The Maryville times. (Maryville, Tenn.) 1884-1944, 1895-05-30
SOUND MONEY,
The President OF c ne o. the largest
dry-goods houses In the coun-
try writes the following to
Bittle, Webb g. co.

was caused by the fear that the sill
yer purchases of the United States
were about to bring the country to
a silver basis. This fear led pri-
marily to abnormal gold exports
and to boarding of gold. AS gold
disappeared the panic grew.
When the panic became general
all kinds of money were boarded
without much discrimination, be-
cause many ersons feared that all
financial institutions might be
ruined, III d in unreas0ning alarm
they thought that any kind of mon
ey would he safer than bank ac-
count. When the bill repeating the
silver purchasing clause of the
Sherman Act passed the House OF
Representatives by vote so over
whelming that it seemed certain
that the bill would ultimately be-
come II law, the panic subsidized.
The very day after the vote in the
House of Representatives. the stu
alton changed radically. For the
first tine in four months money
was offered to merchants, and the
acute phase of the panic was at an
end.
Depression, however, continued
while the Senate debated the bill,
but signs of retuperatiOn were not
wanting, and distinct improve
ment began when the Senate con-
Cured with the House in the repeal
of the silver purcha sing clause.
This Improvement u as stopped by
the government programme for
radical changes in the tariff. Ev-
cry merchant knows the discour-
ageiments and losses Of The last two
years Of uncertain and falling
prices. Now we have reached the
bottom; we have felt the full effect
Of the new tariff; prices which
have been abnofmally low are be-
ginning to improve, and the out.
look for business is encouraging.
| Shall we invite fresh panic By
4 considering free silver coinage il
t the United States without the con
D currence Of other nations?
Nothing .can be more certain
g than that free coinage of silver a
0 the ratio OF sixteen to one sby the
5 the United States alone, would re
Y suit in a scramble for gold. This
: would cause an immediate contra
I diction of loans and Il genera
1 financial panic would inevitably
e ensue; business would then be par
: allied once more, and another
e season of calamity would be upor
| u.s.
Those who wish to see better
prices for all commodities must re-
member that the consuming power
Of the people depends on theil
I earnings. The depression which
/, always follows panic throws
many persons out of employment
:. and for along time after the panic
many remain unemployed. We
are now slowly recovering from the
panic of 1898; every month the con
suping power of the people in
creases. Let this consuming power
: steadily grow and it will soon catcf
D up with any temporary excess O
the worlds supply of commoditie'
and thus surely and safely produce
higher prices. Check this consum
a ing power by panic, and a vas
n increase in the number of unem
r ployed will depress prices more
q than free coinage of silver cal
[, raise them.
Il Free coinage of silver by the con
= current action of the great nation
would, we believe, be of decided
advantage to the world. Since tn
United States has ceased to tax
care of a large proportion of tn
worlds silver, that is, within yea
l, and half, bi-metallic sentiment il
y Frame and Germany has increas e.
q more than in Il decade before, an
,s the silver question in those coun
tries now commands the attentio
of their foremost statesmen.
Let the good work go on; let tn
. European snations struggle wit
the silver question without relic
d, from the United States, and tn
Of prospect of an international agree
40 ment will rapidly improve. But
-. the U. S. tries to solve the silve
question alone, she will at once r,
u lieve other nations of pressin
Sc problem which they see can /
ii safely met only by concurrer
mr. action of the commercial powers.
H. ao,,aoo 90 a;l,-ar ~ 4lo ra 4