The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-12-04

question whether or NOT our current re-
celpts met our current expenses mas
NOT entered into the estimate OF our
solVency. or course the general Bthte
OF our funds exclusive OF gold was en-
tirely immuterial 10 the foreign eredl-
tor and investor, His debt could oNly
be paid In gold and his only concern
was our ability to keep on hand tAal
kind OF money. l1,
Inasmuch as the withdrawal OF our
gold has resulted largely from fright
there il nothing apparent that will pre-
vent IT'S continuance or recurrence
with It's natural consequences except
such change In our financial methods
as will reassure the frightened ana
make the desire for gold less Intense
II IL not clear how an increase IN rev.
enuo unlOs Il be in gold can satisfy
those whose only unXietyris to gain
gold from the governments store.
II cannot therefore be safe to rely
upon Increased revenues as cure for
our present troubles, 1t is possible that
the suggestion OF increased revenues as
remedy for the difficulties we are con-
sIderIng may have originated In an IN
tlmation Of distinct allegation that the
bonds which have been Issued osten-
sibIy to replenish orr gold reserve were
ItullS lanNfl w oAIilg ANlHNAA'ANahN q
enue. Nothing can be further from
the truth, Bonds were issued to obtain
gold for the maintenance OF our ma
tlOnRl credit, As has been shown, the
gold thus obtained has been drawn
again from the treasury upon United
States notes and treasury notes.
AT no time when bonds have been Is
sued has there been any consideration
OF the qestion OF payinG,thc expenses OF
government with their proceeds. There
was no necessity to consider that ques-
tlon. At the time OF each bond issue
we had a safe surplus IN the treasury
for ordinary operations exclusive OF the
gold In our reserve. In February, 1884,
when the first issue Of bonds was made,
such gurplus amounted Ia over $4,000
900 in November when the second issue
was made, II amounted TO more than
Si9,0OO0O0 and In February, 1885, when
bonds for the third time were issued,
such surplus amounted to more than
500, 100000. II now amounts TO $IS,0I2,-
40 80. Besides all this. the secretary
OF the treasury had no authority what
ever to issue bonds to Increase the ordi-
nary revenues or pay current expenses.
II Is neither unfair nor unjust TO
charge n large share OF our present
financial perpleXtes and dangers 70
the operation Of the laws OF 1878 and
1890, compelling the purchase of silver
by the government, which not only FUR
nlshed new treasury obligation upon
which its gold could be withdrawn, but
go increased the fear OF an overwhelm-
ing flood Of silver and forced descent
to silver payments that even the repeal
OF these laws did not entirely cure the
evils Of their existence.
FREE SILVER CRAZE.
While have endeavored to make n
plain statement OF the dIsordered con-
dItIon of our currency and the present
dangers menacIng our prosperity, and
to suggest way which leads to safer
financial system, have constantly had
In mind the fact that many Of my
countrymen whose sincerity l do not
doubt insist that the cure for the Ills
now threatening us may be found In the
single and simple remedy Of the free
coinage OF silver They contend that
our mluts shall be at once thrown open
to free coinage OF both gold and silver
of full legal tender quality, regardless
OF the action OF any other government
and In full View OF the fact that the
ratio between the metals which they
suggest calls for one hundred cents
worth OF gold in the dollar ut the pres
emit standard, and only fifty cents In
intrinsic worth OF silver In the silver
dollar,
Were there infinitely stronger reasons
than can be ndduced for hoping that
such action would secure for us BIZ
metallic currency moving on lines OF
parity, an experiment 70 novel and
hazardous as that proposed might well
staggCr those who believe that stabll-
ity is an imperative condition OF sound
money.
No government. no. human contrlv-
anCe or act OF legislation. has ever been
able to hold the two metals together In
free coinage at ratio nppreclably dit-
ferent from that which IL established
IN the markets OF the world. Those who
believe that our independent free colin
age OF silver Ut an artificial ratio with
gold of l6 TO / would restore the parity
between the metals and consequently
between the coins oppose an uusupport-
ed and improbable theory to the general
belief and practice OF other nations
and to the teaching OF the wisest states
men and economists of the world, both
in the past and present, and what IL
far more conclusive, they run counter
TO our own actual experiences. Twice
in our earlier history our law makers
in attempting TO establish n blmetallic
currency undertook free coinage upon
ratio which accidentally varied from
the actual relative values of the two
metals not more than three per cent.
In both Cnses. Notwithstanding greater
difficulties md cost OF transportation
than now exist. the coins whose In
trlnsIc worth was undervalued gradu-
ally and surely disappeared from our
circulation and went to the countries
where their values were better recog-
nizod.
The message reviews the silver leg
islatlon OF the country and argues ex-