The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1893-08-11

could no longer claim place among.nationss
OF the first class; nor could otir government,
claim the performance Of its obligations so'
far as such obligation has been imposed upon.
it. to provide for use of the people the best.
and safest money. If. as many Of its friends
claim, silver ought to occupy a larger place
in our currency and the currency of the world
through great International co operation and
agreement, it is obvious 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 ac-
complish the result single-handed.
The knowledge in business circles among
Our people that our government cannot make,
Its fiat equivalent TO intrinsic value, nor keep,
INFERIOR money on a parity with superior
money by It's own independent efforts, has
resulted in such a lack of confidence at home
ln-the stability of currency values that capi-.
tai refuses its aid to new enterprises, while,
millions are actually withdrawn from tho
channels of trade and commerce to become,
idle and unproductive in the hands of timid
owners. Foreign investors arc equally alert.
They not only decline to purchase American.
securities. but make haste to sacrifice those. .
which they already have. 1t does not meet
the situation to say the apprehension in re-
gard to the future Of our finances is ground
less, and that there is no reason for lack Of
confidence in the purposes of the government
in the premises. The very existence of this,
apprehension and lack Of confidence has
caused menace which ought not for mo-
ment be disregardcd. Possibly, if the un--
dertaking we have in hand were the MAIN
tenance ofas specific known quantity of silver
onta parity with gold, our. ability to do so'
might be estimated and gauged, and perhaps.
In view Of Our unparalleled growth and re-.
sources, might be favorably passed upon.
But when our avowed erdeayor is to maintain,
such parity, in regard to aiiamount of sill
yer increasing at the rate of $50, 600, 600 an.
nually, with no fixed termination to such
increase, it can hardly be said that a problems
is spresented whose solution is free from doubt.
The people of the United States are entitled
to a sound, stable currency, and to money
recognized as such on every exchange and in.
every mart of the world. Their government;
has no r. hit to injure them by fnancial'ex-
perlments 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 jeopardiZe the soundncss Of the peoples
money.
This matter rises above the plane of party
politics. 1t vitally concerns every business,
and calling and enters every household in the,
land. There is one important aspect on the
subject which especially should never be over.
looked. At time like the present, when the,
evils of unsound finance threaten us, the
speculator may anticipate the harvest gath
cred from the mistortunes Of others; the cap
italist may protect himself by boarding or
may even find profit in the fuctuation Of
values; but the wage Garner, the first to be-
injured by deprecated currency and the'
last to receive the benefit of its correction, is
practically defenseless. He relies for work:
upon the ventures of confident and contented.
capital. This failing 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 the arrangement of currency
had caused commercial distress, said: "The,
very man Of all others who has the deepest
interest in sound currency ard suffers by
mischievous legislation in monetary matters
is the man who earns his daily broad by his
daily toil.' These words are as pertinent
now as on the day they were uttered, and
ought to impressivey remind us that fail
ure in the discharge of our duty at this time
must especially injure those Of our country
men who labor, and who, because Of tAeii.
number and condition, arc entitled to the,
most watchful eareof their government.
1t is of the most Importance that such re-
lief as congress can afford, in tRe,existing sits-
uaton be afforded at once. The maxim that,
" he gives twice who gives quickly is di-
rectly applicable. 1t may be true the en-.
barrassments 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 councils will
prevail, and that neither capitalists nor wage,
carners will give way to an unreasoning
panic, and sacrifice their property or their
interests under the influence Of exagge. tied,
fears. Never heless, every days delay in
removing one Of the plain aud principal
causes OF the present state of things enlarges
the mischief already done and increases the,
responsibility Of the government for its ex-
istence. Whatever else the people have
right to expect from congress, they may GER
tainly demand that the legislation condemned.
by an ordeol of three years. disastrous expe-
rience shall be removed from the statute-
books as soon as their representatives can
legitimately deal with it.
1t was my purpose to summon congress in:
special session early in the coming September
that we might enter promptly upon the work
Of tariff reform, which the true interests of
the country SO clearly demand, which SO largcs
majority Of the people Us shown by their
suffrages desire and expect, and to the accom-
plishment of which every effort Of the pres
ent administration is pledged. But while.
tariff reform has lost nothing ofits immediates