Mexico weekly ledger., 1893-08-10

| Ltt III IN biTVNtibh " VIZ uAtAto
tuition OF silver for the gold ia the govern
ment treasury and hat this must be fol-
lowed by the payment of all government
obligations In deprecated silver.
At this stage gold and silver must part
company ana the government must fail in
its established policy To maintain the two
metals on a parity with each other.
Given overto the exclusive use OF a eur
rsicy greatly deprecated according to the
stslnda of the commercial world. we
&C lid no longer claim q place among ma
tlons of the first class. nor could u gov
eri.ment claim a performance of its obli-
CATION, 50 far as such an obligation has
been imposed upon 1t. to provide for the
usa of the people the best and safest
money.
Ii, as many of its friends claim, silver
ought To occupy a large place in our cur
renCy and the currency of the world
through general international cO-opera'
ton and agreement. it is obvious that the
| United States win not be in a position to
gain a hearing in favor of such an ar
rangement so long as we are willing to
continue our attempt to accomplish the
result single handed.
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millions are actually Withdrawn from the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 to become
idle and unproductive In the hands OF
timid owners. Foreign investors, equally
alert, not only decline to purchase Ameri-
can securities but make haste to sacrifice
those which til ey already have.
Menace Not to he D~isregarded.
1t does not meet the situation to say
that apprehension in regard to the future
of our finances is g~roundless and that
there is no reason for lack of confidence in
the purposes or power of the government
In the premises. The very existence OF
this apprehension and lack of confidence,
however caused, is a menace which ought
not for a moment to be disregarded. Pos
sibly. if the undertaking we have in hand
were the maintenance Of a specific known
quantity of silver at a parity with gold,
our ability to 10 so might be estimated
and guaged and, perhaps, in view of OUT
unparalleled growth and resources, might
be favorably passed upon. But when our
avowed endeavor is to maintain such parity
i~n.regard to an amount of silver increasing
at the rate of $50, OOO, 900 yearly, with no
fixed termination to such increase, it can
hardly be said that a problem is presented
whose solution is free from doubt.
The people of the United States are en-
titled to a 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
jeopardize the soundness of the D copies
money.
Above Party Politics.
This matter rises above the plane OF
party politics. 1t virtually concerns
every business and calling and en- ters every
household in the land. There is one i'm,
portant aspect of the subject which es
specially should never be overlooked. AT
times like the present, when the evils OF
unsound finance threatens us, the specula'
tor may anticipate a harvest gathered
from the misfortune of others. the capital
list may protect himself by boarding, OF
may even find profit in the f%iuctuation OF
values; but the wage earner-the first tc
be injured by a deprecated currency and
the last to receive the benefit of it's cor
rection-is practically defenseless. He re
lies for work upon the ventures of conf
dent and contented capital. This failing
him, his condition Is without all %eviation
for he can neither prey on the misfortunes
of others, nor hoard his labor.
One of the greatest statesmen our coun-
try has known, speaking more than Sc
years ago when a arrangement of the cur.
rency had caused commercial distress
said: The very man of all others whe
has the deepest interest in a sound cur
rency and who suffers most by mischiev
ous legislation in money matters Is ths
man who earns his daily bread by his daily
toll"
These words are as pertinent now as or
the day they were uttered, and ought t.
impressively remind us that a failure il
the discharge of our duty at this time
must especially injure those of our coun
trymen who labor, and who because o.
their number and condition are entitled
to the most watchful care of the govern
ment.
1t is of the utmost Importance that sucl
relief as congress can afford in the exist
ing situation be afforded at once, TIL,
maxim, HE gives twice who gives quick
ly," is directly applicable. 1t may be tru,
that the embarrassments from which tn,
business of the country is suffering arts,
as much from evils ~apprehended as from
those actually existing.
We may hope. too, that calm counsel
will prevail, and that neither the capital
lists nor the wage earners will give way t.
un%reasoDing panic, and sacrifice thej
property or their interests under the infiu
nee Of exaggerated fears. Nevertheless
every days delay in removing one of tn,
plain and principal causes of the plair
state of things, enlarges the mischief al
ready done and increases the esponsibilit,
of the government for its existence
Whatever else the people nave a right t.
expect from ngress they may certainl,
demand that legislation, condemned bI
the ordeal of three years disastrous ex
perience, shall be removed from the statut
books as soon as their representatives cal
l~egitimately deal with it.
As to Tariff Reform.
It was my purpose to summon
in special session early in the coming Sep
TENDER, that we might enter promptly
upon the work of tariff reform, which tn.
true interests of the country clearly de
mand, which SO large a majority of the
people, as shown by their SURFACES, desire
and expect. and to the accomplishment o
which every effort of the present admins
tration is pledged. But while tariff re
form has lost nothing of it's immediat
and permanent Importance, and must il
the near future engage the attention G
congress, it has seemed to me that tn
financial condition of the country shoul
at once and before all other subjects b
considered by your honorable body.
/ earnestly recommend the prompt re
peal of the provisions Of the act passed
July Il, 1890, authorizing the purchase OF
silver bullion, and that other legisla
tive action may put beyond all doubt OIL
mistake the intention and the ability O
the government to fill its pecuniary obi
cations in money universally recognize
by all civilized countries.
fSigned GROVER CLEVELAND.
Executive Mansion, Aug. Z, 1893.