The comet. (Johnson City, Tenn.) 1884-1916, 1895-10-17

gold, and therefore they had greater
purchasing power here than elsewhere,
So it is that every silver dollar coined
since 1878 is with us today.
1t is manifest that this accumulation Of
silver dollars here in the United States
and the use of gold in paying foreign bal
anees caused an increase in our silver
and a decrease in our gold currency.
Since 1878 we have coined and put in
circulation u great deal more gold than
we now have in circulation, and we pro-
duced a great deal more than we coined,
1t is evident that the Bland-Allison act
would have ultimately brought the coun-
Try to silver basis. Under it and the
Sherman law we have now coined about
4 420, 100000 of silver dollars, or DIS times
| as many silver dollars as were coined
! from 1884 TO the breaking out of the war,
and fifty-oDe times as many as We're
coined from the establishment of the
mint in 1892 down to the passage of the
Bland-Allison act in 1878. And yet
these silver dollars have been coined dur
ing period when the farmers complained
most, and were not coined during the
period in which they complained least, |
submit that. in view Of these incontest-
able facts, the cause of complaint is not
in the suspension of the free coinage of
silver, but in the operation of protective
tariff laws, class legislation and the
expulsion of gold from the country,
Mr. Cleveland, after his first election
and before his Inauguration, in his letter
to Gen, A. ]. Warner, Of Ohio, took ground
against free coinage and against the
Bland-Allison act. He pcrsistently urged
the repeal of that act during his first
administration, but his recommendations
we're not needed. Such was the conf
denee of the people in our currency that
when Mr.. Cleveland retired from office
ON the 4th of March, 1889, 90 per cent
of all the customs duties received at the
port of New York were paid in gold coin
But on the 14th of July, 1890, the Bland
Allison act was repealed and the Sherman
law was passed, whereby the government
was required to issue Treasury notes and
purchase 4, 100000 ounces of silver bullion
every month indefinitely.
Immediately the owners of silver bull
lion bulled the market; they were not
compelled to sell, but the government was
compelled to buy. The result was that
they run silver bullion up to S1.2l an
ounce, and many people, myself among
others, misled by appearances, thought
, silver would go to par, and were con-
t fdent that free coinage would bring 1t to
/ that point if the Sherman law had the
r effect to bring it within ) or cents OF
| par. However as soon as the owners
p had disposed of their bullion silver began
0 rapidly to decline, and the commercial
| world began to inquire how long the
{ United States, strong and resourcetu
as it was, could stand the Sherman law
g and maintain Il sound currency. The is
t suing of Treasury notes month by month
f to buy silver bullion at the rate of 1900,
n 600 ounces every month was an eXtraor
: binary financial experiment. The pur
q chases amounted to ffty-four million!
Q annually, which would have amounted t
l. five hundred and forty millions every ter
g years, and to FIVE billions, found hundred
@ millions in hundred years. The silve
V was to be piled up in the Treasury, ant
IS coined at the convenience of the govern
n ment to redeem the Treasury notes giveI
p for its purchase. However the Law
/ declared it to be the purpose of the gov
: eminent to maintain these notes on
d parity with gold and it was therefor
r evident that the holders would not pre-
h sent them for redemption in anything bu
% gold.
s. So these Treasury notes. which in
lie few years would aggregate an enormou
II sum, constituted a charge on the gold re
" serve. in addition to the three hundre
I. and forty-six millions of greenbacks out
I, standing The government was IN tn
W banking business; it had only one hur
lie dred millions TO redeem three hundre
and forty-six millions of greenbacks, an
'e now it proposed to issue Treasury note
n indefinitely in sufficient amount to pu1
re chase annually for all time 100000
IN ounces of silver, the notes to be an add
r tional charge on its bank reserve. Iher
IN is no folly in modern financial legislatio
t. equal to this If any private bankC
es should be guilty of such folly his ban
p would be closed in twenty-four hour
k and he would be considered fit subjet
H. for the penitentiary or the madhouse'
Il
ties were sent home by foreign holder
to be sold in advance of the catastropl
40 which the financial world saw wou
~ happen. The receipts of gold at the Gu
,, tom-houses rapidly declined. They ft
~ at New York from 80 per cent. on Il
IN last day of June, 1890, before the passas
lu of the act, to per cent ON the list dg
u of January, 1892; they fell to per cen
oy by the 4th of March, 1893; to per cen
IL on the list day of April following; and
az nothing by the LIST day of May, 1898. e.
" sixty days prior to the time Mr.. Clevelar
nl called Congress in extra session, not
IN grain OF gold was paid into the Treasul
IN through the custom-house at New Yor
IN Confidence in our currency was destroye
ne and then trust and confidence betwe,
FL man and man followed, and the who
&c country was in the throes of q gre
eL panic. Manufactures were closed, labC
&c ing men were thrown out of employmer
ne and all kinds of farm products decline
nc 1t was catastrophe brought on by leg
III lative folly which has not been equal
in the history of our country. True, t
en- Republican party had left the Treasu
Is depleted of money and practically ban
hg rupt; but this would have amounted
on nothing if the commercial world and 0
IN people had had confidence in the curren
re- Of the United States. 1t was the app
", hension that the country was about
es be precipitated to the silver basis viii
10 produced the trouble.
,er | submit to the Democrats of Tenh'
ne see if it was not the duty of the rep
es sentatiyes of the people in Congress
nd a. - H. o,r Do,,