The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1893-01-05

be established for giving that metal sta
biity of value and pcrpctuating its use
as a form of lawful money coordinate
with gold Such crisis has been threat
ening to the existing currency arrange
ments of every nation; and, SO far rs it
affects monetary systems, it equally con-
Germs vested interests, outstanding obl
cations of every kind, and commercial
values the world over; and especially does
it concern the delicate relations between
the debtor and creditor classes. In the
United States, the problem isrcspecally
urgent; for we have, within late years,
committed ourselves to
THE FATE OF SILVER
by incorporating the metal into our cur
rencv system to the extent Of several
hundreds of millions of dollars. Satisfied
that there is no way Of reaching Il per-
manent settlement of this question cX
cept through Il common international
agreement, our government this year pro-
cured the assembling of a congress of the
nations, to formally consider the problem.
After free interchange Of views and the
discussion Of certain proposals, the con-
ference adjourned without accomplishing
any definite result, but to rcconvene in
the spring of 1893. Taking in impartial
review Of the work of that body, we are
driven to the conclusion that, although
the subject may receive further earnest
discussion between the several govern
ments, yet the jeniousies and preludiccs
surrounding the case arc so formidable,
and the theoretical and working differ
cnccs so great, that it seems virtually
hopeless to expect the concessions and the
that arc indispensable to Il sound and last
ing international settlement Of the qucs
tion Thus the end of the year finds this
country confronted with the question
how best to take care Of ourselves under
the circumstances? and with no more ef-
fective means of protection than that of
suspcnding, temporarily at least, further
addition TO our stock of silver. On the
last dav Of 1892, therefore, there is no
question that more seriously occupies pub
| lie attention than this 0ne--will congress
be found willing to TINS act? This is
really tho most important problem we
have to carry over into the New y ear;
and vet we may hope that our Legislators
will not fail to enact the explicitly de-
clarcd verdict Of the late election on this
issue SO far, therefore, as respects our
own country, the symptoms Indicate, how
ever, that the ominous siver-cloud Of
danger may soon disappear from the
horizon.
Next in importance among the events
of the wear, is is Ire emphatic demand for
change of commercial policy asserted
by the result of the November election.
That verdict was hardly unexpected, and
therefore its coming has excited less in
tcrest than might have been expected.
Not less, however, is the foreshadowed
change one of vast Importance. For the
last thirty years, our national develop
ment has followed the direction of lines
drawn and made effective through legal
enactments. The effect of those enact
mcnts has been to establish in this
country higher range Of prices and a
higher scale Of wages than have existed
in any other country, and also to place, in
certain sense, an artificial valuation
upon large portion of our national
wealth. The policy 10 be executed by the
new congress and administration aims at
the reversal Of the process that has been
in force during the past generation. 1t
aims at lower wages; aud it consequently
means lower valuations wlt,ieye is pro-
duced, bought or sold, ar held. 1t remains
4 to be seen to what degree these changes
of values may be enforced and whether it
Will he QcCluCu " ill0hc tiC 4"ii C'ioHS1C az
one stroke or through more gradual APP
proacllcs. 1t is hoped that the latter
course may he adopted; but, in any case,
| the character Of effects must be'fhc same
Ito reduce values. Wall street will un-
/ dcrstand how to interpret such a change,
but it is not likely to fall into the mistake
Eof,discounting the effects too early in ad-
| vance. For the change is u very complex
one, and will not be without its counter
/ actions and .ameliorutions, which call for
cool watching rather than precipitate ac-
tom Among such ameiiorations, these
deserve due weight-that If manutactur-
ers arc elnbarrasscd'by Il fall i'll prices,
they will find remedy in themselves, re-
ducing wages aud in getting raw material
cheaper; that ,iflaborrcceivcs lower wages,
the expenses of living will at the same
time be .correspoudingly reduced; that, II
the income from some investments
Should be reduced, tho, reduced income
A would have pnrcllas ing power to that
q possessed hi Tie fogulsr higher income
and that, If some few industries will be