The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1893-08-16

The excess OF exports OF SOlu over lIS
imports for the year ending June 30,
1898, amounted to more than eighty
seven and half millions OF dollars
between the first day of July, 1880, and
the 18th day of July, 1898, the gold coin
and bullion in our treasury decreased
more than l32,OOo,OOO, while during
the same period the silver coin and
bullion in the treasury increased more
than Sl47, 100000.
UNLESS GOVERNMENT BONDS
are to be constantly issued and sold to
replenish our exhausted gold, only to
be again exhausted, it is apparent that
the operation of the silver purchase
law now in force, leads in the direction
of the entire substitution of silver 1or
the gold in the government treasury
aud that this must be followed by the
payment of all government obllgatlons
in deprecated silver. At this stage
gold and silver must part company and
the government must fail in its estab-
lished policy to maintain the two met
ais on a parity with each other.
Given over to exclusive use OF cur
rency greatly deprecated according to
the standard of the commercial world,
we could
NO LONGER CLAIM A PLACE AMONG MA
TIONS
of the first class, nor could our gov
ernment claim performance of its
obligation 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 its
friends claim, silver ought to occupy
larger place in our currency and
the currency of the world through
general international cooperation,
and agreement, it is obvious that the
United States will not be in a position
to gain hearing in favor of such an
arrangement so long as we are willing
to continue our attempt to accomplish
the result single handed. The knowl-
edge in business circles among our own
people that our government cannot
make its fat equivalent to intrinsic
value, nor keep inferior money on
parity with superior money, by its i'll
dependent efforts, has resulted in such
a lack of confidence at home, in the
stabilities of currency values, that
capital refuses it's aid to new enter
prises while millions are actually with
drawn from the channels of trade and
commerce to become idle and unpro-'
ductive in the hands of timid owners.
FOREIGN NATIONS WILL NOT PURCHAsE.
Foreign nations, equally alert, not
only decline to purchase American Sc
curities, but make haste to sacrifice
those which they already have. 1t
does not meet the situation to say that
apprehension in regard to the future
of our finances is groundless, and that
there is no reason for lack of conf
dence in the purposes or power OF the
government in the premises. The very
existence of this apprehension and the
lack of confidence, however caused, is
a menace which ought not for mo-
ment to be disregarded. Possibly, If
the undertaking we have in hand be
the maintenance of specific known
quantity of silver at a parity with
gold, our ability to do so might
be estimated and gagged, and perhaps
in view of our unparalleled 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 increas.
ing at the rate of fifty millions of dol
lars yearly, with no fixed termination
to such increase, it can hardly be said
that problem is presented whose So
luton is free from doubt.
ENTITLED TO SOUND MONEY.
The people of the United States are
entitled. to q sound and stable cur.
rency, 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
experiments opposed to the policy and
practice of other civilized states, nor
is it justified in permitting an exag-
Qerated and unreasonable reliance on
our national strength and ability to
jeopardize the soundness of the peo-
ple's money. This matter rises above
the plane of party politics.
vIrALLY CONCERNS ALI. BUSINESS.
1t vitally 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. At times,
like the present, when the evils of un-
sound finance threaten us, the specu-
lator may anticipate harvest gathered
from the misfortune of Others The
capitalist may protect himself by
boarding or may even find profit in the
of values; but the wage
first to be injured by a de.
preciated currency and the last to re.
ceive the benefit of its correction-is
defenseless.
He relies for work upon the ven.
lures of confident and contented capi.
tai. This failing him, his condition
is without alienation, for he
can neithhr prey on the misfor-
tunes of others nor hoard his labor.
LABOR FEELS IT FIRST.
One of the greatest statesmen our
has known, speaking more
than fifty years ago, when derange.
ment of the currency had caused COM
mercial distress: 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