St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-09
GROWERS GREETING.
Continued From First Page.

| June so. 1893, amounted to over SS7, 5O0,-
00O. Between the 1St day Of July, 1890,
and the 18th day of July, 1898, the gold
| coin and bullion in our treasury de-
| creased more than 1882, 000. 900, while
during the same period the silver coin
and bullion in the treasury increased
more than S147,000,000. Unless govern
ment bonds are to be constantly issued
and sold to replenish our exhausted
gold, only to be again exhausted, it is
apparent that the operation of the sill
vel purchase law now in force leads in
the direction of the entire substitution
OF silver for gold i'll the government
treasury, and that this must be followed
by the payment of all government obi
cations Ill deprecated silver. At this
stage gold and silver
Must Part Company
and the government must fail in its
established policy to maintain the two
metals on parity of 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 place among
the nations of the first-class, nor could
our government claim performance of
| It's obligation, so far as such an obliga-
| tlon has been imposed upon 1t, to pro-
| V1de Tor the use of the people the best
and safest money. If, as many of it's
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 position
to gain hearing in favor of such an
arrangement so long as we are willing
| TO continue our attempt to accomplish
the result single-handed.
The knowledge in business circles
among our own people that our govern
inent cannot make its fiat equivalent to
intrinsic value, Dor keep inferior money
ON parity With superior money, by its
oWnlndependent efforts, has resulted in
| Such lack of confidence at home, in
the stability of currency values, that
capital refuses its aid to new enter
prlses, while millions are actually with
| drawn from the channels of trade and
! commerce to become idle and unprO-
ductIve In the hands of their timid OWN
erS. Foreign investors, equally alert,
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 that the
apprehension i'll regard 10 the future of
our finances IS grOundless, and that
there Is no reason for lack OF confidence
IN the purposes or power of the govern
ment i'll the premises. The very exist
ehce of this apprehension and lack of
confidence, however caused,
Is Menace
which ought not for 4 moment to be
disregarded. Possibly if the under
taking we have in hand were the main
tenance of specific, known quantity of
silver at parity with gold, our ability
fn In or irri,f l,,. Il
| and, perhaps, i'll view of our uDDaral-
leled growth and resources, might be
fay0rably passed upon. But when our
avOwed endeavor is to maintain such
parity Ill regard to an amount of silver
| increasing at the rate of S5O.OOO 900
| yearly, with no fixed termination to
such increase, it can hardly be said that
a problem is presented whose solution
Is free from doubt.
The people of the United States are
entitled to'a
Sound and Stable Currency
and to money recognized as such on
every exchange and in every market in
the world. Their government has no
right to injure them by financial expert
mentS opposed to the policy and prac-
tice or other civilized states, nor is it
| JUSTIFIED i'll permitting an exaggerated
and unreasonable reliance on our ma
tonal strength and ability to JeOpardize
the soundEeSs of the peoples money.
| 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.
Laboring Man the sufferer.
At times like the present, when the
| evils of unsOund finance threaten us.
the Spectator may anticipate harvest
| gathered from the misfortune of others,
the capitalist 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 de-
! preclated currency and the last to re-
ceive the benefits 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 q 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 by mischievous iegisla-
ton IN monetary matters, is the man
who earns his daily bread 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
III the discharge of our duty at this
time must especially injure those of our
| countrymen who labor, and who, be-
|
are entitled to the most
WatchfuI Care
of their government. 1t is of the ut
most Importance that such relief as con-
gresS can afford in the existing situa-
ton be afforded at once. The maxim.
HE gives twice who gives quickly" is
that the embarrassment from which
the business of the country is
suffering arises as much from
evils apprehended as from those actu-
ally existing. We may hope, too. that
calm counsels will prevail, and that
neither the capitalist nor the wage
Garner will give way to unreasoning
panic and sacrifice their property or
their interests under the influence of
exaggerated fears. Nevertheless, every
days delay in removing one of the pres
ent state of things enlargeS the mis-
chief already done and increases the
responsibility of the government for its
existence. Whatever the people have
right to expect from congress, they NAV
certainly demand that legislation con-
demned by the ordeal of three years.
disastrous experience shall be removed
| from the statute books as soon as their
representatives can legitimately deal
with it. 1t was my purpose to summon
congress III 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
clearly demand, which so large a ma
jority of the people as shown by their
suffrages desire and expect. and to the
| accomplishment CT which every effort
of the present administration is pledged.
| But while tariff reform has lost nothing
| of its Immediate and nermanent imnor