Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1893-08-17

same period the silver coin and bulliO
in the treasury increased more tina
14IlO0,OUD Unless government bond
are 10 be constantly issued and sold
replc-iSh OGr exhausted gold, only [
be again exhausted, it is apparent tina
the operation of the silver purchas
law now in force leads in the direction
of the entire substitution Of silver 70
the gold in the government treasury
and that this must be FOLLOWED
by the payment Of all government oh
legations in deprecated silver.
''At this stage gold and silver mus
part company and the government
must fail in its established policy tt
with each other. Given over to the
exclusive use of q currency greatly de
/ preciated according to tie standard
| Of the commercial world, we could DC
! longer claim a place among the nations
/ of the 1irSt-claSS, nor could our GOV
| ernment claim performance Of its
/ obligation, so far as such an obligation
has been imposed upon it, to provide
for the use Of the people the best and
safest money. IT, as many of it's friends
claim, silver ought to occupy a larger
place in our currency and the cur.
rency of the world through general
international cooperation and agree,
ment, 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 cur attempt to accomplish the
result single handed
"The knowledge in business circles.
among our own people, that our govern
ment cannot make its fiat equiva-
lent to intrinsic value, nor keep inferior
money on parity with superior money
by its own independent 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 the millions
are actually withdrawn from the chan
nels of trade and commerce to be-
come idle and unproductive in the
hands of timid owners. Foreign in
vestors, equally alert, not only decline
to purchase American securities, but
make haste to sacrifice those which
they already have.
ut does not meet the situation to
say that apprehension in regard to
the future of our finances is groundless
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 confidence, however, is a
menace which ought not for Il moment
to be disregarded. Possibly if the IN
dertaking we have in hand were the
maintenance Of a specific known guam
tity 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 favorably passed upon. But
when our avOWed endeavor is to main
tain such parity in regard to an amount
Of silver increasing at a rate of $780,
100000 yearly, with no fixed termina-
ton 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 curren-
cy, and to money recognized us such
on every exchange and in every mar
ket of the world. Their government
has no right to injure them by finan-
cial experiments opposed to the policy
and practice of other civilized states,
nor is it justified in permitting an eX-
aggerated 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 important as
pect of the subject which especially
should never be overlooked At times
like the present, when the evils Of I'M
sound finance threaten us, the specu-
lator may anticipate a harvest gath
cred from the misfortunes of others;
the capitalist may protect himself by
boarding or may even find profit in
the fluctuatiOn of values; but the wage
earner-the first to be injured by a
deprecated currency and the last to
receive the benefit of it's corrction-is
practically defenseleSS. He relies for
work upon the ventures Of confident
and contented capital This failing
him, his condition is without allevi-
alton, for he can neither prey on the
misfOrtunes of others nor hoard his
labor. One of the greatest statesmen
our country has known, speaking more
than fifty years ago when a derange-
ment of the currency had caused com.
mercial distress, said: The very man
of all others who has the deepest in
j terest in a sound currency and who
suffers by nischievous legislation in
monetary matters is the man who earns
his daily bread by his daily toll These
words are as pertinent now as in the
day they were uttered and ought tC
impressively remind us that 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 con
dition are entitled to the most watchfu
care Of their government.
1T is of the utmost importance tha
such relief as congress can afford il
the existing situation be afforded a
once. The maxim, He gives twice wh(
gives quickly is directly applicable
1t may be true that the embarrassment.
from which the business of the countr.
is suffering arise as much from tn,
evils apprehended as from those &C