The advocate., 1895-12-11

'AN " = tnDAptaHO Va At3 tafUlf
It's In national banks and we easily rememshst
that the abuse OF treasury accumulation he.
furnished most persuasive argument III faVt,Ys
Of legislation radically reducing our tarlf tax.
alton. e
Perhaps IL Is supposed that sufficient ESa.
enue receipts would in sentimental way Inn
prove the situation by inspiring confidence in
our solvency and allaying the fear OF pecuniary
exhaustion. And yet all through our struggles
to maintain our gold reserve there never hag
been any apprehension as to our ready ability
TO pay our way with such money az we had ana
the question whether or not our currenS g9s
ceipts met our current expenses has not an
tered into the estimate Of our solyencg. 0f
course the general state Of our funds exclusive
Of gold was entirely immaterlal 70 the foreign
creditor and investor His debt could only b0
paid in gold and his only concern was our abll-
ity to keep on hand that kind OF money.
Inasmuch as the withdrawal OF our gold haR
resulted largely from fright. there Is nothing
apparent that win prevent les continuance al
recurrence, with its natural consequences, eGy
cept such a change In our financial methods Aa
will reassure the frightened ana make tho de-
sire for gold less intense It Ia not clear how
On increase In revenue, unless II be Ia gold, cnH
be satisfactory to othose whose only anxiety Is %
gain gold from the governments store. II can.
not therefore, be safe to rely upon increased
revenues as o cure for our present troubles.
Although the law compelling an Increased
purchase OF silver by the government was
passed on the l4th day Of July, 1890, withdraw
ais Of gold from the treasury upon the notes
given In payment on such purchase did not be-
gin until October, 1891. Immediately following
that date the Withdrawals upon both GheEa
notes and United States notes increased very
largely, and have continued to such an extent
that since the passage Of that 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 puF-
chsses as was Withdrawn during the eleven
and half years Immediately prior thereto, and
after the lrst day OF January 1879, when sp8-
Gle payments were resumed.
have constantly had In mind the fact thGt
many OF my countrymen, whose sincerity
do not doubt insist that the cure for the ills
now threatening us may be found Ia the single
and simple remedy OF the free coinage of sll.
YER. They contend that our mints shall be- At
once thrown open to the free and unlimited
and independent coinage OF both gold and all
yer dollars OF full legal tender quality, regard
less OF the action OF any other government and
In fun view Of the fact that the ratio between
the metals which they suggest calls for 100
cents worth OF gold In the gold dollar ct the
present standard and only so cents In intrinsic
worth OF silver In the silver dollAE
Were there infinitely stronger reasons than
can be adduced for hoping that such acticn
would secure for us a blmetallle currency move
Ing on lines OF parity, an experiment so novel
and hazardous as that proposed might well
stagger those who believe that stability Is On
imperative condition Of sound money No
government, no human eontrlvance or act Of
legislation has ever been able TO hold the
two metals together In free coinage %
q ratio appr eclably different from that which
Is established In the markets Of the world
Those who believe that our independents Tres
coinage Of silver at an artificial ratio with gold
OF 10 to would restore the parity between the
metals and consequently between the coins op-
pose an unsupported and improbable theory
to the belief and practice Of other nations and
the teachings OF the wisest statesmen snd
economists OF the world, both In the past and
present, and what Is far more conclusive they
run counter TO our own actual experiences.
Twice In our earlier history our law makers IN
attempting to establish o bimetallio currency
undertook free coinage upon o ratio which &C.
cidentally varies from the actual rela-
tive value OF the two metals not more than
3 per cent In both cases, Notwithstanding
great difficulties and cost OF transportation
than now exist the coins whose intrinsic worth
were undervaued In the ratio gradually and
surely disappeared from our circulation and
went to other countries where their real value
was better recognized. Acts Of congress were
impotent to create equality where natural
causes decreed even slight inequality. Twice
In our recent history we have signally failed 70
raise by legislation the valne Of silver. Under
an act Of congress in 1873 the governments was
required for more than eleven years to extend
annually at least 820,0OO,0OO In the purchase y
silver bullion for coinage.
The act OF July "a, 1890, In still bolder ef-
fort increased the amount Of silver the gov
ernment was compelled TO purchase and forced
1t to become the buyer annually OF 54,OOO,O00
ounces, or practically the entire product OF our
mines. Under both laws silver rapidly and