The comet. (Johnson City, Tenn.) 1884-1916, 1895-12-05

OF consideration whether this might not from
time to time be converted into dollars or tTae-
tional coin and slowly put into circulation as in
the Judgment of the secretary Of the treasury
the needs OF the country require.
He discusses at length the financial situation,
saying that we shall be wise il we realize that
we are financially Il, and that our restoration
to health may require heroic treatment and UNI
pleasant remedies. The moment the secretary
Of the treasury bought gold on any terms above
par, he would establish general and universal
premium upon it, thus breaking down the par
ity between gold and silver which the govern
ment pledged to maintain, and opening the way
to a new and serious complications.
A SURPLUS AN EVIL.
The accumulation in the treasury Of currency
OF any kind exacted from the people through
taxation is Justly regarded as an evil and il
can not proceed far without vigorous protest
against an uuiustihablc retention of money
from the business Of the country and a donun-
citation of Il scheme of taxation which proves
! itself 10 be unjust when it takes from the earn
! Ing and income of the citizen money so much in
excess of the needs Of the government support
| that largo sums can be gathered and kept in the
! treasury, Such n condition has heretofore in
| times OF surplus revenue led the government
to restore currency TO the people by the pur-
chase Of the unmatured bonds at a large prem-
ium and by large increase OF deposits in ma
tional banks and we easily remember that the
abuse 81 the treasury accumulation has fur
niShcd most persuasive argument Ia favor of
| loo
alton. Perhaps it is supposed that sufficient
revenue receipts would, in a sentimental way,
improve tho situation by inspiring confidence
~ our solY6ncy allaying the fear of pecniary
exhaustion, ana yet through all our struggles
TO maintain our gold reserve there never has
been any apprehension as to our ready ability
10 pay our way with SUCH money as We had, and
the question whether or not current receipts
met our current expenses has not entered into
the estimate of our SoNency
FREE COINAGE
| have constantly lad In view the fact that
many Of my countrymen whose sincerity ] &C
not doubt, insist that the cure for the ills now
threatening Us may be found in The single anc
simple FREQ coinage OF silver. They content
|
the free unlimited and Independent coinage Of
both gold and silver dollars OF fpll legal tender
quality. regardless Of the action Of any Other
government, and in full view of the fact that
the ratio between the metals which they sug-
gest, calls for one hundred cents worth OF gold
in the gold dollar at the present STANDARD and
only fifty cents in intrinsic worth OF silver in
the silver dollar Were there infinitely stronger
reasons than can be adduced for hoping that
such action would secure for us as bimetalllC
currency, moving On lines Of party an expert
ment so novel and hazardous as that proposed
might well stagger those who believe that sta
bility is an imcratiye condition of sound money
NoP0yernment, no human contrivancc or aot
OF legislation has eyer been able to hold The
two metals together In free coinage at ratlf
approcat1y different from that which is estab-
liShej in the markets OF the world. There Is
certainly no secure ground for the belief thai
an act Of congress could now bridge an in
equality Of 30 per cent between gold and silver
at our present ratio nor is there the least pos
sibihty that our country, which has less thaE
one-seventh of the silver money in the world
could by its action alone raise net only our owl
but all silver to it, just ratio with gold. Oul
attempt to accomplish this by the free coinage
Of silver al ratio differing widely from actua
! relative values would be the signal for The
I complete departure Of gold from our circua.
ton. After treating this subject cXhaustvcly
the president adds:
desire, however, to arsure the congress tina
I am prepared to cooperate with them in per
|
practical relief and that will gladly labor viii
, them in every patriotic endeavor TO further thu
interests and guard the welfare of our country
men, whom in our respective places Of duty w
have undertaken to serve.