The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1893-08-23

our own people that our Government cannot
make its fiat equivalent to intrinsic value
nor keep inferior money on q parity with
superior money by its own Independent et-
forts has resulted in such q lack of con-
adence 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 inves-
tors, equally alert, not only decline to pur-
chase American securities, out make haste to
sacrifice those which they already have.
1t does not meet tho situation to say that
apprehension In regard to the future OF our
finances il groundless and that there Is no
reason for lack of confidence In the purposes
or power OF the Government In the premises.
The very existence OF this apprehension and
lack OF confidence. however caused, is O
menace which ought not for moment to be
disregarded. -
PARITY IMPOSSIBLE.
Possibly II the undertaking we have in
hand were the maintenance of a specific
known quantity Of silver as the parity with
gold, our ability to do 80 might be estimated
and gauged, and perhaps In view Of our un-
paralieled growth and resources might be
taVorably passed upon. But when our
svowed endeavor Is to maintain such parity
in regard to an amount OF silver increasing
at the rate.of $50, 600, 900 yearly, with no
fixed termination to such increase, 1t can
hardly be said that problem Is presented
whose solution Is free from doubt.
MUST REGARD OTHER STATES.
The people Of the United States are enti-
tied to y sound and stable currency and to
money recognized as such on every exchange
and in every Market In the world. Their
Government has 20 right to tnjure them by
financial experiments opposed to the policy
and practice OF other civilized States, nor Is
1t justified in permitting an exaggerated and
unreasonable reliance on our National
strength and ability to jeopsrdize the sound
ness OF the peoples money.
NOT A PARTY NATTER.
This matter rises above the plane Of party
politics. It vitality concerns every business
and calling and enters every household In
the land. There is one important aspect Of
theisubject which especially should never be
overlooked. At times like the present, when
the evils Of unsound finance threaten us, the
speculator may anticipate harvest gathered
from the misfortune Of others, the capitalist
may protect himself by boarding, or even
may find profit In the fuctuation Of values,
but the wage earner-the first to be injured
by deprecated currency aud the last to re-
ceive the benefit Of its corrections-is pracd.
cally defenceless. He. relies for work upon
the ventures Of confident and contented capi-
tai This failing him, bis condition Is with
out alienation, for he can neither prey on
the misfortunes Of others nor hoard his labor.
. WAGE FARMERS MOST AFFECTED.
One OF the greatest statesmen our country
has known, speaking more than fifty years
ago when arrangement OF the currency mad
caused commercial distress, said:
"The very man of all others who has the
deepest interest ina sound currency and who
suffers most by misehievous legislation In
money matters Is the man who earns bis
daily bread by his daily toll"
These words are as pertinent now as on
the day they were uttered, and ought to i'm
pressvey 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-
Der and condition. are entitled to the most
watchful care OF their Government.
CONGRESS- SHOULD ACT AT ONCE. '-
II is OF the utmost Importance that such
relief that Congress can afford IN the exist
ing situation be afforded at once. me
maxim, she gives twice who gives quickly,
Is directly applicable. 1t may be true tnat
the embarrassments 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 counses will prevail, and
that neither the capitalists nor the wage
earners will give way to unreasoning pam
ic and sacrifice their property or their IN,
terests under the influence OF exsgSeraesd
fears. Nevertheless, every days delay In fe-
moving one Of the plain and principal causes
OF the present state OF things enlarges the
mischief already done and increases the re-
sponsibiIity Of the Government tor its exist
ence. whatever else the people have = right
to expect from Congress they may certainly
demand that LEGISLATION condemned by the
ordeal OF three years disastrous experience
shall be removed from the statute ibooks as
soon as their representatives can legisiatively
deal with 1t.
AS TO TARIFF REFoRN.
II was nv purpose to summon Congress In
special session early in the coming Septem-
Der, that we might enter promptly upon the
work OF tariff reform, which the true inter-
ests of the country clearly demand, which 80
large majority OF the people. as shown ~
their suffrages, desire and expect, and
to the accomplishment OF which every
officer OF the present administration is
pledged. But while tariff reform has LOST
nothing Of its immediate and permanent i'm
portance, and must in the near future engage
the attention Of Congress, it has seemed to
me that the financial condition ofthe country
should at once and before all other subjects
be considered by your honorable BODY.
.. PROMPT REPEAL REcoMmENDED.
I earnestly recommend the prompt cepeal
of the provisions of the act passed July Il,
1890, authorizing the purchase OF silver bull
lion, and that other legislative action nay
put beyond all doubt or mistake the lnten-
ton and the Government to fulfill Its pecunl-
ary obligations in money universally recoS-
nized by all civilized countries.
GROVER CLEVELAND.
Executive Mansion. August Z. 1898.
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