Alpena argus. [volume] (Alpena, Mich.) 1893-1909, 1893-08-16

| EOiu nun ptth y
drawn from our treasury and ex-
ported to increase the financial
strength of foreign nations. The
excess of exports of gold over its
imports for the year ending June
30, 1898 amounted to more than
eighty-seven and one-half millions
of dollars. Between the first day
of July, 1890, and the 10th day of
July, 1893, the gold coin and bull
lion in our treasury decreased more
than one hundred and thirty-two
millions of dollars, while during
the same period the silver coin and
bullion in the treasury increased
more than one hundred and forty
seven millions of dollars. Unless
the government bonds are to be con-
stantly issued and sold to replenish
our exhausted gold, only to be
again exhausted, it is apparent
that the operation of the silver
purchase law now in force, leads in
the direction ,of the entire substitu-
ton of silver for the gold in gov
eminent treasury, and this must be
followed by the payment of all
government obligations in depreci-
ated silver.
At this stage gold and silver
must part company and the gov
eminent must fail in it's establish
ed policy to maintain the two met
ais with parity with each other.
Given over to the exclusive use of
currency greatly deprecated ac-
cording to the standard OF the
commercial world, we could no
longer claim Il place among the ma
tions of the first class, nor could
our government claim a perform
ance of its obligation, so far as
such an obligation has been impos-
ed upon it, to provide for the use of
the people the best and safest mon
ey. If, as many of its friends
claim, silver ought to occupy a
larger place in our currency and
the currency of the world through
general international cooperation
and agreement, it is obvious that
the United States will not be in "a
position to gain a hearing in favor
of such an arrangement so long as
we are willing to continue our at
tempt to accomplish the result sim
plehanded
The knowledge in business circles
among our own people that our
government cannot make its fiat
equivalent to intrinsic value nor
keep inferior money OH parity
with superior money by it's own in
dependent efforts has resulted in
such lack of confidence at home
in the stability of currency values
that capital refuses its aid to new
enterprises, while millions are actu-
ally withdrawn from the chan
nels of trade and commerce to be-
come idle and unproductive in the
hands of timid owners. Foreign
investors, equally alert, not only
decline to purchase American secur-
tiles, 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 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 existance of
this apprehension and lack of con-
fidence, however caused, is a menace
which ought not for IA moment to
be disregarded. Possibly if the un-
dertaking we have IN hand were the
maintenance of 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 favorably |
passed upon. But when our .avow-
ed 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 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 entitled to Il sound and stable |
currency and to money recognized
as such OH every exchange and in
every market of the world. Their
government has no right to injure
them by financial experiments OPP
posed to the policy and practice of
other civilized states, nor is it justi-
fled in permitting an exaggerated
aud unreasonable reliance on our
national strength and ability to
jeopardize the soundness of the peO-
pies money.
This matter rises above the plane
of party politics. 1t vitality con-
Germs every business and calling,
and enters into every household in
the land. There is one important
aspect of the subject which especial
ly should never be overlooked. At
times like thepresent, when the evils
Of unsound finance threaten us, the
Spectator may anticipate harvest
gathered from the misfortunes of
others, the capitalist may protect
himself by boarding or may even
find profit in the huctuation Of
values; but the wage-earner--the
first to be injured by deprecated
currency and the last to receive the
benefit of its corrections practi-
cally defenseless. He relies for
work upon the ventures of confident
and contented capital. This failing
him, his condition is without allevi-
II. L.