The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1893-08-10

to the standard of the commercial
world, we could no longer claim place
among nations of the first class, nor
could our government claim q perform
ance of it's 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.
If, as many of it's friends claim, silver
ought to occupy a larger place in our
currency and the currency of the world
through general international co-opera-
ton and agreements, it is obvious that
the United States will not be in posi-
ton to gain a hearing in favor of such
an arrangement so long as we are willing
to continue our attempt to accomplish
the result single-handed.
LACK OF CONFIDENCE.
The knowledge in business circles
among our own people that our govern
ment cannot make it's fat equivalent to
intrinsic value nor keep inferior money
on parity with superior money by its
own independent efforts, has resulted in
such lack of confidence at home in the
stability of currency values, that capital
refuses it's aid to new enterprises while
millions are actually withdrawn from the
channels of trade and commerce to
become idle and unproductive in 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 in regard to hefuture
| of our finances is groundless and that
there is no reason for lack of confidence
in the purposes or power of the govern
ment in the premises. The very existence
of this apprehension and lack of conf
| dence, however caused, is a menace which
garded. Possibly if the undertaking We
have in hand were the maintenance of q
| specific known quantity of silver at q
| parity with gold, our ability to do so
might be estimated and gagged, and
perhaps in view of our unparalleled
| growth and recources 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 fifty millions of dollars
yearly, with no fixed termination to such
increase, it can hardly be said that a
problem is presented whose solution is
| free from doubt.
SOUND CURRENCY.
The people OF the United States are
entitled to 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 expert
ments opposed to the pOlicy and practice
of other civilized States, nor is it justified
in permitting an exaggerated and un.
reasonable 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 vitality concerns every
business and calling and enters every
household in the land. There is one
important aspect of the subject which
especially should never be Overlooked.
| THE WAGE GARNER SUFFERS MOST.
At times like the present when the evils
of unsound finance threaten us, the
gathered from the misfortune of Others
the capitalist may protect himself by
! boarding or may even find profit in the
| fiuctuation of values, but the wage
earner-the first to be injured by a
/ deprecated currency and the last to
receive the benefit of it's correction-is
practically defenseless. He relies for
work upon the ventures of confidence
and contented capital. This failing him,
his condition is without alienation and
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 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
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 number and condition are
entitled to the most watchful care of their
government.
| ACT QUICKLY.
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. 1t may
be true that the embarrassments from
which the business of the country is
suffering arise as much from evils ap.
pretended as from those actually exist
ing. We may hope too that calm coun.
sells will prevail and that neither the
capitalists nor the wage-earners will give
way to unreasoning panic, and sacrifice
their property or their interests under
the influence of exaggerated fears
Nevertheless, every days delay in re-
moving one OF the plain and principa
causes of the present state of things en-
larges the mischief already done and in
creases the responsibility of the govern
ment for it's existence. Whatever else tn.
people have right to expect from Con
gress, they may certainly demand that
legislation condemned, by the ordeal Q
three years disastrous experience, shall
be removed from the statute books, az
quickly as their representatives car
legitimately deal with it.
THE TARIFF.
1t was my purpose to summon Con
gress in special session early in the com
ing September, that we might entel
promptly upon the work of tariff reform
which the true interests of the countr,
clearly demand, which so large major
ity of the people as shown by their sui
frages desire and expect. and to the &C
complishment of which every effort O
the present administration is pledged
But while tariff has lost nothing of it
immediate and permanent Importance
and must in the near future engage thu
attention of Congress, it has seemed tt
me that the financial condition of tn
country should at once and before al
other subjects, be considered by you
honorable body.
| REPEAL.
l earnestly recommend the prompt
repeal of the provisions of the act passef
July IA, 1890, auth orizing the pur chas
of silver bullion, and that other legisla
tive action may put beyond all doub
or mistake the intention and the abilit.
of the government to fulfill it's pecuniar,
obligations in money universally recog
nized by all civilized countries.
| (Signed) GROVER CLEVELAND.