The Big Sandy news. [volume] (Louisa, Ky.) 1885-1929, 1895-05-31

Mr.. Cleveland time and again
warned the country during his first
Administration that the Bland.
Allison act would lead to disaster.
He was not needed because at that
time the confidence of the people
aud OF the world in our currency
were unimpaired. On the 18th OF
July, 1890, the Bland-Allison act
was repealed and the Sherman act
was passed, whereby the Govern
ment was required to purchase
10000 ounces Of silver each
month. This meant 54,0O0,0OO ev-
cry ten years for all time to come.
Who, with the experiences through
which we have passed, will wonder
that commerce under these condi-
tons should have taken alarm?
When Mr.. Cleveland retired from
the Presidency on tie Attn Of March,
1899, such was the confidence in
the currency that 80 per cent. of all
money which entered the Treasury
through the custom-houses was.
paid in gold. On the lst of Janu.
airy, 1891, it had fallen to IS per
cent. Our securities from abroad
then began to seek our markets,
and by the 1st of January, 1892, it
had fallen 20 40 per cent We
could then see cloud in the hori-
zon which forbode that there might
be a storm. By the lst day of Jan
uary. 1898, the gold receipts
amounted to only s per cent. of our
revenues, and then the rising storm
was plainly visible. On the 4th OF
March, 1892, when Mr.. Cleveland
was inaugurated second time, II
had fallen to 4 per cent. and you
could then hear the mutterings of
the thunder aud see the lightning's
fash as the cyclone approached.
By the LIST of April, 1898, the gold
receipts lad fallen to 2 per cent
and then India suspended the free
coinage of silver, and it took a wild
leap downward, aud gold ceased
entirely TO flow into the Treasury
For sixty days prior to the date on
which Mr.. Cleveland called Con.
gress into extra session not one
grain Of gold found its way into
the Treasury Of the United States
The country, like a heavy laden
ship, storm-ridden and rocking in
the trough Of an angry sea, WIS
literally swallowed up in the mael'
strom of a great financial panic,
After long struggle the purchas.
ing clause Of the Sherman law was
repealed and i'm nediate!y some de-
gree of confidence wac felt in the
pulsations Of trade and commerce,
Gold again flowed into the Treas.
ury, sporadically, one day reaching
50 per cent. Of the revenues. Then
again Congress convened on the
LIST day of December and the coun-
try was again flooded with free sill
yer literature. Such Was the oppo-
sitiOn that the Administration met
at the hands of Congress that re-
turning confidence was chilled and
gold again ceased to go into the
Treasury. The Whole world seem
ed to take alarm at the frantic APP
peals which were then being made
for the free coinage Of silver and
stagnation ruled in all the marts OF
trade and commerce. DISTRESSING
our currency, tine people drained
the gold reserve out of the Treas,
ury. 1t had fallen from 100000,
900 to 100000. Mr.. Carlisle
advertised and sold 100000 o.
bonds for gold. The purchaser:
drew the gold out Of the Treasury
to pay for the bonds, and
the country secured no relief. An,
other $50,0O0,0O0 was sold with the
same result. At this time the coun.
try was in extreme distress, and il
is fact that in the open market,
Of the world a preference was showr
for the bonds of the little kingdom
of Portugal over the bonds of thi'
great country. Then it was tho
Mr.. Cleveland and Mr.. Carlisl,
called into consultation the great
est bankers of the world. l
was their purpose not only to bring
gold into the country. but to pre-
vent the gold reserve from furthu
drainage. These bankers offeret
| to purchase at par at 3 PEI cent
thirty-year bonds, payable in golc
or per cent. bond a. 81 OF, paya
: BILE in coin. This made a differenc
in the two propositions Of $4,000
600 to the American people. Tha
is 10 say, if the Government wOul,
promise to pay that which il boz
roweu it would make difference q
: $l6,5O0,0OOto the people, wherea,
: if il promised to pay only in col
it would lose that amount. Tn
e President sent his message to Cor
O gress, LAYING these fasts before i