The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1893-08-25
Confined from Third page J


entire substitution of silver for gold in
the Government Treasury, and that
this must be followed by the payment
of Government Obligations in deprecla-
ted silver. AT this stage gold and silver
must part company and the Govern
ment must fail in its established policy |
to maintain the TWO metals on a par
with each other. Given over to the
exclusive use OF currency greatly de-
Dreciated according to the standard OF
the commercial world, we could no
longer claim a place among nations OF
the first class, nor could our Govern
ment claim performance OF It's obi.
cations. so far as such an obligation
has been imposed upon 1t, to provide
for the use of the people the best and
safest money IT, as many OF its friends
claim, silver ought to occupy larger
place IN our currency and the currency
of the world through the general inter
national co-operatiun and agreement,
il is obvious that the United States
will not be in position to gain hear
ing in favor Of such arrangement SO
long as we are willing to continue our
attempt to accomplish the result single
handed The knowledge in business
circles among our own people that our
own Government cannot make its own
fiat equivalent to intrinsic value, nor
keep in force money on a parity with
superior money by its own Independent
efforts, has resulted in such a lack Ct.
confidence at home in instability OF
currency values that capital refuses its
aid to new enterprises, while millions
are actually Withdrawn from the chan
nels of trade and commerce to become
idle and unproduCtive in the hands Of
a timd owner Foreign investors
equally alert not ouly decline to pur-
chase American securities, but make
haste 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 groundIess
and that there is no reason for lack OF
power of the Government in the prem
ises. The very existence Of this appre-
hension and lack of confidence, how
ever caused, is menace which ought
not for a moment to be diSregarded.
Possibly if the undertaking we have in
hand were the maintenance Of speCl.
fed known quantity of silver as the
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 favora-
bly, passed upon. But when our
avowed endeavor is to maintain such a
parity in regard to an amount of silver
increasing at the rate of fifty millions
of dollars per year, with no fixed termi.
nation to such increase, it can hardly
be said that a problem is presented
whose solution is free from doubt. The
people of the United States are entitled
to a sound and stable currency and to
money recognized as such on every
exchange and in every market OF the
world. Their Government has no
right to injure them by financial exper-
iments opposed to the policy and prac.
tice of other civilized States, nor is it
justified in permitting an exaggerated
tional 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 important aspect of
the subject which specially should
never be overlooked At times like
the present, when the evils OF unsound
finance threaten us, the Spectator may
anticipate harvest gathered 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 Garner, the first to
be injured by deprecated currency
and the last to receive the benefit of its
correction, is practically detenCeless.
He relies for his work on the ventures
of confident and contented capital.
This failing, his condition is without
alienation. He can never prey on the
misfortune of others, or hoard his
labor One of the greatest statesmen
our country has known, speaking
more than fifty years ago, when de-
rangement 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 mischevious legislation
in money matters is the man who earns
his daily bread by his daily toll. "
These words are as. pertinent now as
as on the day they were uttered, and
ought to impressivey remind us that a
failure in the discharge of our duty at
this time must especially injure those
of our countrymen who labor AID who,
because Of their number and condition,
are entitled to the most watchfui care
of their Government. Il is # the ut
most importance that such relief as
Congress can offer in the existing situa
ton be offered at once. The maxim,
"He gives twice who gives quickly" IS
directly applicable. 1t may be true
1t may be true that the embarrassment
from which the business of the country
is suffering is as much from evils APP
pretended as from those actually exist
100 NNa r,aU hpna tOo that calm