River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1893-08-10

and agreement, it is obvious that the United
states VIII not be in position to gain
hearing IN favor of such an arrangement 80
long as We are willing to continue our at.
sempt TO accomplish the result single
handed.
The knowledge In business circles amena
our own people that our government cannot
make its fiat equivalent to intrinsic value,
nor Keep inferior money on parity with
superior money by its own independent
Efforts. has resulted in such a lack of con-
hdenee at home in the stability of currency
values, that capital refuses It's aid to new
enterprises. while millions are actually
Withdrawn from the channels
of trade and commerce to
become idle and unproductive in the hands
u tim'd owners. Foreign investors, equally
alert. not only decline to purchase American
securities, but make haste to sacrifice those
which they already have. Ii does not meet
the situation to say that 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 or power OF The
government In the premises. The very OK
istenco of this apprehension, and
lack OF confidence, however caused.
IS menace which ought not for
moment to be 1isregarded. Possibly If the
undertaking we have in hand were the main
Eainance of specific known quantity Of
silver at parity with gold, our ability to
gagged, and perhaps in view of our
unparalleled growth and resources, might
DO favorably passed. upon. But when our
avowed endeayor isto maintain such parity
IN regard to AT AMOUNT OF silver increasing
at the rate of S50,0J0,0OO yearly, with no
liked termination to such increase it can
hardly be said that problem is presented
whose solution is free from doubt.
The people of the United States are en-
titled to 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
eopardize 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 house
hold 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 Spectator may anticipate
harvest gathered frcm the misfortunes
self by boarding or may even find profit in
the iuctuation of values; but the wage
earner-the fret to be injured by de-
preciated currency and the last To receive
1efenseless. He relies for work upon the
ventures of confident and contentei capi-
tai. This failing him. his condition IL with
out alienation, for he can neither prey
on the misfortunes of Others. nor
hoard his labor. One of the greatest states
men our country has known. speaking more
than % years ago. when arrangement of
the currency had caused commercial dis
tress said; The very man of all Others
who has the deepest interest in a sound
currency and who suffers by mischievous
legislation in monetary matters Is the man
who earns his daily bread by his daily toll. "
These words are az pertinent now as on
the day they we're uttered, end ought to i'm
pressvely reminn us that a failure in the
discharge of our duty at this time must esq
pecia.ly injure those of our countrynen who
labor. and who because Of their number and
condition are entitled TO the most watchful
care of their government.
IL is of the utmost importance that such
relief as congress can afford in the existing
situation be afforded at once. The maxim.
"He gives twice who gives quickly" 10
directly applicable. 1t may be true that the
EN- barrassments from which the business of
the country is suffering arises as much from
evils apprehende1 as from those actually ex-
sting. We may hope, too, that calm counsels
will prevail and that neither the capitalists
nor the wage earners will give way to I'M
reason ing panic, and sacrifice their property
or their interests under the influence Of ex-
aggerated fears. Nevertheless, every days
delay in removing one of the plain
and principal causes of the present
state of things enlarges the mischief
already done and increases the RESPONSE
bIlity of the government for its existence.
Whatever else the people have right
TO expect from congress, they may cer-
tainly demand that legislation condemned
by the ordeal Of three years disastrous ex-
perience shall be removed from the statute
books as soon as their representatives. can
legltimately deal with II. Ii was
my purpose to summon congress
in suecial session early in the
coming Septeln Der. that we might enter
promptly upon the work of tariff reform,
which the true interests of the country
clearly dem and. which so large a majority
OF the people as shown 6y their sutfrages,
desire and expect, and to the
accomplishment OF which every
effort of the present administration
is pledged. But while tariff reform has lost
nothing of its immediate and permanent
importance, and must in the near future
engage the attention of congress-, it has
seemed to me that the financial condition OF
the country should at once and before all
other subjects be considered by your hon.
orable body.
| earnestly recommend the prompt repeal
of the provisions Of the act passed Jplv IA
fsao, authorizing the pure OF SILVER bull
lion, and that other legislative action may
put beyond ali doubt or mistake the inton-
ton and the ability of the government to
fulfill its pecuniary obligations IN money
universally recogn zed by all civilized coun-
tries GROVER CLEVELAND
Executive Mansion, Aug. Z. 1898.