The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-09

| circles among our own people that our Gov.
| eminent cannot make It's Nat equivalent to In
trlnsic value nor keep inferior money on a
| parity with superior money by it's own inde-
pendent efforts. has resulted In such a lack Of
! confidence at home in the stability OF cur
rency values that capital refuses its aid to new
enterprises while millions are actually with
drawn from tho channels OF trade and COM
MERGE to become idle and unproductive in the
hands OF timid owners.
Foreign investors equally alert not only de-
cline to purchase American securities, but
| make haste TO sacrifice those which they al
ready have.
1t does not meet the situation to say TINT APP
prehension in regard to the future OF our
finances is Groundoss and that there lie no
reason for lack OF confidence in the purposes
or power OF the Government in the promises.
The very existence OF this apprehension and
lack OF confidence. however caused. Is q men
ACC which ought not for a moment be disre-
garded. Possibly II the undertaking We have
in hand were the maintenance Of a specific
known quantity OF silver at the parity with
goli our ability to do so might be esti-
mated and gauced. and perhaps. In view OF
our unparalleled growth and resources. might
be favorably passed upon. But whom our
avowed endeavor Is to maintain such parity in
regard to IN amount OF silver increasing at
the rate Of fifty millions OF dollars yearly with
no fixed termination to such increase 1t can
hardly be enid that a problem is presented
whose solution is free from doubt.
WE ARE ENTITLED TO A STABLE CURRENCY.
Tho people of the United States are entitlei
to q 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 iniure them by financial xreri-
ments opposed to the policy and practice Of
other civilized States, is it justified in per-
hitting an exaggerated and unreasonable re-
lance 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 busi-
ness and calling and enters every household
In the land. There is one important aspect of
the subject which especially should never be
overlooked. At times like the present, when
the evils Of unsound finance Threaten us. the
Spectator may anticipate a harvest gathered
from the misfortune OF others. the capitalist
may protect himself by boarding. or may even
find profit In the fluctuation OF values. but the
wage earner-the first to be injured by a de-
preciated currency and the last to receive the
beneflt Of its correction-is practically de-
fenceless. He relies for work upon the VEN
lures OF confident and contented capital. This
falling him. his condition is without allevia-
ton. for he can neither prey on the m lsfor-
tunes Of others, nor hoard his labor. One Of
the greatest statesmen our country has known,
speaking more than fifty years ago. when o
deranRement OF the currency had caused COM
mercial distress. said:
The very of all others who has the deepest In
tsrsst In sound currency. and who suffers most BY
msohievous legislation In money matters 10 the
who earns bis daily bread by his daily toll
These words are as pertinent now as on the
day they wore uttered. and ought to impress
sively remind US that q failure In the dis
charge Of our duty at this time must espo-
oislly tnjure those Of our countrymen who
labor. and who. because OF their number and
condition. are entitled to the most watchful
care OF their Government
RELIEH SHOULD BE HAD AT ONCE
1T 10 Of the utmost importance that such
relief as Congress can afford in this existing
situation be afforded at once. The maxim.
He gives twice who gives quickly. is directly
applicable. It may be true that the embar-
easements from which the business 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 tho wage earners
will give way to unreasoning panic. and sac
rilce their property or their interests under
the influence OF exaggerated fears. Never
theless. every days delay In removing one OF
the plain and principal causes OF the present
state OF things enlarges the mischief already
done, and increases the responsibility OF the
Government for its existence.
Whatever else the people have q right to OK
pect from Congress. they may certainly de-
mand that legislation condemned by the or
deal OF three years disastrous experience
shall be removed from the statute books as
soon as their representatives can legitimately
deal with It
rARIFF REFORM DEMANDED.
1t was my purpose to summon Congress
In special session early in the coming Sep
tember. that We might enter promptly upon
the work OF tariff reform. which tho true
interests OF tho country clearly demand.
which so large q majority Of the people. as
shown by their SURFACES. desire and OK
poet, and to the accomplishment OF which
every effort OF the present Administration
is pledged. But while tariff reform has lost
nothing Of it's immediate and permanent i'm
portance and must In the noar future engage
the attention OF Congress- II has seemed to me
that the financial condition OF the country
should at once, and before all other subjects.
be considered byyour honorable body.
1 earnestly recommend the prompt repeal Of
the provisions Of the act passed July Ia. 1890.
authorizing the purchase Of silver bullion. and
that other legislative action may put beyond
all doubt or mistake the intention and the
ability Of the Government to fulfil Its pecun.
airy obligations In money universally recog-
nized By all civilized countries.
GROVER CLEVELAND.
EXECUTIVE MANSION. Aug. z. 1903
--------------------
HAS MINISTER BOYD RESIGNED,