Natchitoches populist., 1898-08-05
THE FALSE PROPHETS.
SPANlSH-AMERICAN WAR DIS
PROVES ASSERTIONS.
Said That Greenbacks Would Not Stand
the Test Of War and That Gold Would
Go to Preraitnt-tndianapoli Fakirs
Hard Pressed.

The gold standard advocates find lit
tie to support their theory and so do
not hesitate to make assertions that
they believe will be taken for truths
by the unthtnking. They do not hesi-
tate to enter the sacred domain Of the
prophets. The Good Book tells us that
the way to know whether a man Is in
spired with the spirit of truth or OF
falsehood is to watch whether his
prophecies are or are not fulfilled We
are perfectly willing to have the gold
standard prophets judged by this rule.
On the 18th of December, 1897, the
executive committee Of the Indianapolis
monetary convention issued report in
favor of the gold standard. One part
of that report is devoted to showing
the harmful effects Of the continued
use Of the United States notes, or
greenbacks, On page 1S of that report
occurs this statement:
ut would be scarcely possible for this
nation to engage in war in Its present
situation without suspension OF specie
payments and a resort to further issues
Of government notes. = There
| Is no doubt that IL our government were
relieved Of Its existing demand obliga-
tions, and our currency system put In
working order on gold basis, 1t would
be entirely possible for us to go
through war without suspension OF
specie payment or any arrangement OF
our monetary system"
That prophecy was made only seven
months ago, and 1t is already dis
proved, for We are in the midst Of war
and are still carrying out demand obli-
cations. 1t is astonishing how anxious
this aggregation of bankers Is to re-
lieve the nation of its demand obliga-
tions. These men are bankers and 9TH
ers that devote their lives largely TO
handling financial questions, and they
have constantly claimed that all finan-
cial knowledge was bound up in them
Yet their simplest claims are discredit-
ed by the events Of few months.
There probably has never been time
when we could obtain all the specie
we wanted with greater ease. Only a
few weeks ago the government issued
instructions for Its agents to avoid TAX
ing gold where they could, for the gov
ernment vaults were becoming too full
Of 1t. The government would really
sooner receive the despised greenbacks
than the gold. What a reversal Of
| financial situ;ltion What an ironica
answer have events given to a foolish
| prophecy! The greenbacks never caused
| at any time the disappearance of the
specie. When specie was driven out o.
circulation during the war 1t was drlt
to other causes. The Sound money
men have assumed that greenback'
were the cause, and so did not hesitate
to predict that In the present war th'
same thing would result. But thu
truth IL that the conditions that ex
listed between 1860 and 1875 do not ex
ist now. The government might ever
issue a few hundred millions more o
| greenbacks with no effect on their valu
compared with gold. At the outbreal
of the civil war we had paid out mucl
of our specie to liquidate adverse bal
ances In trade. Between 1860 and 1877
the balance OF trade was In our favo
for only three years, and then the az
gregate of the three years was Onl
about $40,000000. 1t was against u
ten years and the aggregate was s516,
600, 900, leaving an adverse balance o
$476, 900, 900. In 1880 the entire stoc
Of coin and bullion In the country wa
only s2as, 200, 900. We obtained the res
of the balance from our mines, and tn
few surplus millions were used owe
and over again in paying duties. Is
any wonder that specie went out OF cir
culation? H. F. THURST0N.
MONOMETAL.LIS