The Pioche weekly record. [volume] (Pioche, Nev.) 1877-1900, 1896-02-06
BUT ONE REMEDY.
The Way to Bring the Country OCT OF Its
Financial Chaos Is to Restore Silver.

The Way to Bring the Country Out of Iss
Financial Chaos Is to Restore Silver.
One of the peculiarities of the fnan-
cial discussion is that the New York
Journals come forward every day or
two with a new explanation of the con-
tinued export Of gold. A year or two
ago they attributed it to the Sherman
law, and more lately to the endless
chain" of greenbacks The other day
the World said that the cause of gold
exports was the collapse of various
speculative investments on which Euro
peans had ventured, so that in order to
get little ready money they were
obliged to sell a part of their holdings
of American securities
This was a very reasonable explana-
ton, as we pointed out at the time.
though it did not go far enough to
cover the whole case. But we hardly
had time to congratulate the World be-
fore 1T comes forward with a new and
an entirely different explanation. 1t
now says that the cause of gold ex-
ports is the fact that the revenues of
the government are not equal to its ex-
pendltureS The treasury is paving
out more than it receives, and is forced
to make good the deficiency by borrow
ing" This statement is made in the
face OF the fact that the secretary of
the treasury has it in his power to coin
into debt-paying money the silver bull
lion that is lying idle in the treasury.
The reason the treasury is paying
out more than it receives is because
one OF the deadly effects of the British
gold standard has been to cut down
business and the profits Of business.
This is clearly shown in the falling off
OF internal revenues, the result Of un-
derconsumption. Everything has been
thrown out of gear by the criminal de-
monetization of silver, and the VIOLA
tion of law by which the administra-
tion has made gold the only money of
final payment
The World thinks it is the plain duty
OF the banks to come to the relief of
the treasury. Other people have had
the same thought, but we do not see
that thoughts of this kind do anv good.
The banks hold their gold at a pre-
MUM, SO far as the treasury is con-
cerned; they are willing to oart with
their gold, but only in consideration of
oohd issues on which they can reap a
huge profit
Outside of the reserve in the treasury
there are not more than $3.50, oOO, 900 of
available gold in the country. The
New York banks hold about sixty-fiye
million and the other banks about the
same amount. 1t will thus be observed
that, so far as this country is CON
cerned, the basis or which the sinple
gold standard is maintained is grow
ing narrower and narrower. Gold has
Deen going out at the rate of $40, OOO-
ooo or $50, 900, 900 a year for several
years; $77, 900 have been exported
this year, and none of it is coming
back. Although the p ecl.Yus metal is
piled up in the financial capitals of
Europe, earning no interest, the pow
ertul syndicate which took charge of
our treasury awhile ago found it inn
possible to import more than S14, OoO, 900
from Europe to this country.
In regard to the retirement of the
greenbacks, that plan is known to be
farce and a sham. 1t is not intended
as remedy for the export OF rold. but
is scheme to still further contract
the currency in the interest of the
money lending classes. Unless our
importing merchants are shipping gold
Tor the fun of the thing, the green.
backs have no more to do with the de-
mand on the treasury than they have
to do with the changes of the moon.
II the responsibility of furnishing gold
Tor shipment were taken from the
treasury, the first considerable demand
on the banks would result in pre-
MUM on gold.
There is but one remedy for the
chaos into which the British gold ,
standard has plunged us, and that is
the restoration of silver to its old place
as part of the money Of final pay
menf A tln rtn -