Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1893-08-11

best and safest money.
Ii, as many of its friends claim, silver
ought to occupy larger place in our cur
rency and the currency of the world
through general international cooperation
and agreement, it is obvious that the Unit
ed States will not be in 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 single hand
ed.
The knowledge in business circles among
our own people that our government cam
not make its fiat equivalent TO intrinsic val
ne, or keep inferior money on a parity
with superior money by its own indie
pendent 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ally withdrawn from the channels of trade
and commerce to become idle and non
productive in the hands of timid owners.
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 apprehension
in regard to the future of our finances is
groundless and that there is no reason for
lack of confidence in the purpose or pow
er of the government in the premises.
The very existence of this apprehension
and lack of confidence, however caused, is
a menace which ought not for moment
to be disregarded.
Possibly if the undertaking we have in
hand were the maintenance of a specific
known quantity of silver on a parity with
gold, our ability to do so might be estimat-
ed and gauged, and perhaps in view of our
n nj. lw1l ..l l.
be favorably passed upon. But when our
avowed endeavor is to maintain such par
ity in regard to an amount of silver in
creasing at the rate of $4,000, 900 yearly,
with no fixed termination to such increase.
1t can hardly be said that problem is pre-
sented whose solution is free from doubt.
Entitled to a sound Currency.
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 iniure
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 ieop-
ardize the soundness of the peoples mon
ey. 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
overlooked. At times like the present,
when the evils of unsound finance threaten
us, the speculator may anticipate a harvest
| gathered from the misfortune of Others
|
! boarding, or may even find profit in the
fiuctuation of values; but the wage Garner
the first to be injured by a deprecated
currency, and the last to receive the benefit
OF its correction-is practically defenceless.
He relies for work upon the ventures of
confident and contented capital. This
falling him, his condition is without allevi-
alton, for he can neither prey on the mis-
fortune of others, nor hoard his labor.
One of the greatest statesmen our coun-
try has known, speaking more than so
years ago, when arrangement of the cur
rency 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 legisla-
tion in money matters, is the man who
earns his daily bread by his daily toll"
These words are as pertinent as on the
day they were uttered and ought to inn
pressively 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.
Congress Should Act Imm edIateIy.
1t is of the utmost Importance that such
relief as Congress can afford in the exist
ing situation be afforded at once The
maxim, "He gives twice who gives quick
ly," is directly applicable. 1t may be true
that the embarrassments 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 counsels
will prevail and that neither the capitalists
nor the wage earners will give way to un.
reasoning panic and sacrifice their proper
ty or their interests under the influence of
exaggerated fears. Nevertheless, every
, days delay in removing one of the plain
and principal causes of the present state
of things enlarges the mischief already
uone ana increases the responsibility of
the government for its existence.
Whatever else the people have a right to
expect from Congress they may certainly
demand that legislation condemned by
the ordeal of three years disastrous expe-
rience shall be removed from the statute
books as soon as their representatives can
legitimately deal with it,
, Tariff Reform.
1t was my purpose to summon Congress
in special session early in the coming Sep
tember that we might enter promptly upon
the work of tariff reform, which the true
interests of the country clearly demand,
which so large a majority of the people,
= as shown by their suffrages, desire and ex-
pect, 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 perma-
nent importance, and must in the near fu.
ture engage the attention of Congress, il
has seemed to me that the financial condi.
tion of the country should at once and be-
fore all other subjects be considered by
your honorable body
l earnestly recommend the prompt re
peal of the provisions of the act passed
July IA, $780, authorizing the purchase OF
silver bullion, and that other legislative
p action may put beyond all doubt or mis-
take the intention and the ability of the
government to fulfill its pecuniary obliga.
| in