obtained
has been drawn again from the treasury
notes notes This Operation i o would have been
promptly prevented II possible, but these
notes having thus been passed 20 the treas
ment, like any other ordinary government
funds, and there was nothing TO do but 20
When needed AZ no ms when bonds
have been issued has there been any con-
sideration OF the question o. payins the
expenses OF, government with their pro-
ceeds. Thfrc was no necessity 60 consider
that question. AZ the time OF each bond
nry for mo Culinary ran su opeaons exclusive q
the gold In our reserve. In February ,a asgs.
In November. when the second issue was
made. y amounted 20 more than $4,000. go.
third time were issued, such surplus
amounted 70 moro than ,iee, $4,000. Il now
amounts I'd 4JtfufAtf ~. tftHiufH MI tAiHs
the secretary OF the treasury had no au-
thority whatever 10 issue bonds 10 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 18th day Of July, 1890 with
notes given ia payment on such purchases
did not begin until October, 1881. lmmedi-
upon both these notes and United states
notes increased very largely ana have con-
tinued to such An extent that since tho
than IL times as much gold taken out Of
the treasury upon United States notes and
treasury notes issued for silver purchases
an was thus withdrawn during the liz
years immediately prior thereto and after
the lst day Of Jsnuary lSss' when specie ,,.ss
fair nor unjust TO charge large share %
our present financial perplexities and dan,
1870. compelling tho purchase OF silver by
the government nazS
A Hazardous Experiment.
While have endeavored 20 make a plain
statement OF the .dlsordered condition OF
our currency and the present dangors|
way. which leads to \ safer financial sys-
fact that many Of my my countryinen whose
sincerity ] do not doubt, insist that tho
cure for The Ills now treatening US may be s
the free coinage OF silver. They contend
that our mints shall at once DO thrown open
sonass is o. sosh soId ana p sner 81 f
iegal-tender quality. regardless OF the ac-
y seS % q sa os met Rs rao sne y s1
10 cent?. worth R'e y s o 10 re gold dollar
in intrinsic worth OF silver In tho silver dol
lar.
Opposed 20 Our owa Experiences.
Those who believe That our Ingeprndert
free coinage OF silver at an artificial ratio
with gold OF sixteen to ono would restore
the parity between the metals. ana con.o-
sssy s he S a. 9 sRs
general belief and practice or other nations
and 20 the teachlnE OF the wisest states
the past and present. and. what = far moro
conclusive. they run counter to our own
Twice Ia tho recent history we have sig-
value OF silver Under an act Of congress
aulred for more than u years to expend
annually ut least ~. 900 900 I'm the purchase
GUY y"icr Ss'in a0r st boder ao re' @
creased tho amount Of silver the govern-
ment was compelled 70 purchase. and
| H,0o0,oo0 ounces. or practically the entire
| product OF our mines. Under both laws
silver rapidly and steadily declined in
Dire Eject OF FREQ Coinage.
| In the light or these experiences, which
accord with the experiences OF other ma
lions, there n certainly no secure ground
/ for the belief that an act OF congress could
now bridge an inequality or % per cent.
between gold and silver at our present
ratio. nor In there the least possibility tina 4
| our country. which has lcss than one-sevI
enth. q the silver money ~ the worldz
could by It's action alone raise not only our
1 own but all silver 20 its lost ratio with gold.
| our attempt 20 accomplish this by the fro
| coinage OF silver az ratio differing widely
from actual relative values would be tho
signal for tho completes departure OF gold
| from our circulation. the Immediate and
large contraction OF our circulating med
iuu. and shrlnkage In the real value and
| monetary efficiency OF ell other forms OF
currency as they settled 20 the level or
silver recommendation.
Must maintsla the single Standard.
/ Those who advocate a blind and head
long plunge TO FREQ coinnEf In, tho name
81 hi-metalism and processing the be-
/ lief contrary to- all experience that We
should thus establish y double standard
| and a concurrent circulation OF both met
| ais or our coinage are certainly reckoning
| from cloudy standpoint. our present