Passaic City record., 1893-08-12


$147 ,O00, 900. Unless Government bonds are
to be constantly issued and sold to replenish
our exhausted gold, only to be again ex-
hausted, 1t Is apparent that the operation of
the silver purchase law now in force. leads
in the direction of the entire substitution of
silver for the gold In the Government Treas
ury, and that this must be followed by the
payment Of all Government obligations In
deprecated silver.
At this 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 deprecated according to the stand
ard OF the commercial world, we could no
longer claim place among Nations of the
first class, nor could our Government claim
a performance of its obligations, so far as
such an obligation has been imposed upon
1t, to provide for the use of the people the
best and safest money.
CAN'T GO sINdLE-HANDED.
If, as many of its friends claim. silver
ought to occupy larger place in our cur
rency and the currency Of the world through
genera mJernarlonal Cooperation and agree
ment, 1t is obvious that the United States
will not be in a position to gain hearing in
favor of such an arrangement so long as we
are willing to continue our attempt to accom-
plish the result single-handed.
EFFECT OF UNSTABLE MONEY.
The knowledge in business circles among
our own people tnat our Government cannot
make its fiat equivalent to intrinsic value,
nor keep inferior money on a parity with
superior money by its own independent ef-
forts has resulted in such lack of con-
fidence at home, in the stability of currency
values, that capital refuses its aid to new en-
terprises while millions are actually with
drawn from the channels of trade and com
merce to become idle and unproductive in
the hands of timid owners. Foreign inves-
tors, equally alert, not only 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 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 caused, is a
menace which ought not for a moment to be
disregarded.
PARITY IMPOSSIBLE.
Possibly if the undertaking we have in
hand were the maintenance of specific
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 un-
paralleled growth and resources might be
favorably passed upon. But when our
avowed endeavor is 10 maintain such parity
in regard to an amount of silver increasing
at the rate of $50, ,000, 900 yearly, with no
fixed termination TO such increase, it can
hardly be said that problem is presented
whose solution is free from doubt.
MUST REGARD OTHER STATES.
The people of the United States are enti-
tied to sound and stable currency and to
money recognized as such on every exchange
and in every market in the world. Their
Government has 10 right to injure them by
financial experiments opposed to the policy
it justified in permitting an exaggerated and
unreasonable reliance on our National
strength and ability to jeopardize the sound
ness Of the peoples money.
NOT PARTY NATTER.
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 even
may find profit in the fuctuation of values,
but the wage earner-the first to be injured
by a deprecated currency and the last to re-
ceive the benefit of its corrections-is practi-
the ventures of confident and contented capi-
tai. This failing him, his condition is with
out alleyiation, for he can neither prey on
the misfortunes of others nor hoard his labor.
WAGE EARNERs MOST AFFECTED.
One of the greatest statesmen our country
has known. speaking more than fifty years
ago when arrangement of the currency had
caused commercial distress, said
'.The very man of all others VINO has the
TO- 4 nd xrb
suffers most by mischievous legislation In
money matters is the man who earns his
daily bread by his daily toll"
These words are as pertinent now as on
the day they were uttered, and ought to I'M
pressively 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 num-
Der and condition. are entitled to the most
watchful care OF their Government.
CONGRESS SHOULD ACT AT ONCE.
1t is of the utmost Importance that such
relief that Congress can afford in the exist
ing situation be afforded at once. The
maxim, "He gives twice who gives quickly,
is directly applicable. 1t may be true that
the embarrassments from which the business
of the country is suffering arise as much
from evils apprehended as from those
actually existing. We may hope, too.
that calm counsels will prevail, and
that neither the capitalists nor the wage
earners will give way to unreasoning pan
ic and sacrifice their property or their In
terests under the influence OF exaggerated
fears. Nevertheless, every days delay in re-
moving one of the plain and principal causes
of the present state of things enlarges the
mischief already done and increases the re-
sponsibility of the Government for its exist
ence. Whatever else the people have right
to expect from Congress they may certainly
demand that legislation condemned by the
ordeal of three years disastrous experience
shall be removed from the statute books as
soon as their representatives can legislatively
deal with it.
AS TO TARIFF REFORM.
IT was my purpose to summon Congress IN
special session early in the coming Septem-
Der, that we might enter promptly upon the
work of tariff reform, which the true inter
ests of the country clearly demand, which SO
large majority of the people, as shown by
their suffrages, desire and expect, and
to the Accomplishment OF which every
officer of the present administration Is
pledged. But while tariff reform has lost
nothing of its immediate and permanent I'M
portance, and must in the near future engage
the attention of Congress, il has seemed to