The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1893-08-17
Tho Fiat 0uestlaa.

The Fiat Qssstloa.
II, . many Of it, friends claim, sis
yer ought to occupy larger place in
our currency and the currency of the
world through general international
cooperation and agreement, it is obvi-
GUS that the United States will not be
In position to gain hearing in favor
OF such an arrangement so long a. we
are willing to continue our attempt to
accomplish the result single handed.
The knowledge in business circles
among our own people that our
government cannot make its fat
equivalent to intrinsic value. nor
keep inferior money ON q parity
with superior money by it's own
independent efforts, has resulted in such
lack of confidence at home in the sta
bility of currency values that capital
refuses its aid to new enterprises, while
millions are actually withdrawn from
the channels of trade and commerce to
become idle and unproductive in the
hands of timid owners. Foreign in.
vestors, equally alert, not only decline
to purchase American securities, but
make haste to sacrifice those which
they already have.
A Menace Not to Be Disreearded.
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 con-
hdence 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
q moment to be disregarded. Posi-
bly,. 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 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
increasing at the rate of $50, OOO, 900
yearly, with no fixed Termination to
such increase, it can hardly be said that
q problem is presented whose solution
Is free from doubt.
A Sound and Stable Currency.
The people of the United States are
entitled to SO und 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 ex-
periments opposed to the policy and
practice of other civilized states, nor is
it justified in permitting an exaggerated
and unreasonable reliance on our ma
tional strength and ability to jeopar-
die the soundness of the peoples
money.
Above Party Politics.
This matter rises above the plane of
party politics. It 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 overlooked.
At times like the present, when the
evils of unsound finance threaten us,
the speculator may anticipate a harvest
gathered from the misfortune of others,
the capitalist may protect himself by
AAosSA VI AAAoJ CSVu AuO pEOAt
in the fluctuation of values; but the
wage-earner-the first to be injured by
a deprecated currency and to receive
the benefit of its correction-is prac-
tically defenseless. He relies for work
upon the ventures of confident and con-
tented capital. This failing him, his
condition is without alienation, for he
can neither prey on the misfortunes of
others, nor hoard his labor.
Tho Greatest Sufferer.
One of the greatest statesmen our
country has known, speaking more
than fifty years ago when derange-
ment of the currency had caused COM
mercial distress, said: ''The very man
of all others who has the deepest in
terest 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 on the day
they were uttered, and ought to i'm
pressively remind us that failure in
the discharge of our duty at this time
must especially injure those of our
countrymen who labor, and who be-
cause of their number and condition
are entitled to the most watchful care
of their government.
Importance of Inn mediate Relief.
It is of the utmost Importance that
such relief as congress can afford in the
existing situation be afforded at once.
The maxim: 'He gives twice who
gives quickly" is directly applicable.
1t may be true that the embarrass-
ments 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 the wage
carriers will give way to unreasoning
panic and sacrifice their property or
their interest under the influence of ex-
aggerated fears Nevertheless, every
days delay in removing one of the
plain and principal causes of the pres
ent state of things enlarges the mis-
chief already done and increases the
responsibility of the government for its
existence. Whatever else the people
have right to expect from congress
they may certainly demand that legis-
lation condemned by the ordeal of
three years disastrous experience shall
be removed from the statute books a.
soon as their representatives can legiti.
mately deal with it.
Tariff Reform in tho Near Future,
twas my purpose to summon congress
In special session early in the coming
September that we might enter prompts
~ upon the work Of tariff reform,
which the true interests of the country
clearly demand, which so large a ma
jority of the people, as shown by their
suffrages, desire and expect, and to the
accomplishment of which every effort
of the present administration is pledged.
But while tariff reform has lost MOTH
ing of its immediate and permanent
Importance, and must in the near fu-
tura enpa0n the attanfion ~ conrrocs