The record-union., 1893-08-09

= uIIeu states VIII not De IN pOslIlOn 10
gain hearing in favor Of such arrange
ment so long as we are willing to con-
tinue our attempt to accomplish the re-
suit single-handed. The knowledge in
business circles among our own people
that our Government cannot make its
faith equivalent to intrinsic value, nor
keep inferior money on parity with SUI
perior money by its own independent
efforts, has resulted in such lack of conf
dence at home in the stability of cur
rency values that capital refuses its aid to
new enterprises, while millions are actu-
ally withdrawn from the channels of
trade and commerce to become idle and
unproductive in the hands of timid own
ers. Foreign investors. equally alert, not
only decline to purchase American Sc
curities, but make haste to sacrifice those
which they already have.
sit does not meet the situation to say
that the apprehensions in regard to the
future of our finances are groundless, and
that there is no reason for a lack of conf
dence in the purposes or power of the
Government in promises. The very eX-
istence of this apprehension and lack of
confidence caused, however, is a menace
which ought not for a moment to be dis
regarded.
Possibly if the undertaking we have
in hand were the maintenance of a spe-
citic known quantity of silver, at par
ity with gold, our ability to do so might
be estimated and gauged, and, perhaps,
in view of, our unparalleled growth and
ho fa Il
upon. But when our avowed endeavor is
to maintain such parity in regard to the
amount of silver increasing at the rate of
50,000,000 yearly, with no fixed termina-
tion to such increase, it can hardly be
said that the problem is presented whose
solution is free front doubt.
1.-The people of the United States are
entitled to a sound, stable currency, and
to money recognized as 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 and practice of
other civilized States, nor is it justified
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 concerns every busi-
uess and calling and enters every house
hold in the land.
"There is one important aspect of the
subject which especially should never be
overlooked at time like the present,
when the evils of unsound finance
IL. ~ l..
ticipate harvest gathered from the mis-
fortunes of others; the capitalist may pro-
tect himself by boarding, or may even
find profit in the fiuctuation of values;
but the wage-earner-tirst to be injured
by deprecated currency, and last to re-
ceive the benefit of its correction-is prac-
tically defenseless. He relies for work
upon the ventures of a confident and con-
tented capital. This falling him, his con-
dition is without alleviation, for he can
neither prey on the misfortunes of others
nor hoard his labor.
"One of the greatest statesmen our
country has known, speaking more than
fifty years ago, when the arrangement of
currency had caused commercial dis
trust, said The very man of all others
who has the deepest interest in a sound
currency, and who suffers by mischiev-
Gus legislation in monetary matters. is
the man who earns his daily bread by his
daily TOLL These words are as pertinent
now as on the day they We're uttered, and
ought to impressively remind US that
failure in the discharge of our duty at this
time must especially injure those of our
courtrymen who labor, and who, because
of their number and condition. are en-
titled to the most watchful care of their
Government.
"If it is of the utmost importance that
such relief as Congress can afford in the
existing situation be afforded at once.
the maxim He has given twice who
gives quickly is directly applicable. 1t
may be true that the embarrassments
from which the business of theecountry is
suffering arise as much from evils ap-
pretended as from those actually ex-
listing. We may hope, too, that calm
counsels will prevail, and that neither
capitalists nor wage-earners will give
way to unnecessary panic and sacrifice
their property or their interests under the
influence of exaggerated fears. Never
theless, every days delay in removing
one Of the plain and principal causes of
the present state of things enlarges the
mischief already done, and increases the
responsibility of the Government for its
existence. Whatever else the people
have a right to expect from Congress-
they may certainly demand that legisla-
ton condemned by the ordeal of three
years disastrous experience shall be re-
moved from the statute books as soon as
their representatives can legitimately
deal with it.
1T was my purpose to summon Con-
gress in special session early in the com
/ ing September that we might enter
promptly upon the work of tariff reform.
which the interests OF the country clearly
demand, which so large majority of the
peopleas shown by their suffrages desire
and expect, and to the accomplishment of
which every effort of the present ad-
ministration is pledged. But while tariff
reform has lost nothing of its immediate
and permanent importance, and must in
the near future engage the attention of
| Congress, it has seemed to me that the
financial condition of the country should
at once, and before all subjects, be con-
sidered by your honorable body.
II earnestly recommend the prompt
repeal of the provisions of the Act passed
July IA, 1880, authorizing the purchase of
silver bullion, and that other legislative
action may put beyond all doubt or mis-
take the intention and ability of the
Government to fulfill its pecuniary obli-
cations in a money universally recog-