Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1893-08-12

! in force leads to 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.
Gold and silver Part Company.
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 with each other. Given
over to the exclusive use of currency
greatly deprecated according to the stand-
ard of the commercial world we could no
longer claim a place among nations OF the
first class, nor could our government claim
performance OF its obligations, so far as
such an obligation has been imposed upon
it to provide for the use of the people the
best and safest money.
II, as many of its friends claim, silver
ought to occupy a larger place in our cur
rency and the currency of the world
through general international co-opera-
tion and agreement, it is obvious that the
United States will not be in a position to
gain hearing in favor of such an ar
rangement SO long as we are willing to
continue our attempt to accomplish the
result single handed.
We Cannot Make Fiat Money.
The knowledge in business circles
among our own people that our govern
ment cannot make its fiat equivalent to
intrinsic value nor keep inferior money on
parity with superior money by its own
Independent efforts has rcsulie in such a
lack of confidence at home in tne stability
of currency values that capital refuses its
aid to new enterprises, while millions are
actually withdrawn from the channels of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 secur-
tiles, but make haste to sacrifice those
which they already have.
1t does meet the situation to say that ap-
prehension in regard to the future of our
finances is groundless and that there is no
reason for lack of confidence III the pur-
poses or power of the government in the
premises. The very existence of this ap-
prehension and lack of confidence, how
ever caused, j., u menace which ought not
for moment to be disregarded. Possibly
if the undertaking we have in hand were
the maintenance or specific known
quantity Of silver at a parity with gold our
ability to do SO might be estimated and
gauged, and perhaps, in view Of our I'M
paraleled growth and resources might be
favorably passed upon. But when our
avowed eudeavor is to maintain such
parity in regard to an amount of silver in
creasing at the rate of $50, 900 yearly,
with no fixed termination to such increase.
it can hardly be said that problem is
presented whose solution is free from
doubt.
A Stable Currency Demanded.
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 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 jeo-
pard the soundness Of the peoples money.
This matter rises above the plane of
party politics. 1t vitality concerns every
business and calling and enters every
household of the land. There is one i'm
portant aspect of the subject which es-
pecially should never be overlooked. At
times like the present, when the evils of
unsound finance threaten US, the specula-
tor may anticipate a harvest gathered
from the misfortune of others, the capital-
list may protect himself by boarding or
may even find profit In the fuctuation on
values; but the wage earner-the first to
be injured by Il deprecated currency and
the last to receive the benefit of its correc-
tion-is practically defense,ess. He relies
for work upon the ventures of confident
and contented capital.
This falling him, his condition is with
out alienation, for he can neither prey on
the misfortunes of others nor hoard his
labor One of the greatest statesmen our
country has ever known, speaking more
than fifty years ago, when II arrangement
of the currency had caused commercial
distress. said:
The very man of all others who has the
deepest interest in sound currency and
who suffers most by mischievous leyisla-
ton in money matters is the man who
earns his daily bread by his daily toll"
Prompt Relief Required.
These words are as pertinent now as on
the day they were uttered, and ought to
impressively remind us that failure in the
discharge of our duty at this time must
especially injure those of our countrymen
who labor, and who, because of their num-
Der and condition, are entitled to tho most
watchful care of their government.
1t is of the utmost Importance that such
relief as congress can afford in the existing
situation be afforded at once. The maxim
"he gives twice who gives quickly" is
directly applicable, IL may be true that
the embarrassments from which the bust
ness of the country is suffering arise as
much from evils apprehended as from
those actually existing. We may hope,
too, that calm counsels will prevail, and
that neither the capitalists nor the wage
earners will give way to unreasoning panic
and sacrifice their property or their inter
ests under the Influence of exaggerated
fears. Nevertheless, every days delay in
removing one of the plain and principal
causes of the present state of things en-
larges the mischief already done and in
creases the responsibility of the govern
ment for its existence. Whatever else the
people have right to expect from con-
gress, they may certainly demand that
legislation condemned by the ordeal of
three years disastrous experience shall be
removed from the statute books rs soon as
their representatives can legitimately deal
with it.
Work of Tariff Reform.
1t was my purpose to summon congress
in special session early in the coming Sep
TENDER that we might enter promptly
upon the work Of tariff reform, which the
true interests of the country clearly de
mand which so large a majority OF the
people, as shown by their suffrages, desire
and expect, ana to the accomplishment of
which every effort of the present admins
tration is pledged, But while tariff re-
form has Lost nothing of its immediate
and permanent Importance, and must in
the near future engage the attention of
congress, it has seemed 10 me that the
tIancial condition of the country should
ut once and before all other subjects be
considered by your honorable body
1 earnestly recommend the prompt re-
peal of the provisions OF the act passed
July IA, 1899, authorizing the purchase OF
silver bullion, and that other legislative
action may put beyond all doubt or mis-
take the intention and the ability of the
go vtrnment 10 fulfill its pecuniary obli-
cations in money universally recognized
by all civilized countries.
GROVER CLEVELAND.
Executive Mansion, Aug, Z 1898
GniOR, Nezc Era, and Star rose up be-
r 1. l. 1.