Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-09-23

NJ. isefal Observation-Disclosures. LOO
T. lLtVIuSo1n. ....s.............. 1.UU
CaSh ACKNOWLEDGEMENTS. ........ 100
views of the senate will change upon the
money question during the next few
years? If not, is there any reason to be-
lleVe that it will permit any legislation.
which is offered as financial relief for the
country, when, If you concede to the free
silver senator's sincerity and honesty.
they believe that no legislation other
than for free coinage can bring relief To
the nation and the people, and that any
legislation, looking to financial relief
other than free coinage would postpone
indefinitely, perhaps forever the free
coinage of silver?
Is there any reason to believe that
senator Morgan, or Senator Pue'h. or his
successor, will vote for any bill which
looks to the retirement of the redeemable
paper money, and the Substitution, in lien
thereof Of any kind Of money other than
silver; or will they consent to enlargino,
the power of the banks of issue. when
ehey contend that free coinage is tba
pahaeea Tor our financial Ills and dis
tresses?
i"eoi oeheNes that prosperity to
the country must come from free coinage
ana he be true man. he can never con-
slStently vote for any measure which,
VIII defeat or postpone the prosneritv
ne would bestOW upon the country All
states are equal in the senate. and tboupb
Bryan be defeated, the senate will not
necessarily in the near future become
anti-free silver by senatorial elections.
Is financial legislation necessary to
restore confidence or revive business
prosperity?
Inc history of the past three years has
demonstrated the fact that under the
present financial policy a few of the
money kings by concert of action can at
any time start the endless chain on its
endless rolling, and force bond issue a ter
bond issue at their pleasure and that
TINS can be prevented under the present
policy, to which the republican marty is
pledged, only by retiring from circula-
tioh every dollar of money that is re-
deemable, comprising gresnbacks, treas
ury notes and, under Mr.. Carlsle's re-
Gently declared policy, silver certificates
and silver dollars, amounting to the
enormous sum of about 81 .O0O. 900 600
And we know that this redeemable money
can be retired only by act of congress
or by continued bond issues by the presi-
dent and the locking up of it by the gov
eminent as 1t Is redeemed, which cannot
be done so long as the revenues Of the
government are less than its expendi-
lures.
The retiring of redeemable money is a
contraction of the circulating medium of
the above named amount, or about 65 per
cent of the aggregate sum of money in
the country; and nothing can be substitu-
ted for it without legislative action. If
our circulating medium is contracted
to the above amount it argues eithar
that we had too much money before the
contraction or too little after the con-
traction.
The contraction of the currency is
bound, under the law of supply and de-
mand, to increase the purchasing power
of money and lower the price of all COM
modities, products of labor and property
A return of prosperity is impossible if
the business of the country has to be car
ried on during the next four years with
one-third less money, (as would be the
case under the present policy, or two
thirds less as would be the case under
Carlisle's new policy OF redeemng not
only greenbacks and treasury notes, but
also silver dollars and silver certificates
in gold than has been necessary to carry
1t on during the past four years.
Is financial legislation necessary to re-
store prosperity?
We take it that no man would invest
his money in an enterprise knowing that
other parties over whom he had no con-
troll could at any time depreciate the
value of his investment and perhaps ruin
him. The history of the last three years
has demonstrated that the "endless
chain" running into the treasury is and
will be menace to all business peace
and prosperity, so long as it is possible
for it to run. No one can have conf
dence In Investments so long a he knows
it is possible for the gold reserve to reach
the danger point of panic, or so long as
it is possible that the government will
have to increase the burdens of the pao-
pie by issuing bonds time and time again
to protect the gold reserve, or so long as
it is possible to retire through bond is
sues two-thirds of the money circulation
of the country. &.
How is the monthly deficit in the reve-
nues of the government to be stopped
1t can't be done without legislation, un-
less the imports to this country increase