Middletown transcript., 1893-08-12

| I
in force leads in the direction of the entir'
substitution of silver for gold in the govern
ment obligations in deprecated silver.
METALS MUST PART COMPANY.
AT this stage gold and silver must par
company and the government must fail in
its established policy to maintain the two
metals on parity with each other. Given
over to the exclusive use of currency
i greatly deprecated according to the stand
4 ard of the commercial world, we could no
longer claim place among nations of the
first class, nor could our government claim
performance of its obligation, so far as
such an obligation has been imposed upon
it, to provide for the use Of the people the
best and safest money.
If, as many of its friends claim, silver
| ought to occupy larger place in our cur
rency and the currency of the world
through general international cooperation
and agreement, it is obvious that the United
States will not be in a position to gain a
hearing in favor of such an arrangement so
long as we continue our attempt to accom-
plish the result single handed.
The knowledge in business circles among
our own people that our government cannot
make its fat equivalent to intrinsic value,
nor keep inferior money on parity with
superior money by its own independent
efforts, has resulted in such a lack of con-
fidence at home in the stability Of currency
values that capital refuses its aid to new en-
terprises, while millions are actually with
drawn from the channels of trade and COM
merce, to become idle and unproductive in
the hands of timid owners. Foreign in
vestors, equally alert, not only decline to
purchase American securities, but make
haste to sacrifice those which they already
have.
TUE MENACE MUST NOT BE DIsREaARDED.
1t does not meet the situation to say that
apprehen ensions in regard to rhe future of our
finances is groundless and that there is no
reason for lack of confidence in the puI-
poses or power of the governerlent in the
premises. The very existance Of this ap
prehension and lack of confidence, however
caused, is a menace which ought not for a
moment to be disregarded Possibly if the
unertaking we have in hand were the main
tenance of aspecitic known quantity of sill
yer at the parity with gold, our ability to dc
SO might be estimated and guaged, ard per
maps in view of our I'M araleled growtl
and resources might lie iavorably assed
upon. But when our avowed endeavoris
maintain such parity in regard to amour.
of silver increasing at the rate of $780,
600, 900 yearly, with no fixed termination to
such increase it can hardly be said that
problem is presented whose solution is free
from doubt.
The people of the United States are en-
titled to sound and stable currency and to
money recognized as suce on every exchange
and in every market of the world Their
government has no right to injure them by
financial experiments opposed to the policy
and practice of other civilized States, nor is
it justified in permitting an exaggerated and
unreasonable reliance on our national
strength and ability ojeopardize the sound
ness of the peoples money.
HOW 1T CONCERNS THE LABoRER.
This matter rises about the plane fparty
politics. 1t vitality concern every business
and calling and enters every household in
the land. There is one important aspect
of the subject which especially should
never be overlooked At times like the
present, when the evils of unsound finance
threaten us, the speculator may anticipate
a harvestgathered from the misfortune of
others, the capitalists may protect himself
by boarding or may even find profit in the
fiuctuation Of values; but the wage Garner
the first to be injured by a deprecated
currency and the last to receive the benefit
of its correction-is practically defenceless.
He relies for work upon the ventures of
confident and contented capital. This
failing him his condition is without ale
vation, for he can neither prey on the mis-
fortune of others nor hoard his labor. One
of the greatest statesmen our country has
known, speaking more than fifty years ago,
when arrangement OF the currency had
caused commercial distress, said:-'The
very man of all others who has the deepest
interest in a sound currency and who
suffers most by mischievous legislation in
money matters is the man who earns his
daily bread by his daily toll"
These words are as pertinent now as on
the day they were uttered and ought to i'm
pressiyely remind us that failure in the
discharge of our duty at this time must
especially injure those of our countrymen
who labor and who because of their num-
ber and condition are entitled to the most
watchful care of their government.
EARLY ACTION URGED.
1t is of the utmost importance that such
relief as Congress can afford in the existing
situation be afforded at once. The maxim
He gives twice who gives quickly is di-
rectly applicable, 1t may be true that the
embarrassmen from which the business of
the country is suffering arise as much from
evils apprehended as from those actually
existing. We may hope, too, that calm
counsel will prevail and that neither capi-
talists not the wage earners will give way
to unreasoning panic and sacrifice their
property OF their interests under the infiu-
ence of exaggerated fears. Nevertheless,
every days delay in removing one of the
plain and principal causes of the present
state of things enlarges the mischief already
and increases the responsibility of the
government for its existence. Whatever
else the people have right to expect from
Congress. they may certainly demand that