The National tribune. [volume] (Washington, D.C.) 1877-1917, 1893-08-10

it's established policy to maintain the two
metals on a parity with each other. Given
over to the exclusive use OF a currency
greatly deprecated according to the stand
ard of the commercial world, we could no
longer claim a place among nations of the
first class, nor could our Government claim
a performance of its obligation, so far as
such an obligation has been imposed upon
1t, to provide for the use OF the people the
best and safest money.
II, as many of its friends claim, silver
ought to occupy larger place in our cur
rency and the currency of the world
through general international cooperation
and agreement, 1t is obvious that the Uni
ted States will not be in a position TO gain
a hearing In favor of such an 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 Government can
not make it's fiat equivalent TO intrinsic
value, nor keep inferior money on a parity
with superior money by its own independ-
ent efforts, has resulted in such lack CT
confidence at home In the stability of cur
rency values that capital refuses its aid
to new enterprises while millions are act
ually Withdrawn from the channels OF trade
and commerce to become idle and unpro-
eign investors equally alert not only de-
cline to purchase American securities but
make haste to sacrifice those which they
already have.
Apprehension Must BE Removed.
It 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 pur-
poses or power of the government in the
premises. The very existence of this ap-
prehension and lack of confidence how
ever caused, is a menace which ought not
for a moment to be disregarded. Possibly If
the undertaking we have in hand, were
the maintenance of a specific known quaint
ity of silver at parity with gold, our abil-
ity 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 en-
deavor is to maintain such parity in re-
gard to an amount of silver increasing at
the rate Of fifty millions of dollars yearly,
with no fixed termination to such increase,
it can hardly be said that problem is
presented whose solution is free from
doubt.
Entitled to "a 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 in every market Of the world.
Their government has no right to injure
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 1eop-
ardize the soundness Of the people s 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 especially SHOULD never
be overlooked. At times like the present,
when the evils Of unsound finance threaten
us, the speculator may anticipate harvest
gathered from the misfortune 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 correction
is practically defenseless JIe relies for
work upon the ventures OF confident and
contented capital. This falling him,
his condition is without alienation, 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
arrangement of the currency had caused
commercial distress, said: 1.-THE very man
of all others who has the deepest interest