The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-08-09

ONtT u bHt tACluSlNb ubo VI tutithCy
greatly deprecated according TO the stand
ard Of the commercial werld we could no
longer claim place among nations OF the
first class, nor could our government claim
performance of Its obligations, SO far as
iich an obligation has been imposed upon
h TO provide for the use Of the people the
best and safest money.
II, 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 co-opera-
tion and agreement, it is obvious that the
United States will not be in position to
gain bearing 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 sIake 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
| a parity with superior money by its own
independent 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actually withdrawn from the channels of
trade and commerce to become idle and
unproductive in the hands of timid own
| cfS. luNtSlOESp t4udllH dleEtt uOb
| 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 in 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, is menace which ought not
for moment to be disregarded. Possibly
II the undertaking we have in hand were
the maintenance OF a 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 un-
paralleled 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 in
creasng at the rate of $50, 200 yearly,
with no fixed termination to such increase.
1t 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 a sound and stable currency and
to money recognized rs 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 IL vitally 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
l times like the present, when the evils of
: unsound finance threaten us, the specula-
e tor may anticipate harvest gathered
0 from the misfortune of others, the capital
ist may protect himself by hoarding or
= may even find profit In the huctuetion on
! values; but the wage earner-the first to
$ be injured by deprecated currency and
+ the last to receive the benefit OF its correc-
7 tion--is practically defenseless. He relies
$ for work upon the ventures of confident
y and contented capital
81 This falling him, his condition is with
: out alienation, for he eau neither prey on
c the misfortunes of others nor hoard his
j. labor. One Of the greatest statesmen our
: country has ever known, speaking more
II than fifty years ago, when a derauGement
Of the currency had caused commercial
$ distress, said: ...
o deepest interest in sound currency and
d who suffers most by mischievous legisla
e tion in money matters is the man who
earns his daily bread by his daily toll"
Prompt Relief Required.
" These words are rs pertinent now ms on
II the day they were uttered, and ought to
l. impressively remind us that n failure in the
u discharge of our duty nt this time must
g. especially injure those of our couutrymeu
3 who labor, and who, because Of their mum
d ber and condition, are entitled to the most
g. watchful care Of their government.
d IL is of the utmost importance that such
n relief as congress can afford in tho existing
h situation be afforded ut once. The maxim
h "he gives twice who gives quickly" is
is directly applicable. 1t may be true that
ia the embarrassments from which the bust
't ness Of the country is suffering arise as
l. much from evils apprehended as from
h those actually existing We may hope
d too, that calm counsels will prevail, and
a that neither the capitalists nor the wage
% earners will give way to unreasoning panic
7 and sacrifice their property or their inter
lr ests under tho influence of exaggerated
Is fears. Nevertheless, every days delay il
y removing one of the plain and principa
$. causes of the present state of things en-
of larges the mischief already done and in
creases the responsibility of the govern
ment for its existence. Whatever else the
Sc people have right to expect from con
or gress, they may certainly demand tha
re legislation condemned by the ordeal o
y three years disastrous experience shall b,
n removed from the statute books as soon a
le their representatives can legitimately dea
Is with it.
Work of Tariff Reform.
~ =, 1t was my purpose to summon congress
T. is in special session early in the coming Sep
=. % tember that we might enter prompt,
,' "a upon the work of tariff reform, which tn
~ true interests of the country clearly de
AZ mand, which SO large a majority of tn
IN people, as shown by their sutfrages, dosir
and expect aud to the accomplishment o
X which every effort of the present admins
Id tration is pledged, But while tariff re
Dy form has lost nothing of its lmmediat
Of and permanent Importance, and must il
~ the nenr future engage the atteltion o
~ congress, it has seemed to me that tn
a financial condition of the country SHOULD
m at once and before all other subjects b
considered by your honorable body.
is 1 earnestly recommend the prompt re
peal of the provisions OF the act passeI
July II, 1890 authorizing the purchase o
silver bullion, and that other legislatiy
ur action may put beyond all doubt or mis-
nd take the intention and the ability of tn
Dir government to fulfill Its pecuniary obi
1f cations in money universally recognizes
I,v by all civilized countries.
o1 o1 GROVER CLEVELAND,
=, Executive Mansion, Aug. 7, 1893.
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