The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1893-08-12


tions of the first class, nor could
our government claim perman-
ence of its obligation, so far as such
an obligation had been imposed
upon 1t, to provide for the use of
the people the best and safest
money. 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
single handed.
The knowledge in business circles
among our own people that our
government cannot make its fat
equivalent to intrinsic value, nor
keep inferior money on a parity
with gold by its independent eff
forts, has resulted in such lack
of confidence at home in the stabi-
lity of currency values that capital
refuses its aid to new enterprises,
while millions are actually with
drawn from the channels of trade
and commerce to become idle and
unproductive in the hands of timid
owners. Foreign investors equally
alert, not only decline to purchase
American securities, but make
haste to sacrifice those which they
already have.
It 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 pur-
poses or power. of the government
in the premises. The very exist
ence of this apprehension and lack
of confidence, however caused, is a
menace which ought not for
moment to be disregarded. Posi-
bly, If the undertaking we have in
hand were the maintenance of
specific known quantity of silver
at parity with gold, our ability to
do so might be estimated and
gauged and perhaps in view OF our
unparalleled growth and resources
might be favorably passed upon.
But when our avowed endeavor is
to maintain such parity in regard
to an amount of silver increasing
at the rate of $50,OOO,OO0 a year,
with no fixed termination of such
increase, 1t can hardly be said that
a problem is presented whose solu-
tion 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 of the world. Their
government has no right to injure
them by financial experiments op-
posed to the policy and practice of
other civilized states nor is it tjusti-
fed in permitting an exaggerated
and unreasonable reliance on our
national strength and ability to
jeopardize the soundness of the
peoples money. This matter rises
above the plane of party politics.
1t is vitality concerns every busi-
ness 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 threat
en- US, the speculator may antici.
pate harvest gathered from the
misfortunes of others, the capital
lists may protect himself by hoard
ing or may even find profit in the
flr Jtuation of values, but the wage
earner-the first to be injured by
a deprecated currency and the
last to receive the benefit of its
correction-is practically defense
less. He relies for work upon the
ventures of confidence and con.
tented capital. This failing him
his condition is without allevia.
ton, 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 a arrangement of currency
had caused commercial distress,
said: "The very man of all others
| who has the deepest interest in a
I sound currency and who suffers
most by mischievous legislation in
money matters is the man who
earns his daily bread by his daily