The Mt. Sterling advocate., 1893-08-08

I
the nations of the first class, nor
could our Government claim a per-
formance of its obligations, so far as
such an obligation has been impos-
ed upon 1T, to provide for the use of
the people the best and safest money.
If, as many of our friends claim,
silver ought to occupy a larger place
in our currency and the currency OF
the world through general interna-
tional cooperation and agreement,
it is obvious that the United States
will uot be in position to gain
hearing in favor of such an arrange
ment 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 Gov
ernment cannot make its fiat eqniva-
lent to intrinsic value, nor keep in
ferior money on parity with super
ior money by its own independent
efforts, has resulted in such lack of
confidence at home, in the stability
of currency values, that capital re-
fuses its aid to new enterprises, while
millions are actually Withdrawn
from the channels of trade and COM
merce to become idle and unproduc-
tive in the hands of timid owners.
Foreign investors, equally alert,
uot only decline to purchase Ameri-
can securities, but make haste to
sacrifice those which they already
have. 1t does not meet the situation
to say that the apprehension in re-
gard to the future of our finances is
groundless, and that there is no rea-
son for lack of confidence in the pur-
poses or power of the Government in
the premises.
The very existance of this appre-
hension and lack of confidence, how
ever caused, is a menace which
ought not for moment to be disre-
garded. Possibly, if the undertaking
we have in hand were the mainten-
ance of specific known quantity of
silver at parity with gold, our
ability to do so might be estimated
and gagged, and, perhaps, in view of
our unparalleled growth and re-
sources, might be favorably passed
upon. But when our avowed endea-
vor is to maintain such parity in re-
gard to an amount of silver increas-
! ing at the rate of $56,0OO,O00 yearly,
with no fixed termination to such
increase, it can hardly be said that a
problem is presented whose solution
is free from donbt.
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 Govern
ment has no right to injure them by
financial experiments opposed to the
policy and practice of other civilized
States nor is it justified in permit
ting an exaggerated and unreasona-
BILE reliance on our national strength
and ability to jeopardise the sound
ness of the peoples money.
This matter rises above the plane
of party politics. 1t 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 threat
en- us, the speculator may anticipate
a harvest gatherered from the mis-
fortune of others, the capitalist may
protect himself by boarding or may
even find profit in the fiuctuation of
first to be injured by deprecated
currency and the last to receive the
benefit of its correction--is practi-
cally defenseless. He relies for work
upon the ventures of confident and
contented capital. This failing him,
his condition is without alleviation,
for he can neither prey on the mis-
fortunes of others, nor hoard his la
Dor. 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:
"The very man of all others who
has the deepest interest in sound
currency and who 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 impressively remind us
that failure in the discharge of our
duty at this time must especially in
jure those of our countrymen who
labor, and who because of their num-
ber and condition are entitled to the
most watchful care of their Govern