Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1893-08-08

ought to occupy a larger place in our
currency and the currency of the world
through general international co-opera-
ton and agreement, it is obvious that
the United States will not be in o posi-
ton to gain Il hearing in favor of such
an arrangement so long as we are will
ing to continue our attempt to accom-
plish the result single-handed.
The knowledge in business circles
among our own people that our govern
ment cannot make its 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 its aid to new enterprises
while millions are actually withdrawn
from the channels Of trade and COM
merce to become idle and unproductive
in the 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 the flu
ture of our finances is groundless and
that there is no reason for lack of con-
fidence in the purposes or power of the
government in the premises. The very
existence OF this apprehension and lack
of confidence, however caused is men
ace which ought not for a moment to
be disregarded. Possibly if the under
taking we have in hand were the main
tainance of a specific known quantity
of silver at parity with gold, our abili-
ty to do so might be estimated and
gagged, and perhaps in view of our I'M
paralleled growth and resources, might
be favorably passed upon. But when
our avowed endeayor is to maintain
such parity in regard to an amount of
silver increasing at the rate of fifty mil
lions of dollars yearly, with no fixed
termination to such increase, it can
hardly be said that problem is pre-
sented whose solution is free frem
doubt.
The people of the United States are
entitled 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 injure them by financial exper-
iments opposed to the policy and prac-
tce of other civilized States nor is it
justified in permitting an exaggerated
and unreasonable reliance on our ma
tional strength and ability to leopard
ize 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 over
looked. At times like the present,
when the evils of unsound finance
threaten us, the speculator may antici-
pate harvest gathered from the mis-
fortune of others, the capitalist may
protect himself by boarding or may
even find profit in the fuctuation Of
values; but the wage-earner-the first
to be injured by deprecated currency
and the last to receive the benefit of its
correction-is practically detenseless.
He relies for work upon the ventures
of confident and contented capital.
This failing him, his condition is with
out alienation, for he can neither prey
on the misfortuues of others, nor hoard
his labor One of the greatest states
men our country has known, speaking
more than fifty years ago when a de-
raugement of the currency had caused
commercial distress, said: "The very
man of all others who has the deepest
interest in sound currency and who
suffers most by mischieyous 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 a
failure i'll the discharge Of our duty at
this time must especially injure those
OF oar countrymen who labor, and who
because of their number and condition
are entitled to the most watchful care
of their government.
II is Of the utmost Importance that such
relief as Congress can afford in the ex-
listing 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 APP
pretended as from those actually exist
ing. We may hope, too, that calm
counsels will prevail and that neither
the capitalists nor the wage earners
will give way to unreasoning panic, and
sacrifice their property or their inter-
ests under the influence of exaggerated
fears. Nevertheless, every days delay
in removing one of the plain and prin-
cipal causes of the present state of
things enlarges the mischief already
done and increases the responsibility of
the government for its existence. What.
ever else the people have right to ex-
pect from Congress they may certainly
demand that legislation condemned by
the ordeal Of three years disastrous ex-
perience shall be removed from the
statute books as soon as their repre-
sentatives can legitimately deal with it,
1t was my purpose 10 summon Con-
gress in special session early in the COM
ing September that we might enter
promptly upon the work oftariff reform,
which the true interests of the coun-
try clearly demand, which so large a
majority of the people, as shown by
their sufirages, desire 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 and per-
manent importance, and must in the
near future engage the attention OF