The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-08-15

during the same por1OQ Gn0 silver com
bullion in the Treasury increased more
than one hundred and forty seven mil
lions of dollars. Unless government
bonds are to be constantly issued and
sold to replenish our exhausted gold.
only to be again exhausted, it is ap-
parent 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
Treasury, and that this must, be fol
lowed by the payment of all govern
ment obligations In deprecated
GOLD OR SILVER BASIS
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 parity
with each other. Given over to the
exclusive use of a currency greatly de
preciated, OccOrding 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 a performance of its Obliss
cations, so far as such an obligation
has been imposed upon it, to prove for
the use of the people the best and safest
money.
If, as many of it's friends claim, silver
ought to occupy a large place in
currency and the currency of the world
through general international CO-Opera-
ton and agreement, it is obvious that
the United States will not be in a posi-
ton to gain a hearing in favor Of such
an arrangement so long as we are will
ing to continue Il attampt to accom-
plish the result single handed.
LACK OF CONFIDENCE
The knowledge in business circles
among our own people that cur gov
eminent cannot make its fiat equiv
alent to intrinsic value nor keep in
feriOr money on a parity with superior
money by its own independent efforts,
has resulted in such a lack of conf
dence at home in the stability of cur
rency 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are actually Withdrawn from the chan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
timid owners. Foreign investors,
equally alert, not only decline 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 grouudless
and hat there is no season for lack of
confidence in the purposes OF power of
the government in the premises. The
very existence of this apprehension
and lack Of confidence, however caused,
is q n which ought not for q
moment to be disregraded. Possibly if
the undertaking
IF THE AMOUNT OF SILVER WERE LIMITED.
go Lo-~oS0 Ia-l rvo-okIo ooS14oS-o-o
of a specific known quantity 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 favor
ably passed upon. But when our
avOwed endeavOr is to maintain such
parity in regard to an amount Of silver
increasing at the rate of fifty millions
OF dollars yearly, with no fixed ter
mination to such increase, it can hardly
be said that a problem is presented
whose solution is free from doubt.
SOUND CURRENCY.
The people of the United States are
entitled to q sound and stable currency
and to money recognized as such on
Iet Of the world. Their government
hos 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 aspect of the subject
which especially should never be over
looked. At times like the present when
the evils of unsound finance threaten
us, the Spectator may anticipate a
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 earner-the first to be injured
by a deprecated currency and the
last to receive the benefit of it's cor
Lrection-is practically d~efenseless. He
relies for work upon the ventures of
confident and contented capital. This
failing him, his condition is without
alienation and he can neither prey on
the misfortunes of others, nor hoard
his labor. One of the greatest states
men country has known, speaking
more than fifty years ago when a 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 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
a failure in the discharge of our duty
at this time must especially injure
those of our countrymen who labor