Huntsville gazette., 1893-08-12

De followed by the payment of all government
| obligations in deprecated silver.
| THE GOVERNMENTS DILEMMA
| AT this stage gold and silver must part COM
| pany and the government must establish
| policy to maintain the two metals on a parity
| with each other. Given over to the exclusive
use OF currency greatly deprecated accord
| ing to the standard of the commercial world,
| we could no longer claim a place among ma
ions OF the first class nor could our govern
ment claim performance of it's obligations, so
| iar as such an obligation has been imposed
upon it. to provide for the use of the people tho
| best and safest money.
| CAN NOT WORK sINGLE-HANDED
| L. as many Of its friends claim, silver ought
| 10 occupy larger place in our currency and
the currency Of the world through general in
| ternational cooperation and agreement it is
obvious that the United States will not be in a
position to gain hearing in favor of such an
arrangement so long are willing to con-
| tlnue our attempt to accomplish the result sin
gle-handed.
| THE EFFECT IN BUSINESS CIRCLES.
The knowledge in business circles among our
| own people that our government can not make
| It's hat equivalent to intrinsic value. nor keep
| inferior money on parity with superior money
| by its own Independent efforts has resulted in
| such lack of confidence at home, in the sta
Dlllty OF curreucy values that capital refuses
| lts aid to new enterprises, while millions are
| actually withdrawn from the channels of trade
| ana commerce to become idle and unproduc-
| tive in the hands of timid owners. Foreign in
vestorS, equally alert. not only decline to pur-
| chase American securities, but make haste to
sacrifice those which they already have,
| MENACE NOT TO BE DIsREGARDED.
| 1t does not 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 purposes Of
| power of the government in the premises. The
very existence Of this apprehension and lack
| OF confidence, however caused, is a
| menace which ought not for moment
| to be disregarded. Possibly If the under
| taking we have i'll hand were the maintenance
| OF specific known quantity of silver at a
| parity with gold, our ability to do so might be
| estimated and gagged and perhaps, in view Of
| our unparalleled growth and resources might
be fdvorably passed upon. But when our
| avowed endeavors to maintain such parity in
| regard to an amount of silver increasing at the
rate of $50 900 900 yearly with no fixed termina-
tion to such increase, it can hardly be said that
| a problem is presented whose solution is free
| from doubt.
| ENTITLED TO SOUND AND STABLE CURRENCY.
| 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 Jne WOrlu. Ile1r governments
| has no right to injure them by financial expert
| ments opposed to the policy and practice Of
other civilized states nor, is it justified in per-
| mitting an exaggerated and unreasonable re-
| lance in our national strength and ability to
| jeopardize the soundness of the people 8
| money.
| ABOVE THE PLANE OF PARTY POLITICS.
! This matter rises al owe the 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 over
| looked. At times like the present, when the
evils of unsound finance threaten u.s. the
! speculator may anticipate harvest gath
/ cred from the misfortune of others,
| the capitalist may protect himself by boarding
| or may even find profit in the fuctuation of
| values but the wage earner-the first to be in
| jured by deprecated currency and the last to
receive the benefit of it's correction-is practi-
| cally defenselesS. He relies for work upon the
| ventures of confident and contented capital
| This failing him. his condition is without al
| deviation, for he can neither prey on the mis-
fortunes Of others nor hoard his labor.
| PERTINENT WORDS.
One OF the greatest statesmen our country
has known, speaking more than fifty years
| ago when a arrangement of the currency had
| caused commercial distress, said: THE very
| man Of all others who has the deepest interest
| in sound currency, and who suffers most by
| miSchievouS 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 utter
| ed and ought to impressively remind us hat a
failure in the discharge of our duty at this time
must especially injure those Of our countrymen
who labor. and who because OF their number
| and condition, entitled to the most watch
| full care OF their government.
| THE DUTY OF CONGRESS.
| It is of the utmost Importance that such re-
lief as congress can afford in the existing situ-
| alton be afforded at once. The maxim: He
| gives twice who gives quickly" is directly ap-
| plicable. 1t may be true that the embarrass-
| ments from which the business of the country
| is suffering arose as much from evils
| apprehended as from those actually existing
| We may hope, too, that calm counsels will pre-
| vail and that neither the capitalists nor the
| wage-earners will give way to unreasoning
panic and sacrifice their property or their in
| terests under the influence Of exaggerated
| fears.
DELAY ENHANCES THE DANGER.
| Nevertheless, 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. What
| ever else the people have right to expect
from congress. they may certainly de-
mand that legislation condemned by
| the ordeal of three years disastrous
| experience shall be removed from the statute
| books as soon as their representatives can
| legitimately deal with them.
TARIFF REFORM TEMPORARILY SIDE-TRACKED.
1t was my purpose to summon congress in
special session early in the coming Sep
tember that we might enter prompt
ly upon the work of tariff reform,
which the true interests of the country
clearly demand which so large majority Of
the people as shown by their sufrages desire
and expect, and to the accomplishment OF
| which every effort of the present administra-
ton 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 mo
that the financial condition Of the country
should at once and before all other subjects,
be considered by your honorable body.
REPEAL OF THE SHERMAN ACT.
I earnestly recommend the prompt repeal OF
the provisions Of the act passed July IA, $780,
authorizing the purchase OF silver bullion,
and that other legislative action may
put beyond all doubt or mistake
the intention and the ability of the
government to fill its pecuniary obligations in
r,o,a1 mi versallv recognized by all civaliZed