Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-08-09

- 49, - - - f~@tf VIA
ether.
Moa~y Generalization
Given over % the exclusive uss Of
greatly deprecated medium. according
70 the standard q the commercial
xorid. ~ eoald DO longer claim place
snOng the nations Of the first class. nor
could our government claim the ref-
foFmanes of lss obligation. 80 Tar as such
an ohligaii0n has been imposed upon It
% pfosldo Tor the use u the people the
best iznd safest money. Many of is
friends may claim that silyer ought 10
occupy larger place Ia our currency
and the currency - tbs sworld. through
general International CO operation and
asrsement
Ia that case il u obvious that the
United States will not be in position
10 gain hearing In favor OF such an
arrangement 80 long a. re are willing 70
continue our attempt 70 accomplish the
result single handed. The knowledge
Ia ousicess circles among our own peo-
pie that our government cannot make
IL fat equivalent - Intrinsic value. nor
keep inferior money On a parity With
superior money on It's own independent
Efforts. has resulted ia such a lack of
eonlideHce az home in the STABILITY of
currency values that capital refuses is
aid 20 new enterprises
Millions are actually Withdrawn from
the channels of trade and commerce 10
become Idle and unproductive in the
hands of timid owners Foreign inyes-
tors are equally alert. and not only de-
cline 10 purchase American securities.
but make haste 10 sacrifice those which
they already have. liz does not meet the
situation 10 say that apprehension in
regard 10 the future OF our finances Is
groundless. and that there is no reason
for lack Of confidence in the purposes or
power Of the government in the prem
lses.
The very existence of this apprehen-
sion and lack of confidence, however
caused. Is q menace which ought not for
\ moment 90 be disregarded- Possi bly,
il the undertaking we have in hand
were the maintenance Of a specific
known quantity Of silver at parity with
gold. our ability 10 do so might be es-
timated and gagged and perhaps in
view Of our unparalleled growth and re-
sources might be favorably passed upon.
Peoples Right.
But when our avowed endeavor is to
maintain such parity in regard 10 an
amount OF silver increasing at the rate
s50.ooO.0o0 yearly. with no fixed termina-
tiOn of such increase. il can hardly be
said that problem IL presented whose
solution Is free from doubt The people
OF the United States are entitled TO a
sound and stable currency and TO money
recognized as such on every exchange
and IN every market OF the world. Their
government has no right TO iniure them
by financial experiments opposed 10 the
practice and polieg OF other civilized
states
Nor Is it justified in permitting an ex-
aggerated and unreasonable reliance on
our national strength and stability to
ieopardlse the soundness OF the peoples
money This matter rises above the
plane of party politics IL virtually
concerns every business and calling and
enters every household. There Is one
important aspect OF the subject which
especially should not be overlooked
At times like the present. when the
evils OF unsound finance threaten US,
the speculator may anticipate a harvest
gathered from the misfortunes OF 9th
ers. 1hs capitalist may protect himself
by boarding. or may even find profit In
the iuctuation Of values. But the wage
Garner. the first 20 be injured by de-
preciated currency and the last 10 re-
ceive the benefit of its correction. is
practically defenseless. He relies for
work upon the ventures Of confident
and contented capital. This failing
him. his condition iswithout alienation,
for be can neither prey on the misfor-
tunes OF others nor hoard his labor.
One of the greatest statesmen our
country has known. speaking moro than
fifty years ago. when arrangement Of
the currency had c2nsed commercial
distress. said: The very man Of all
others who has the deepest interest in a
sound currency and who suffers the
most by mischievous legislation in
money matters, is the man who earns
his daily bread by his daily toll" These
words arc just as pertinent nov az on
the day they were uttered and ought TO
'lmpressivciy remind us that failure in
the discharge of our duty az this time
must especially iniure those % our
scountrymen who labor and who. because
lof their number and condition. are en-
Itiflel t. the most watchful care % their
government.
II - ~ the utmost Importance that
such relief as congress can afford in the
existing situation be afforded at once.
The MAXIM. He gives twice =ho gives
quickly" - directly applicable. IL may
he true that the ernbarrassments from
which the business of tho country is
Suffering arise as mnch from thosc ac-
tnally existing. We may hope. too.
that calm ooun=els vii prevail and that
neither capitalist To- sc earners viii
give way 10 unreaeoning panic and sac
rificc their property OF th-ir interests
under tho influence of exaggerated
fears.
Repcal Demanded
Nevertheless. every delay IN removing
one II the plain and principal causes of
the present state Il things and the mis-
chief already done increases the respon-
sibility n the government for is exist
ence. Whatever else the people have
a right % expect from congress. they
may certainly demand that the legisla-
uon eondemued By the ordeal n three
ynars disastrous experience shall he
removed from TIE statute hooks - soon
a. their representatives can legitinateiy
deal with 4
II sas my purpose 90 shannon con
gress IN special session early IN the com
! inx September. thar Ne might enter
promptly pn the work - tariff reform.
which the true interests of the ouurfry
cie<riy demand. which - large MAJOR.
ity Il the peopie. a. shown by their suf
fraze. desire snd expect and b the ac.
eonriishment u shich esery effort n