The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1893-08-09

consequence, for the hrSt time since It's 4
creation, been encroached upon.
Gold Reserve Depletion.
We have thus made the depletion Of our
gold easy, and have tempted other and
more appreciative nations TO add it to their
stock That the opportunity we have of
fered has not been neglected is shown by
the large amounts Of gold which have been
recently drawn from our treasury and eX
ported to increase the financial strength of
foreign nations. The excess Of exports Of
gold over its imports for the year ending
June 30, 1898, amounted to more than SS7,
500 600
Between July /, $780, and July Is, 1898,
the gold coin and bullion in our treasury
decreased more than Sl32, 900, while
during the same period the silver coin and
bullion in the treasury increased more
than S147,OOOOOO. Unless government
bon are to be constantly issued and sold
to replenish our exhausted gold, only to be
again exhausted, it is apparent that the
operation of the silver purchase law now
in force leads to the direction Of the entire
substitution Of silver for the gold in the
government treasury, and that this must
be followed by the payment of all govern
ment obligations in deprecated silver.
Gold ana silver Bart company
At this stage gold and silver must part
company and the government must fail in
its established policy to maintain the two
metals on a parity with each other. Given
over to the exclusive use of currency
greatly deprecated according to the stand
ard Of the commercial world we could no
longer claim place among nations Of the
first class, nor could our government claim
,,pf ffu ,I,1 ia qc
such an obligation has been imposed upon
it to provide for the use Of the people the
best and safest money,
Il, as many Of its friends claim, silver
ought to occupy a larger place in our cur
rency and the currency Of the world
through general international co-opera-
tion and agreement, it is obvious that the
United States will not be in a position to
gain a hearing in favor Of such an ar,
rangement 50 long as we are willing to
continue our attempt to accomplish the
result single handed.
We Cannot Make Fiat Money.
The knowledge in business circles
among our own people that our govern
ment cannot make its fiat equivalent to
intrinsic value nor keep inferior money on
parity with superior money by its own
| independent efforts has resulted in such a
lack of confidence at home in the stability
| of currency values that capital refuses its
| aid to new enterprises, while millions are
| actually 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 secur-
I 4tios, but mako haste to sacrifice those
which they already have
1t does meet the situation to say that ap-
prehension in regard to the future of our
! finances is groundless and that there is no
reason for lack of confidence in the pur-
! poses or power of the government in the
premises. The very existence of this ap-
prehension and lack of confidence, how
ever caused, is a menace which ought not
! for moment to be disregarded. Possibly
if the undertaking we have in hand were
the maintenance OF a specific known
quantity of silver at parity with gold our
ability to do so might be estimated and
gauged, and perhaps, in view of our un-
paralleled growth and resources, might be
favorably passed upon. But when our
avowed endeavor is to maintain such
parity in regard to an amount of silver in
creasing at the rate of $50 900, 900 yearly,
with no fixed termination to such increase,
It can hardly be said that a problem is
presented whose solution is free from
doubt.
A Stable Currency Demanded.
The people of the United States are en-
titled to a sound and stable currency and
to money recognized as such on every ex,
! change 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 unreasonable reliance on
| our national strength and ability to jeo-
pard the soundness of the peoples money.
This matter rises above the plane of
party politics. 1t vitally concerns every
| business and calling and enters every
household of the land. There is one i'm
portant aspect Of the subject which es-
pecially should never be overlooked At
times like the present, when the evils of
unsound finance threaten us, the specula-
tor may anticipate a harvest gathered
from The misfortune Of others, the capital
ist may protect himself by boarding or
may even find profit in the fiuctuation on
values; but the wage earner-the first to
be injured by deprecated currency and
the last to receive the benefit of its correc-
tion-is practically defenseless. He relies
]
and contented capital.
This failing him, his condition is with
out alienation, for he can neither prey on
the misfortunes of others nor hoard his
labor, One of the greatest statesmen our
country has ever 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 a sound currency and
who suffers most by mischieyous legisla-
tiOn in money matters is the man who
earns his daily bread by his daily toll"
Prompt Relief Required.
These words are as pertinent now as on
the day they were uttered, and ought to
impressiyely 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.
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 bust
ness of the country is suffering arise as
much from evils apprehended as from
those actually existing. We may hope,
too that calm counsels will prevail, and
that neither the capitalists nor the wage
earners will give way to unreasoning panic
and sacrifice their property or their inter
ests 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 eu-
larges the mischief already done and in
creases the responsibility of the govern
ment for its existence Whatever else the