The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1893-08-11

gold over its imports for the year ending
June 30, 1893, amounted to more than
$S7, 500, 600. Between the 1st day of July,
1880, and the 18th day of July, 1893, the
gold coin and bullion i'll our treasury de-
creased more than sl32, 100000, while dur
ing the same period the silver coin and
bullion in the treasury increased more than
$l47, 100000. Unless government bonds are
to be constantly issued and sold to replen-
ish our exhausted gold, only to be again
exhausted, it is apparent that the opera
tion of the silver purchase law now in
force, leads il. 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.
Must Part Company.
Atthis stage gold and silver must. part
company and the government must fail in
its established policy to maintain the two
metals on parity with each other. Given
over to the exclusive use of currency
greatly depreciated according to the
standard of the commercial world, we
could no longer claim place among ma
tions of the first class, nor could our gov
ernment claim a performance of its obliga-
tion, SO far as such an obligation has been
imposed upon it, to provide for the use of
the people, the best and safest money.
If, as many of it's friends claim, silver
ought to occupy larger place in our cur
rency and the currency of the world
through general international cooperation
and agreement, it is obvious that the
United States will not be in position to
gain hearing in favor of such an arrange
ment SO long as we are willing to con-
tinue our attempt to accomplish the re-
suit single handed.
Resulted In Lack of Confidence.
The knowledge in business circles among
our own people that our government can
not make its fiat equivalent to intrinsic
value, nor keepin force our money on a
parity with superior money by it's own in
dependent efforts, has resulted in such a
lack of confidence at home in the stability
of currency values that capital refuses it's
aid to new enterprises. while millions are
actually withdrawn from channels of
trade and commerce to become idle and
unproductive in the hands of timid own
ers. Foreign investors, equally alert, not
only declinetto purchase American securi-
ties, but make haste to sacrifice those
which they already have. 1t does not meet
regard to the future of our finances is
gro,lndless, and that there is no reason for
lack of confidence i'll the purposes of the
government in the premises.
Should Not Be Disregarded.
The very existence of this apprehension
and lack of confidence, however caused is
q menace which ought not for a moment to
be disregarded Possibly if the undertak-
ing we have in hand We're the maintenance
OF specific known quantity of silver at q
parity with gold, our ability to do so
might be estimated and gauged, and per-
haps III view of our unparalleled 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 increasing at the rate of
$4,000, 900 of dollars yearly, with no fixed
termination to such increase, it can hardly
be said that a problem is presented whose
solution is free from doubt.
Entitled to IL Sound Currency
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 i'll every market of the world.
Their government has no right to iniure
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
| jeopardize the soundness of the peoples
money.
| This matter rises above the plane of
party politics. 1t vitality concerns every
business and calling and enters every
household in the land There is one i'm
portant aspect of the subject which
especially should never be overlooked. Al
times like the present, when the evils OF
unsound finance threaten us, the spec,l
lator may anticipate harvest, gathered
from the misfortune of others, the cap
italist may protect himself by boarding OF
may even find profit in the fluctuation O
values.
The Wage-Earner Defenseless.
But the wage-earner, the first to be in
Jured by a depreciated currency and til,
last to receive the benefit of it's correction
is practically defenseless. He relies fo
work upon the ventures of confiden
and contented capital. This failin.
him, his condition is withou
alleviation, for he can neither pre-,
on the misfortunes of others, nor hoard hi
labor. One of the greatest statesmen ou
country has known, speaking more thai
5Oyears ago when a arrangement of til
currency had caused commercial distress
said: ''rhe very man of all others VIII
has the deepest interest in sound cul
rency and who suffers most by mischievo,l
legislation in money matters, is the ma
who earns his daily bread by his dali
toll"
These words are as pertinent now as i
the day they were uttered, and ought t
impressively REMIND us that failure i
the discharge of our duty at this tim
must especially injure those of our coul
trymen who labor, and who, because c
their number and condition, are entitle
to the most watchful care of their govern
ment.
Should Act at Once.
1t is far the most important that sue
relief as congress can afford in the exis
ing situation be afforded at once. IL
Highest Of all in Leavening Pr