The farmers' union. (Memphis, Mo.) 1891-1895, 1893-08-17

two million, Of dollars; while during
bullion in the Treasury increased more
than one hundred and forty-seven mill
ions of dollars Unless Government bonds are
70 be constantly issued and sold to replenlsh
our exhausted gold only 70 be again exhaust
ed 1t is apparent that the operation OF the
Silver Purchase law. now in force. leads In the
direction OF the entire substitution OF silver
for the gold III the Government Treasury, and
that this must be followed by the payment OF
all Government obligations in ucl Teclateu
silver.
At this stage gold and silver must part
company, and the Government must fail in
its established policy 70 maintain the two
metals on parity with each other. Given
over to the exclusive use of cur
rency greatly deprecated according
TO the standard Of the conmescial
world we could no longer claim place among
the nations Of the first class. could our
Government claim performance of its obllga-
tions. 30 Tar as such All obligation has been
imposed upon IL, TO provide for the use OF the
many of its friends claim, silver ought
to occupy n iaroer place in orr currency and
the currency OF the world through general in
tcrnatiOnal cooperation and agree .nent. Il Is
obvious that the United states will not be III
a position 70 ca.n e. hearing III tavorof such an
arrangement 50 long we are willing TO con-
tinue our atteinp, to accomplish the result
single handed.
Resulted in II Lack OF Confidence.
The knowled &c in business circles among
our own y oile that our Government
not make its hat equivalent to intrinsic value,
nor keep inferior money on parity with
snpGf"r 1 money ~ ,1 Own ~ sur o,
lack OF confidence at home in tho
stability of currency values that capital re-
fuses its aid to new enterprises while Millions
are actually withdrawn from the channels or
trade and commerce to b come idte ana unpro-
ductivc in the hands Of timid owners: Foreign
investors equally alert. not only decline to pur-
chase American securities, but make haste
TO sacriilce those which they already have.
1t does not meet the ituatlon to say that
sir vi be. II at
finances IL grOundless, and that there IS no
reason for lack of confidence in the purposes
or power of the "overnmcn' IL in t Ihe
apprehension and lack of confidence however
caused Is Il menace which ought not FOR a mo
nent To be dlsresarded. Possibly II The under
taking we have in hand were the maintenance
| OF specific known quantity OF silver at pari-
ty with god, our ability TO DO SO might be estl-
mat ed and gauged. and perhaps. in view OF our
unparalleled growth ard resources, might
be ravoribly passed upon. But when our
regard to an amount of silver Increasing at the
rate of nifty millions of dollars yearly, with no
fixed termination such Increase, II can hardly
be said that Il profile III is presented whose sOlu-
ton Is free from doubt.
The people Of the United States are entitled
to a SOUND and stable currency and to money
recognized IA such 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 ard practice of other
civilized states nor Is it justified in permit
ting an exaggerated and unI reasonable reliance
on our national strength ana ability TO leop-
ardiZe the :oundncSs of the peoples money.
This matter rises above the plane OF party pol
tiles. 1t vitality concerns every business and
| calling and enters every household in the land.
Harmful Effects T." tn. WageEarner.
There is one important aspect of the sub
}ect which especially should never be over
looked. At times like the present, when
the evils of unsound finance threaten US,
the Sreculator may anticipate harvest
gathered from the IniSfortnnes of others,
the capitalist may protect himself by boarding
or may even hni profit i'll the tiuctuatlon or
values; but The waGe-carner-the first TO be iii.
jnred by a deprecated currency and the last 70
receive the benefits OF ats correction Is prGc-
tically defenseleSS. lie relies for work upon
! tented capital. This failing him. his con
| dltlon il without alienation. for he can
neither prey on the mls;ortunes OF 9TH
ers nor hoard his labor One of the
| greatest statesmen our country has known,
! speaking more than fifty years ago, when
/ h aeranGemtnt OF the currency had caused
| commercial distress. said The very man of
| all others who has the deepest interest III a
| sound currency and who suffer by miscellaneous
| legislation in monetary matters il the man
| who earns his daily bread by his daily to L..
| These words are as pertinent row on the
| day when .ty were uttered. and ought to I'M
| pressively remind us that a failure in the dis
| charge OF our duty at this time must especl
| ally lnJure those or GA: countrymen who
| labor. and who, because of their number and
condition are entitled to the most watchful
! care OF their government.
II is OF the utmost Importance that such
| relief Congress can afford IN the existing
| situation be afforded at once. The maxim.
! He gives twice who gives quickly. Ia di-
! rectly applicable. 1t may be true that the
| endorsements from which the business Of
| the country Is suffering arise as much from
| evils apprehended from those
| ally existing We may hope too that
calm counsels will prevail. and that
neither the capt. aIlsts nor the wage-earners
will give way to unreasoning panic and
| sacrifice their property Their In
| terests under the influence of exaggerated
/ fears. Nevertheless. every days delay In re-
| moving one OF the plain and principal causes
| OF the present state of things cnlarses the
| mischief already done and increases the re-
! sronsihillty OF the Government for its exist
| enct.
Congress Invoked to Act Promptly.
Whatever else the people have a right TO
| expect from Congress, they may certainly
| demand that legislation condemned by
the ordeal If three years disastrous eX-
reritnce shall hc removed from the statute
! books as soon as their representatives
! lrGiilnlatclN deal with it. i my purpose
/ IN The coming September, thai NIGH: cutter
promptly upon the work ~ tarltt reform.
Which the true interests ~ The country
! clearly demand. which 80 large majority
/ OF the people a. showu 10y their suffrage. de
sire and expect and tt the accomplishment OF
/ which every effort Of the present air.inistra-
/ tiou is pc .gtd. But while tarltf reform
las lost nothing OF its immediate and por-
luau2rt Importance. and must il the near fu-
! tire engage the attention of Congress-. II has
seemed u nae that the financial condition O:
the country should at one" and before all
other subjects be considered by Your honor
able body.