The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1895-05-29

swell the balance at the close OF the
admiuistl alton.
There came with President Harri-
son Republican Congress. aud tor
the FIRST two years Of his admlnlstra.
ton that party had absolute control
in both branches Of the legislative
department. as we'll as in the execu-
tive. and was therefore wholly re-
sponsible for the government of the
country. That Congress will be dis
tinguished in history for three things
only: First, the enactment Of the law
of July IA. 1890, providing for tue
purchase of 100000 ounces of sill
yer bullion each month and the issue
of legal tender Treasury notes to pay
for it: secondly, the passage OF the
so-called Mckinley tariff act, which
largely increased taxation upon the
people and at the same time dimin-
ished the revenues of the govern
ment; and, thirdly, the Inauguration
of the most wasteful and extravagant
system of public expenditures that
ever existed in this country in time
of peace, the evil effects Of which
must continue to be felt for years to
come The result of this legislation
and of the general policy of the Re-
publican administration was that,
when the Democratic party secured
possession of the executive power
for the third time, it found the hnan-
cial affairs of the government in a
most unsatisfactory and precarlous
condition, and rapidly growing worse
The revenues had been greatly dimin-
ished by the passage of laws making
permanent and other appropriations
which the Treasury was bound to
pay the compulsory purchase OF sill
yer bullion and the issue of legal
tender Treasury notes were still go
ing on, and silver WAS being piled up
IN the Treasury at the rate of more
than l54 tons per month; distrnst Of
our ability under the circumstances to
meet the obligations of the govern
ment and maintain the parity of the
two metals prevailed and was increas-
ing in all the great financial centres,
at home and abroad, in consequence
of which gold, to the amount of more
than $50, 100000, had been with
drawn from the Treasury and shipped
to other countries during the three
months just preceding the inaugura-
ton of the new administration, and
not a dollar had been brought in; in
short, unwise legislation had already
produced its inevitable results, and
whatever criticism the impatient
spirit of disappointed and restless
people may have prompted them to
make upon the present administra-
tion, l am sure impartial history will
place the responsibility for what has
occurred, where it properly belongs,
and am willing to wait until it is
written.
MIR. Carlisle then discussed the sill
ver question, promising with the
statement that "Whether we shall
continue to perserve our existing
monetary system, under which all the
dollars in use, whether they be gold,
silver or paper, possess equal pur-
chasing power in the markets. or pro-
vide by law for the free aud unlimit-
ed coinage of silver dollars contain,
ing 4l2 L.: grains of standard silver,
and make them the units and mea
sures of value in the exchange of
commodities and in the payment of
debts, is by far the most important
question that has been presented for
the consideration of the American
people during this generation, and
that question now confronts US !"
He next reviewed the history Of
the silver Legislation of Congress
the acts of 1871, 1878. 1874, 1878
(the Bland-Allison law, and showed
their effects upon our currency Dis,
cussing the free coinage of silver. he
defined it thus:
Free and unlimited coinage OF
full legal tender silver dollars at the
ratio of 16 to l, means that our law
shall be so changed that any owner
of silver bullion may send it to the
mints and have it coined at public
expense, into dollars each containing
4l2 p grains of standard silver,
the dollars when coined to be deliver
ed to the owner of the bullion and all
the people of the United States to be
compelled by law to receive them as
dollars in the payments OF debts,
although not intrinsically worth more
than so cents each The 25 $40
grains of standard gold contained IN
gold dollar is worth 100 cents, or
the equivalent Of 100 cents, all over
the world, in silver standard coun-
+,iao as wol] as in cold standard cOun.