The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-08-09

thus made the depletion of our gold easy,
and have tempted other and more ap-
preciatiye nations to add it to their stock.
That the opportunity we have offered has
not been neglected is shown by the large
amounts of gold which have been recently
drawn from our treasury and exported to
increase the financial strength of foreign
nations.
The excess of exports OF gold over its
imports for the year ending June 80, 1898,
amounted TO more than SS7.500000. Be-
tween the first day Of July. $780, and the
fifteenth day of July. 1893. the gold coin
and bullion in our treasury decreased more
than S1S2. 600, 600, while during the same
period the silver coin and bullion in the
treasury increased more than SAT, 900. 600.
Unless Government bonds are to be con-
stantly issued aDd sold to replenish our
exhausted gold, only to be again ex-
hausted. it is apparent that the operation
of the silver-purchase law now in force
leads in the direction of the entire substi-
tuition Of silver for gold in the government
treasury, and that this must be followed
by the payment of all Government oblga-
tions in deprecated silver. AT this stage
gold and silver must part company. and
the Government must fail in its estab-
lshed policy to maintain the two metals
on parity with each other. Given over
to the exclusive use of currency greatly
deprecated according to the standard of
the commercial; world. we could no longer
claim a place among nations OF the first
class. nor could our Government claim
the performance of Its obligation, so
far as such obligation has been imposed
upon it. to provide for the use of its people
the best and safest money.
If. as many of its friends claim, silver
ought 10 occupy larger place in our cur
rency 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 hearing in favor of such arrange
ment so long as we are willing to continue
our attempt to accomplish that result
single handed.
The knowledge In business circles among
our own people that our Government can
not make its fiat equivalent to an intrin sic
value nor keep an inferior money on
parity with superior money by its own in
dependen: efforts has resulted in such
of currency values that capital refuses its
aid 10 new enterprises, while millions are
actually withdrawn from the channels of
trade and commerce 10 become idle and
unproductive in the hands of timid own
erS Foreign investors. equally alert, not
only decline to purchase American securi-
ties but make haste to sacrifice those which
they already have. 1t does not meet the
situation to say that the apprehension in
regard to the future Of our finances is
groundless and that there is reason for
lack of D6dence in the purposes or power
OF the Government in the premises. The
very existence of this apprehen sion or lack
of confidence, however caused, is a menace
which ought not for a moment to be disre-
garded.
Possibly, IL the undertaking we have in
hand were the maintenance of a specific
known quantity of silver at parity with
gold, our ability 10 do so NIGH be esti-
mated and gauged, and perhaps in view of
our unparalleled growth and resources,
might be favorably passed upon. But
when our avowed endeavor is TO main tain
such parity in regard to an amount of sill
yer increasing at the rate Of $50, 900, 600
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 en-
titled to sound, 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
its national strength and ability to jeo-
pardiZe the soundness of the peoples
money. This matter rises above the plane
of party politics. 1t vitality concerns every
business and calling, and enters into every
household in the land.
There is one important aspect of the
subject which especially should never be
overlooked. At a time ike the present.
when the evils of unsound finance threaten
US. the specuator may anticipate harvest
gathered from the misfortunes OF others,
the capitalist may protect himself by
boarding, or may even find profit in the
fiuctuation of values, but the wage
earner-the first to be injured by depfe-
clated currency and the last to receive the
benefit OF its correcton-is practically de-
fenseess. He relies for work upon the
ventures Of confident and eontented CAP
ital. This falling him, his condition is
without alienation. for he can neither
prey upon the misforiunes of others. nor
can he board his labor. One of the great
est statesmen our country has known,
speaking more than fifty years ago, when
the arrangement Of currency had caused
great commercial distress. said: "The
very man of all others who has the deep
est interest in sound currency and who
suffers most by mischievous legislation in
monetary matters is the man who earns his
dalysbread 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 injure those Of our countrymen
who labor, and who, because of their num-
Der and condition, are entitled to the most
watchful care Of their Government. 1t is
of the utmost Importance that such relief
as Congress can afford in the existing stu
alton be afforded at once. The maxim.
He gives twice who gives quickly" is