Omaha daily bee., 1893-08-09


nations The excess Of exports of gold over
its imports for the wear ending June 80 1898,
amounted to more than 81 600. Between |
the lst day of July, 1890, and the 18th day |
of July, lS93, the gold coin and bullion in our |
treasury decreased more than Sl32, ,U00, ,OOO, |
while during the same period the silver coin |
and bullion in the treasury increased more |
than Sl41 900 900 Unless government bonds |
are to he constantly ISSUED and sold to replen- |
ish our exhausted gold, only to be |
again exhausted. it is apparent that the |
operation Of the silver purchase law now in |
force leads in the direction OF the entire |
substitution of silver for COLO in the govern /
ment treasury, ana that this must be fol- |
lowed by the payment of all government |
obligations in deprecated silver. At this
stage gold and silver must part company
and the government must fail in the es-
tablishcd policy TO maintain the two metals
on u parity with each other. Given over to
the exclusive use of n currency greatly de-
preciated according to the standard of the
commercial world, we could no longer claim
n place among the nations of the first class,
nor could our government claim the per-
formancc of it's obligation, 50 far as such
obligations had been imposed upon 1t, to
provide for the use OF the people the best
and safest money
We Can't Force silver on tho World.
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 agree
ment, IL is obvious that the United states
will not be in position 10 gain hearing IN
favor of such an arrangement so long as we
are willing to continue our attempt TO ac-
compish the result Single-handcd. The
knowledge in business circles among our
people that the government cannot make its
fiat equivalent to intrinsic value, nor keep
inferior money on a parity with superior
money by It's own independent efforts, has
resulted in such lack of confidence at home
in the stability of currency values that capt.
tai refuses its aid TO new enterprises, while
millions are actually withdrawn from the
channels of trade ana commerce to become
idle and unproductive IN the hands of timid
owners. Foreign investors, equally alert,
not only decline to purchase American sccur-
tiles, but make haste to sacrifice those which
they already have,
1t does not meet the situation to say that
the apprehension in regard to the future of
our finances is groundiesS and that there is
no reason for lack of confidence in the pur-
poses or the power Of the government prom
ises. The very existence of this apprchen-
sion aud lack of confidence, however caused,
is IA menace which ought not for a moment to
be dlsregardcd. Possibly, if the undertaking
we have in hand were the maintenance of a
SPECIFIC known quantity OF silver ut parity
with golG, our ability to do so might be esti-
mated and gauged; and perhaps, IN view of
our unparalleled growth andresourccs, might
be favorably passed upon; but when our
avowed endeavor is to maintain such parity
in regard to an amount of silver increasing
at the rate of S5O,OO0,O0O yearly, with no
fixed termination to such increase it can
hardly be said that problem is presented
whose solution is free from doubt
Labor Suffers tho Most.
The people of the United States are en-
titled to some stable currency and to money
recognized as such IN every exchange and IN
every market of the world Their govern
ment has no right to iniure them by financial
experiments opposed to the policy and prac-
tce of other civilized states, nor is it JUST
| tcd in permitting an exaggerated and un-
reasonable reliance on our national strength
and ability to jeOpardize the soundneSs of
| the peoples money. This matter rises above
| the plane of party politics. 1t vitality con-
| Germs 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 an
| ticipatc a harvest gathered from the msfor-
| tunes of others; the capitalist may protect
| himself by boarding, or may even find a
profit in the fluctuation of values; but the
| wage Garner, the first to be injured by de-
| prcciated currency ana the last to receive
I the benefit of its correction, is practically
| defenscless He relies for work upon the
| ventures of confident and Contentcd capital.
| This failing him, his condition is without
| allcviation, for he can neither prey on the
! misfortuneS of others nor hoard his abor.
| 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 Il sound currency, and
who suffers by mschievous legislation in
| monetary matters, is the man who earns
his daily bread by his daily toll"
| These words are as pertinent now as the
| day they were uttered and. ought to impres.
| Svely remind us that failure in the dis
| charge of our duty at this time must es-
pecally injure those of our countrymen who
| labor, and who, because of their number and
condition are entitled to the most watchful
care of their government.
Immediate Repeal Demanded.
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
directly applicable. 1t may be true that the
embarrassments from which the business of
the country is suffering arise as much from
evils apprchended as from those actually eX-
isting. We may hope TOO, that calm coun-
sells will prevail, and that neither the
capitalist nor the wage Garner will give way
to unrcasonlng panic and sacrifice their
property or their interests under the influence
of exaggerated fears, Nevertheless, every
days delay in removing one Of the plain and
principal causes of the present state of
things cnlarges the mischief already done
and increases the responsibility of the gov
ernment for its existence. Whatever else
the people have right tUeXpect from con
grcss, they may certainly demand that legis
latiOn condemned by the ordeal of three
years disastrous experience shall be re
| moved from the statute books as soon as
their representatives can legitimatoy deal
| with it,
Tarih Reform of Secondary Importance.
1t was my purpose TO summon congress in
! special session early in the coming Septem
ber that we might enter promptly upon the
work of tariff reform, which the true in
terests of the country clearly demand
which large majority of the people as
shown by their sufrages, desire and expect
aud TO the accomplishment of which every
effort of the present administration i.
pledged, But while tariff reform has los
nothing of its immediate and permanent i'm
portance, and must in the near futur,
engage the attention of congress, it has
seemed TO me that the financial condition o
the country should at once and before al
other subjects be considered by your honor
able body.
earnestly recommend the prompt rep2al
of the provisions of the act passed July 4
1890, authorizing the purchase of slve
bullion, and other legislative action that
may put beyond all doubt or mistake tn,
intention and the ability of the government
TO fulfill its pecuniary obligations in none!
universally recognized by all ciyiilel
countries. GROVER CLEVELAND,