New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-09

claim q performance Of Its obligation. - far u
such an obligation has been imposed upor II. y
provide for the Use OF the Leop,c the best aht
safest money. IT, as many Of its friends clam
silver ought to occupy a larger place In our cur
rency and the currency Of the world through gen
erai information cooperation and agreement i
is obvious that the United States will not be il
Q position 20 gain hearing in favor OF sucf
an arrangement so long az are willing to con
tinue our attempt to accomplish the result single
handed.
The knowledge in business circles among oui
own people that our Government cannot make rs
fat equivalent to intrinsic value. nor keep in
ferior money on a parity with superior money
by its own independent efforts. has resulted il
such Q lack of confidence at home in the sta
bihty of currency values that capital refuses
its aid TO new enterprises. whie millions are
actually withdrawn from the channes Of trade and
commerce to become idle and unproductve in the
hands Of timid owners Foreign investors, equally
alert not only decline TO purchase American Sc
curitioe but make haste to sacrifice those which
they already have.
Il does not meet the situation TO say that appre-
hension in regard to the future OF our finances Is
eroundless. and that there is no reason for lack
OF confidence in the purposes or power OF the nov
eminent in the premises The very existence OF
this apprehension aud lack OF confidence, however
caused. is menace which ought not for a moment
TO be disregarded. Possibly il the undertaking
we havo in band were the maintenance OF n SPECIFIC
Snown quantity of silver at the parity with sod'
ability to do SO might he estimated and sauSeo
and perhaps in view of our unparalleled growth
and resources might be favorably passed upon
But when our avowcd endeavor is to maintain such
ri mat Of sil
az the rate Of fifty millions of dollars yearly,
with no fixed termination to such increase. II can
hardly be said that a problem is presented whose
solution is free from doubt.
A SOUND AND STABLE CURRENCY DEMANDED
The people Of the United States are entitled to
. sound and stable currency. and TO money recos-
missed as such OH every exchange and III every
market of the world. Their Government mas no
right to iniure them by financial experiments OPP
posed TO the policy and practice OF other cviizcu
States. nor is it justified in permitting an eNas-
gerated and unreasonab bic reliance on our National
strength and ability to ieopardze the soundnesS Oh
tho peoples money. ;.
This matter rises above the plane of party poll
ties. II vitality concerns every business and call
ing and enters every household In the land. There
IL one important aspect of the subject which es-
pecially should never he overlooked. At times
like tho present, when the evils Of unsOund finance
threaten US, the speculator may anticipate
harvest gathered from the misfortune Of Others,
tho capitalist may protect himself by boarding. or
may even find profit in the Auctuation OF values
but the wage earner-the first to be injured by
depreciated currency and the last 70 receive the
benefit OF its corrcctOn-is practically defenceless
He relies for work upon the ventures of confident
and contented capital This failing him, his
condition is without alienation, for he can neither
prey on the misfortuneS of others, nor hoard his
labor One Of the greatest statesmen our country
hes known, speaking more than fifty years ago
when arrangement of the currency had caused
commercial distress, said THE very man of adj
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 us pertinent now the day
they were uttered, and ought to impresslvely re-
mind Ms that failure in the discharge OF our
duty At this time must especially impure those Of
our countryiicn who labor, and who, because Of
their number and condition. entitled 10 the
most watchul care of their Government.
IMMEDIATE REPEAL ADVISED
II ia of the utmost Importance that such relief
a. Congress can afford in the existing situation I've
afforded at once The maxim, e lie gives twice
who gives quickly" is directly applicable II
may be true that the endorsements from which
the business of the country is suffering arise as
much from evils apprehended as from thos" ac-
tually existing. We may hope, too. that calm
counsels will prevail and that neither the CAPT
talists nor the wage carners will give way to I'M
reasonable panic, and sacrifice their property or
their interests under the influence Of exaggerated
fears. Nevertheless, every days delay in renov
ing one of the plain and principal causes of the
prceent state of things cnarges the mischief al
ready DONE and increases the responsibility OF the
Government for its existence. Whatever else the
people have right to expect from Congress, they
NAV certainly demand that legislation condemned
hy the ordeal of three years disastrous experience
shall be removed from the statute books as soon
"a their Representatives lcgitimately deal
with it.
Il was my purpose to summon Congress IN
special rcssion early in the coming Septem-
Der, that we might enter promptly upon the work
Of tariff reform. which the true interests OF the
country clearly demand which so large a majority
OF the people. as shown by their Mffrsees, de-
sire and expect, and to the accomplishment OF
which every effort Of the present Administration is
pledged But, while tariff reform has lost nothing OF
its immediate ard permanent Importance. and
must in tic near future engage the ateuioh vi
Congress it has seemed to me that the financial
condition of the country Should at once and be-
fore oil other objects be considered by your honora
BILE body.
I earnestly recommend the prompt repeal of
the act passed July IA, 1890. authorizing the
nurchasc Of silver bullion and that other lcgis-
istive action may put beyond all doubt or mis-
take the intention ard the ability Of the Gov
ernpnent to fulfil it's pccunary obligations in money
universally recognized BY all civilized countries
T. >. GROVER CLEVELAND.
Executive Mansion. August z. 1893
VIEWS OF CONGRESSMEN.