The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1893-08-09

opngaaons in oepre cated silver AT this


metals on parity with each other
Given over to the exclusive use Of a cur
rency greatly deprecated according to the
standard of the commercial world, we
could no longer claim a place among ma
tions of the first class nor could our gov
eminent claim performance Of its obi
cation, 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 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 government can
not make its fiat equivalent to intrinsic
value, nor keep inferior money on aparity
with superior money by its own independ-
ent efforts has resulted in
Such Lack of Confidence
at home in the stability of currency val
ues that capital refuses its aid to new en-
terprises while millions are actually
withdrawn from the channels of trade and
commerce to become idle and unproduc-
tive 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.
1t does not meet the situation to say
that apprehension jr egard to the future
of our finances ;fggroundless, and that
there is no reason for lack of confidence in
the purposes or power of the government
in the premises.
The very existence of this apprehension
and lack of confidence. however caused, is
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 as the parity with
gold, our ability 30 do so might be esti-
mated and gagged, 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 sill
yer increasing at the rate of S50,000,00
yearly, with no fixed termination to such
increase, it can hardly be said that prob
lem is presented whose solution is free
from doubt.
The people of the United States are en-
titled to a 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 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
our national strength and ability to jeop-
ardze the soundness of the peoples money.
This matter ri SEES above the
Plane of Party Politics.
1t vitality concerns every business and
calling and enters every household in the
land Tn ere is one important aspect of the
subject which especially should never be
overlooked.
At times like the present, when the evils
of unsound finances threaten us, the specu
lator may anticipate a harvest gathered
from the misfortune of others, the CAPT
talist may protect himself by boarding or
may even find profit in the huctuation OF
values but the wage earner-the first to
be injured by n deprecated currency and
the last 10 receive the benefit of its correc-
TOMS practically defenceless. 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 coun
try has known, speaking more than SO
years ago, when arrangement of the
currency 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
legislation in money matters, is the man
who earns his daily bread by his daily
toll"
These words are as pertinent now as OF
the day they were uttered, and ought tC
| impressively remind us that failure il
the discharge of our duty at this time
must especially injure those of our coun
trymen who labor, and who because o
their number and condition are entitled
| to the most
Watchful Care of Their Government.
1t is of the utmost Importance that sucl
relief as congress can afford in the exist
ing situation be afforded at once. Tn,
maxim, Ale gives twice who give
| quickly" is directly applicable. 1t may b.
true that the embarrassment from whicl
! the business OF the country is suffering
arise as much from evils apprehended a
from those actually existing.
We may hope, too, that calm counsel
will prevail and that neither the capital
lists nor the wage earners will give way t,
unreasoning panic and sacrifice their prop
| erty or their interests under the influence
of exaggerated fears. Nevertheless, ever,
days delay in removing one of the plail
and principal causes of the present state o
things enlarges the mischief already don
and increases the responsibility of the gov
eminent for it's existence. Whatever els
the people have right to expect from con
gress they may certainly demand that leg
islation condemned by the ordeal of tire
years. disastrous experience shall be re
moved from the statute books as soon a.
their representatives can legitimately dea
with it,
1t was my purpose to summon congress
In special session early in the coming Sep
TENDER, that we might enter promptly