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

In lts estaD.lehed policy to maintain the
two metals on q parity with each other.
Given over to the exclusive use Of q
currency greatly deprecated according to
the standard 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 1t to provide for
the use Of the people tho best and safest
money. II, as many of Its friends claim,
silver ought to occupy a larger place In
our currency and the currency OF the
.orld through general International CO.
operation and agreement, 1t Is obvious
hausted, 1t Is apparen. that 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 mast be
followed by the payment Of all govern
In our Treasury decreased mo re 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
torty-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 q
position to gain hearing in favor OF
such an arrangement 80 long as we arc
willing to continue our attempt to ac
complish the result single handed. The
knowledge In business circles among our
rwn people that otr government cannot
make Its fat equivalent to intrinsic
value, OF keep inferior money on q
parity with superior money by Its own
Independent efforts, has resulted in such
lack Of confidence at home, in the ata-
bility Of currency values, that capital
refuses It's aid to new enterprises
while millions are actually Withdrawn
from the channels OF trade and COM
merce to become idle and unproductive
in the hands Of timid owners. Foreign
investors, oquslly alert, not only decline
to purchase American securities but
mako haste to sacrifice those which they
already have.
oUIBBLINa EXCUSE.
1t does not meet the situation to say
that apprehension In regard to the future
of our hnAAces Is groundless, and that
there is no reason for lack of confidence
in the purposes or power Of the govern.
ment In the premises. The very exist
ence Of this lack Of confidence, however
caused, is a menace which ought not for
a moment to be disregarded.
Possibly IL the undertaking we have In
hand were the maintenance Of specific
known quantity Of silver at parity with
gold, our ability to DO so nigh. 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 IL presented whose
solution is free from doubt.
The people Of the United States are
entitled to sound and stable currency
and to money recognized ss such on
every exchange and In every market Of
the world.
TOO VITAL A MATTER 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 1t justified In
an exaggerated and unreasonable reliance
on our national strength and ability to
jeopardize the soundness of the peoples
This matter rises above tho plane of
party politics. 1t vitality 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.
ent, when the evils Of unsound finance
threaten US, the speculator may anticipate
q harvest gathered from the misfortune
Of others; the capitalist may project him.
self by boarding or may even find profit
IN the fluctuation Of values, but the wsge
earner-the first to be injured by de-
preciated currency, and the last TO re-
ceive the benefits Of its correotion-is
defcnseless. He relies for
work upon the venture of cnnfidepce, OF
contented capital. This falling him,
his condition is without alleyiation,
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
lifty years ago, when q deran cement OF
the currency had caused commercial die.
tress, said "The very man Of all others,
who has the deepest interest in sound
and who suffers most by mis-
legislation In money matters, IL
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 a failure
In the discharge of our duty at
his time must especially injure thou.
sands OF our countrymen who labor, and
who, because of their number and condi.
ion, are entitled to the most watchful
care OF their government.
RKLIKF NEEDED AT ONCE.
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. It may
be true that the endorsements from
which the business of the country is suf-
fering arise as much from evils appre-
hend3d as from those actually existing.
We may hope, too, that calm counsels
will prevail and that neither the capital
lists nor wage-earners will give way to
panic and sacrifice their
property or their interests under the in.
tiuence of exaggerated fears. Neyerthe.