New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-20
4 TIMELY SPEECH.


President Harrison has the rare faculty OF
saving the right thing at the right time and
Mace. Rarely has there been more timely
and more effective remark on any public occa-
sion regarding the monetary problem than the
| President took occasion TO make IN his speech
at Albany. He was talking in the rain, to a
crowd of about three thousand people, but re-
allied that whatever he had to say at the
CAPITAL of the greatest State in the Union wOuld
he read and soberly considered by millions OF
voters throughout the country. In another re-
spect his faculty is remarkable he can say the
best things and put the strongest arguments IN
q way to give no offence even to political op-
ponents Thus in discussing the financial ques-
ton he too, care TO start with an idea which,
as he aptly said, all good citizens Of every party
should snare: 81 believe that l. speak thai
which is the common thought of us all when
| say that every dollar, whether paper or CON-
issued or stamped by the General Government
should always and everywhere be as good as
every other dollar"
There is more of sound monetary philosophy
in this single statement than can be found III
most Of the elaborate speeches on the SUBJECT,
If this one rule were rigidly observed IN all
financial legislation, and all action by the treas
uy were regulated with an eye single to the
maintenance of absolute parity in use between
all kinds OF money issued or stamped Dy inc
Government, there would be little room for DIS
pute, and no room whatever for panic as re-
spects the monetary future. Apprehension
comes only because it is believed by some that
the Government may enter upon policy which
will render certain paper i'll circulation noU eA-
changeable for gold on demand, and edeemaoie
only in silver. 1t makes no difference whether
the form of currency which is liable to de-
preciate is of paper or Of con in either Case dS
the President reasons, the Government mas ah
enIIal obligation to prevent depreciation 50 1ar
as possible, and to make that which IL mas
issued. as worth one dollar, actually worth one
dollar in exchange in every part of the country.
If the Government can do this, If 1t carehuy
preserves for itself the power to do this at all
times If can make no sort of difference whether
one or another form Of the currency is increased
or diminished But the President then pro-
ceeds to present with peculiar force the afgu-
ment against the use Of any form OF depIeclateu
currency:
I am one Of those that believe that these men from
vour shops these farmers remote from money centres
hove tho largest interest OF all people Of the world in
having dollar that is worth 100 cents every day IN the
yeor and ONLY SUCH II by any chance we should ian
into a condition where one dollar is not 50 good as
another venture the assertion that the poorer dOlir
will do its first GRAND in paying some poor aDoreF lor
his WORK, Therefore in the conduct OF cur puDhc
affairs feel pledged for that all the influences OF
the Government should be the side Of giving the peo-
ple only good money and Just much Of that kind as
we can get.
The appeal to the good sense OF farmers, as
the President goes on to say, is stronger than
ever this year, because they have enormous
crops to be marketed, and the price Obtainable
for those crops depends upon the price which
foreign countries will pay for the great surplus
to be exported. If any form OF depreciation
occurs in the currency Of this country 1t must
inevitably diminish the price which the farmers
will be able to obtain for their products And
with singular force the President calls atten-
ton to recent disaster in the Argentine Re-
public, as an example which all Americans
vii! surely have the good sense to avoid: ="
am sure that we would all shun that cOndl-
ton of things into which many peoples Of the
mast have drifted, and of which we have had
in one Of the great South American countries
recent example, the distressed and hopeless
condition into which all business enterprises
fall when any nation issues an irredeemable OF
deprecated money"