The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1893-08-18

the etanQArd 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 stich an obligation
has been imposed upon Ii to provide for
money. III, as many Of Its friends claim,
silver ought to occupy larger place In
our currency and the currency OF the
.oyld through general international CO.
operation and .ScecH.0ns, 1: rs obvious
hausted, 1t is spparen. tha! the operation
OF the silver purchase law now In force
leads in the direction OF the entire substi-
tuition of silver for the gold In the gov
ernment Treasury, and that this must be
followed by the payment OF all govern
In our Treasury decreased ma &c than one
hundred and thirty two millions Of dol
lars, while during the same period the
silver coin and bullion In the Treasury
increased more than one hundred and
forty-scven millions Of dollars.
DANGERS THAT THREATEN.
Unless government bonds are TO be
constantly issued, and sold to replenish
our exhausted ,old, only to be again ex-
that the United States will not be in
position to on hearing In favor Of
such an arrangement 30 long as we are
willing to continue our attempt to &C.
complish the result single handed. The
knowledge In business circles among our
2wn people that otir government cannot
make its fat equivalent to intrinsic
value, OF keep inferior money on a
parity with superior money by Its own
Independent efforts, has resulted in such
lack Of confidence at hone, In the eta
bility Of currency values. that capital
refuses it's aid to new enterprises
from the channels OF trade and COM
merce to become idle and unproductive
in the hands of timid owners. Foreign
investors, cquelly alert, not only decline
to purchase American securities but
mako haste to sacrifice those which they
already have.
QUIBBLING EXCUSE.
1t docs not meet the situation to say
that apprehension In regard to the future
Of our fip..I ces is groundlcss, and that
in the purposes or power Of the govern.
ment in the premises. The very exist
ence of this lack of confidence, however
caused, Is menace which ought not for
q moment to be disregarded.
Possibly II the undertaking we have In
hand were the maintenance Of specific
known quantity of silver at parity with
gold, our ability to do SO might be esti-
mated and gauged, and perhaps in view
of our unparalleled growth and resources
might be fayorably passed upon, but
when our every endeavor is to maintain
such parity in regard to an amount Of
silver increasing at the rate of fifty mill
ions Of dollars yearly, with no fixed ter
mination to such increase, 1t can hardly
be said that problem is presented whose
solution Is free from doubt.
The people Of the United States are
entitled TO sound and stable currency
and to money recognized as such on
every exchange and in every market Of
the world.
TOO VITAL A NATTER FOR EXPERIMENTS.
The government has no right to ipjure
them by financial experiments opposed
TO the policy and practice Of other civil
lied States nor is i: justified IL
an exaggerated and unreasonable reliance
on our national strength and ability to
jeopardize the soundness of the peoples
money.
This matter rises above tho plane of
party politics. 1t vitally concerns 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 pres
cnt, when the evils of uusound finance
threaten US, the speculator msy anticipate
harvest gathered from the misfortune
Nf NJ tfolt tof ~ u;
self by boarding or may even find profit
in the fluctuation of vslucs, bu. the w:gs
carner-the frat to be injured by de-
preciated currency, and the last to re-
ceiyc the benefits Of its corrcCtior-is
practically defcnseless. He relies for
work upon the venture Of Con nfideuce, Of
Contentcd capital This falling him,
his condition is without alleviation,
for he can neither prey on the misfor-
tunes of others nor hoard his labors.
One OF the greatest statesmen our
country has known, speaking more than
fifty years ago, when deran cement Of
the currency had caused commercial die.
tress, said: "The very man Of all others,
who has the deepest interest in sound
currency and who suffers mos. by mis-
chievous 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 impressively remind US that failure
in the discharge Of our duty at
this time must especially injure thou
sands OF our countrymen who labor, and
who, because Of their number and condi-
ton, are entitled to the most watchfui
care Of their government.
RELIEF NEEDED AT ONCE.
1t is Of the utmost importance that
such relief as Congress can afford in the
existing situstion be afforded ct once
The maxim, "He gives twice who gives
quio KY" is directly applicable. 1t may
be true that the embarrassments from
which the business of the country Is suf-
fcripg arise as much from evils appre.
hended as from those actually existing
We may hope, too, that calm counsels
will prevail and that neither the capital
lists nor wagc-earners will give way to
unnecessary panic and sacrifice their
property or their interests under the in
iluence Of exaggerated fears. Neverthe.
less every days delay in removing one
Of the plain and principal causes of the
present state Of things enlarges the mis-
chief already done and increases the re-