The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1893-08-09

-~.,sss,sS. between the 1st DAY az July,
1890, and the 18th day of July, 1893, the
gold coin and bullion in our treasury de-
creased more than $l32, ,000, 600, while dur
ing the same period the silver coin and
bullion in the treasury increased more than
STAT 5000 Unless government bonds are
to be constantly issued and sold to replen
ish our exhausted gold, only to be again
exhausted, 1t is apparent that the opera
tion of the silver purchase law now in
force, leads in the direction of the entire
substitution of silver for the gold in the
government treasury and that this must
be followed by the payment of all govern
ment obligations In deprecated silver.
Must Part Company.
At this stage gold and silver must part
company and the government must fail in
it's established policy to maintain the two
metals on a 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 place among ma
tions of the first class, nor could our gov
ernment claim performance of its obliga-
| tion, so far as such an obligation has been
imposed upon it, to provide for the use OF
| the people, the best and safest money.
If, 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
| United States will not be in position to
| gain hearing in favor of such an arrange
| ment so long as we are willing to con-
finlfa nff inf Tn anann1nlsGh a ra.
suit single handed
Resulted In Lack Of Confidence.
| The knowledge in business circles among
| our own people that our government can
not make its fat equivalent to intrinsic
| value, nor keep in force our money on a
| parity with superior money by its own in
| dependent efforts, has resulted in such a
| lack of confidence at home in the stability
| of currency values that capital refuses its
| aid to new enterprises. while millions are
| actually withdrawn from channels of
! trade and commerce to 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 apprehension in
regard to the future of our finances is
| groundless, and that there is no reason for
lack of confidence in the purposes of the
government in the premises.
Should Not BE Disregaried.
The very existence of this apprehension
and lack of confidence however caused, Ia
a menace which ought not for moment to
be disregarded. Possibly IL the undertake
ing we have in hand, were the maintenance
of specific known quantity of silver at a
parity with gold, our ability to do SC
might be estimated and gauged, and per-
haps ia view of our unparalleled growth
and resources, might be favorably passed
upon. But when our avowed endeavor il
to maintain such parity in regard to an
amount of silver increasing at the rate oil
50,O00,0O0 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.
Entitled 20 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 i'm every market of the world
Their government has no right to 1njure
them by financial experiments opposed IL
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 tt
jeopardize the soundness of the peoples
money
This matter rises above the plane oi
party politics II vitally concerns every
business and calling and enters ever,
household in the land There is one i'm
portant aspect of the subject whicl
especially should never be overlooked. A
times like the present, when the evils o
unsound finance threaten us, the specu
lator may anticipate harvest, gathere,
, from the misfortune of others, the cap
italist may protect himself by boarding o
may even find profit in the fuctuation o
values.
The Wage Garner DefenseIess
But the wage-earner, the first to be In
jured by deprecated currency and tn
last to receive the benefit of its correction
Is practically defenseless He relies fo
work upon the ventures of confiden
and contented capital. This failin
! him, his condition is withou
! alleviation, for he can neither pre-
on the misfortunes of others, nor hoard hi
, labor. One of the greatest statesnen on
country has known, speaking more tina
! 80 years ago when arrangement OF tn
currency had caused commercial distress
said: THE very man of all others VIII
) has the deepest interest in sound cul
I rency and who suffers most by mischievou
legislation in money matters, is the ma
. who earns his daily bread by his dali
r toll"
9 These words are as pertinent now as
7 the day they were uttered, and ought I
: impressively remind us that a failure i
8 the discharge Of our duty at this tim
s must especially injure those of our cour
3 trymen who labor, and who, because {
. their number and condition, are entitle
to the most watchful care of their govern
i ment.
D Should Act at Once.
I II Is far the most important that sue
Q relief as congress can afford In the exis
= ing situation be afforded at once. Th
$ maxim lie gives twice who givs
quickly" Is directly applicable. 1t ma
be true that the endorsements frol