The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-08-08

place in our currency and the cur
rency of the world through general
international co operation ana agree
ment, is is obvious that the United
States will not be in position to
gain hearing in faver of such an
arrangement so long as We are will
ing to continue our attemp. to ac.
complish the result single handed
A knowledge in business circles
among our own people that our
government cannot make its fat
equivalent to intrinsic value, nor
keep inferior money on a parity
with superior money by its own
independent efforts, has resulted in
such lack of col tidence al home in
the stability of currency values
that capital refuses aid TO new en-
terprises while millions are actually
withdrawn from the channels Of
trade and commerce TO lie Idle AMI
unproductive in the hands of own
ers. Foreign investors, equally
alert, not only decline to purchase
American securities, but make
taste to sacrifice those which they
already have.
1t does not meet the situation to
say that apprehension in regard to
the future of our finances is ground.
less, and that there is no reason for
lack of confidence in the purposes
or power Of the government in the
premises. The very existence of
this apprehension and lack of conf
dence, no ~ever caused, is menace
which ought not for one moment to
be disre garded. Possibly, if the
undertaking we have in hand were
the maintenance of specific
known quantity of silver at
a parity with gold, our ability
to do so might pc estimated and
gagged, and perhaps, in view OF
our unparalleled growth and re-
sources, might be favorably lassed
upon. But when our avowed en-
deavor is to maintain such parity
in regard to an amount of silver in.
creasing at the rate Of $50, 900,
600 yearly, with no fixed
termination to such increase,
it can hardly be said that problem
is presented whose solution is free
from doubt. The people of the
United States are entitled to q
sound and stable currency, aud to
money recognized as such on every
exchange and in every market OF
the world. Their government ha.
no right to ipjure them by tinancia
experiments opposed to the policy
and practice of other civilized
states, nor is it justified in permit
ting an exaggerated and unreasona
BILE reliance on our national strength
and ability to jeorardize the sound
ness of the peoples money.
This matter rises above the plane
of party politics. 1t concerns every
business and calling. and enters
every household in the land. There
is one important aspect of the sub
ject which especially should neve,
be overlooked.
At times like the present, wheI
the evils of unsound finance threat
en- US, the Spectator may anticipate
a harvest gathered from the misfor
tunes of others. The capitalist may
protect himself by boarding, or ma.
even find profit in the tluctuatior
of values, but the wage-earner, frs
to be injured by deprecated cur
rency and last to receive the beneti
of its correction, is practically de
fenseless. lie relies for work upoI
the ventures of confident and con
tented capital. This failing him
his condition is without alienation
for he can neither prey on the mis-
fortunes of others nor heard hi
labor.
One of the greatest statesmen GU
, country has known, speaking NOR
} than fifty years ago, when de
rangement of currency had cause'
t commercial distress, said: eth
very man of all others who has tn
3 deepest interest in sound currency
] and who suffers most by mischiev
t Gus Legislation in money matters,
(. the man who earns his daily brea
J. by his daily toll. "
These words are as pertinent nov
as on the day they were uttered