The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1897-12-08

legal tender notes, and have constantly
appealed for such legislative action as
would remove the dangers pointed out.
Although these warnings and appeals
have not as yet met with the responsive
action that their serious nature justiiies,
ii is not now the part of wisdom to ignore
them. In fact, as time has gone on, all
the reasons upon which these warnings
and appeals were based have received ad-
ditonal force The enormous deprccia-
ton in the commercial value of silver, as
compared with gold, has greatly increased
the financial responsibilities Of the gov
ernment in its demand liabilities and all
the logical consequences of the fact
should be boldly faced.
Under the act Of 1873, requiring the
purchase and coinage of silver. supple
mented and enlarged by the sO-Called
Sherman act of 1880. there We're outstand-
ing June 50, 1881 the sum of $4l0, 337J $40
in silver dollar or certificates represent
ing them. Under the act of 1880 there
were also outstanding $ll4, ,S67, 80 i'm treas
ury notes clothed with the quality Of
legal tender. In the act of November !,
1893 repeating the purchasing cause Of
the act Of 1890 it was declared to be the
policy of the United States to secure by
safeguards of legislation the parity in
value of the coins of the two metals
gold and silver and the equal power of
every dollar at all times in the markets
and in the payment Of debts
"Conformablc to the spirit of this dec
laration, the treasury department in all
its operations has treated gold ana sill
Yer coins, and the paper representative
of each, as of equal dignity ana value.
In the collection of its revenues, whether
in the form of excise taxes or Of customs
dues, it has made discrimination against
neither, while upon the other hand, it
has held itself ready to pay TO the public
creditor which ever of the two he might
choose to receive as the more desirable
to him. Even further than this, it mas
declared itself ready, whenever necessary
to the maintenance of this parity, to CX-
change on even terms, at the pleasure of
the holder, either form of the metallic
money for the other These practical
operations and declarations were nCCcs-
sary, and they have operated to keep in
concurrent circulation on terms of equal
ity the two kids of metallic money, not
withstanding the varying and never
CCasing disparity between the natural OF
commercial value of the one as compared
with the other. Nevertheless, it must be
recognized that this undertaking involves
a large financial responsibility and re-
quires proper ana adequate legislative
provisions for its continued execution.
ON PAR WITH GOLD.
"The responsibility of the government
| in this respect means that In addition tC
| its liability for redemption in gold on de,
maud of $3i6,O00,OOO of legal tender notes
| it must also hold itself in readiness to re.
| deem in like manner $ll4,O00OOJ of the
! treasury notes Of 1890, and to maintain
! through its treasury the free interchange
| ability with gold, for any part or all OF
/ Sl1O, 900 in silver now current with oui
! people. The aggregate total of these liza
/ bllities amounts to 1890, 100000. 1t is no
/ intended to convey the idea that the gov
| ernmcnt win ever be called upon to PAY
| at any one time or over any one Dcrio.
| OF time, however pTotracted, the total o
, liability thus shown. 1t is, however, in
| dispcnsable that the treasury be en-
| dOWed with power and resources ample L
| meet all claimants who may come, an,
/ with margin sufficient to give fun assur
ance to all who do not come that il,
/ ability for continuance is unimpaired
| The statement that the traditional SlCO,
| 100000 Of gold reserve is insufficient fo
these purposes need not be supported b,
argument. II is manifest. The recuE
niZed lnadcquaCy Oi that amount has Ol
more than one occasion brought fear an.
arrangement to all interests, industrial
| commercial and tinarcial. The losses sUt
fered by the body polite through thes
arrangements having their origin in tn
state Of the public treasury can not b
named, although 1t is not beyond the lmi
Of reasonable estimate to say that the to
| tai of such losses exceeds the total o
the demand liabilities of the treasury a
above set forth. If it be urged I'm answe
to these considerations that the state 0
the treasury is fairly satisfactory now
that gold Is flowing freely toward tn
| treasury and not away from it, and tina
there is a good state of confidence i'm GU
present financial condition, the answe
must be received as a perfectly cOrrec
one 1t might be further urged with prob
able truth that these favorable cOndi
tions will endure for an indefinite pc
riod With public revenues sufficient 70
public expenditures, and a REASONABLE
surplus accommodating; with trade rela
tlons normal, with ample crops carrying
fair rewards TO agriculture, with no wa