The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1893-08-10

ldfOF Oh Sucn an arrangement so long
as we are willing to continue our at
tempt to accomplish the result single |
handed. The knowledge in business
circles among our own people that the
government cannot make its fiat |
equivalent to intrinsic value, nor keep |
inferior money on parity with supe- |
rior money by it's own independent
efforts, has resulted in such lack of
confidence at home, and in the stabil-
ity of currency values, that capital re-
fuses it's 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millions are actually withdrawn from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 investors, 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
confidence in the purpose or power of
the government in the premises. Rhe
very existence of this apprehension
and lack of confidence, however caus-
ed, is menace which ought not for
moment to be disregarded. Possibly
ii 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
haps in view of our unparalleled
growth and resources might be favor
ably passed upon, but when our avow-
ed endeayOr is to maintain such pari-
ty IN regard to an amount of silver
increasing at the rate of fifty millions
OF dollars yearly, with no fixed termi-
nation to such increase, it can hardly
be said that problem is presented
whose solution is free from doubt.
The people of the United States are
entitled to sound and stable curren-
cy, and to money recognized as such
on every exchange and in every
market of the world. Their govern
ment has no right to injure them by
financial eXeeriment opposed to the
policy and practice of other civilized
States, nor is it justified in permitting
an exaggerated and unreasonable re-
lance on our national strength and
ability to jeopardize 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 overlooked. At times like the
present, when the evils of uDsound
finance threaten us, the Spectator
may anticipate a harvest gathered
from the misfortune 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
depressed currency, and the last to
receive the benefits of its correction,
is practically deferseless. He relies
for work upon the ventures of conf
dence 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 has known speaking more
than fifty years ago, when derange-
ment of the currency had caused COM
mercial distress, SAID:
''Ihe very man of all others who
has the deepest interest in a sound
currency, and who suffers most by
mischieVous legislation in money mat
tiers, 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 in the discharge of our duty
at this time must especially injure
those of our cOuntrymen who labor.
and who because of their number and
condition are entitled to the most
watchful care of their government.
1t is of the utmost impoI lance that
such relief as Congress can afford, in
the existing situation, he afforded at
once. The maxim, ''He gives twice
who gives quickly'' is directly appli-
cable. 1t may be true that the EN-
barraSsments from which the bust
ness of the country is suffering arise
as much from the evils apprehended
as from those actually existing. We
may hope, too, that calm councils
will prevail, and that neither the cap
italistS nor the wage-earners will give
way to unreaSOning panic, and Sacri-
fee their property or their interests
under the influence of exaggerated
fears.
Nevertheless, every days delay in
removing one of the plain and princi-
things enlargeS the mischief 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 the legislation
condemned by the ordeal of three
years disastrous experience shall be
removed from the statute books as
soon as their representatives can
legitimately deal with it.
1t was my purpose to summon Con-
gress in special session early in the
coming September that we might en-
ter promptly upon the work of tariff
reform, which the true interests of the
country clearly demands, which so
large majority of the people has
shown by their suffrages desire and
expect, and to the accomplishment of
which every effort of the present adj
ministration is pledged. But while
tariff reform has lost nothing of its
Immediate and permanent import
ancc, and must in the near future en-
gage the attention of Congress, it has
! seemed to me that the financial condi.
tion of the country should at once
and before all other subjects, be con
| sidered by your honorable body.
| | earnestly recommend the prompt
| repeal of the provisions of the act
| passed July IA, 1890, authorizing the
| purchase of silver bullion, and that
| other legislative action may put be
You'd all doubt or mistake the inten
ton and the ability Of the govern
| ment to fulfil its pecuniary obliga
| tions in money universally recognized
| by all civilized countries.
[Signedl GROVER CLEVELAND.
| EXECUTIVE MANSION, Aug. I. 1893.
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