The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-08-09


come improbable 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 future
of our finances is groundless and that
there is no lack of confidence in the pur-
chases or the power of the government in
the premises. The very existence of this
apprehension and the lack of confidence,
however, has caused a menace which
ought not for moment to be disregarded.
Possibly if the undertaking we have in
hand were the maintenance of specific
known quantity of silver at parity with
gold, our ability to do SO might be esti-
mated and gagged, and perhaps in view
of our unparalleled growth and resources
it 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 fifty mil
lion dollars yearly, with no fixed termin
alton to such increase, it can hardly be
said that a problem is presented whose
solution is free from doubt.
A SOUND CURRENCY.
The people of the United States are en-
titled to a sound, stable currency and to
a money recognized as such on every ex-
change and in every market of the world.
Their government has no right 20 injure
them by financial experiments opposed to
the policy and practice of other civilized
states, nor is it justified in permitting an
exaggerated and unreasonable reliance on
our national strength and the ability to
jeopardize the soundness of the people S
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 i'm
portant aspect of the subject which
especially skocld never be overlooked at
time ike the present when the evils of
unsolnd finance threatens US. The
speculator may anticipate a harvest
gathered from the misfortunes of others.
The capitalist may protect himself by
boarding or may even find profit in the
fuctuation of the market.
But the wage first to be in
jured by deprecated currency, and the
last to receive the benefit OF its correction
lis practically defenseless. He relies for
work upon the ventures of confident and
contented capital. This falling 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 the arrangement of the cur
rency had caused commercial distress.
said:
'sThe very man of all others who has
the deepest interest in a sound currency,
and who suffers by mischievous legisla-
ton in monetary 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 in
H. L, Il
must especially injure those of our coun-
trymen who labor, and VINO, because of
their number and condition are entitled
to the most Watchful care of the govern
msnt.
CONGRESS MUST AFFORD RELIEF.
1t is of the utmost importance that such
relief as Congress can afford in the exist
ing 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 SUI
fering arise as much from evils ap-
pretended as from those actually exist
ing. We may hope, too, that calm coun-
sells will prevail and that neither CAPT.
talists nor wage earners will give way to
unreasoning panic, and sacrifice their
property or their interests under the in
fiuence of exaggerated fears. Neverthe-
less, every days delay in removing one
of the plain and principal causes of the
present state of things enlarges the mis-
chief already done and increases the
responsibility of the government for its
| existence. Whatever the people have a
right to expect from Congress, they may
certainly demand that legislation con-
demned by the ordeal of three years. dis
astrous experience shall be removed from
the statute books as soon as their repre-
sentatives can legitimately deal with it.
THE TARIFF MUST WAIT.
It was my purpose to summon Congress
in special session early in the coming
September, that we might enter promptly
upon the work of tariff reform, which the
true interest of the country clearly de-
mands, and which so large majority oil
| the people. as shown by their suffrage,
desire and expect, and to the accomplish
ment OF which every effort of the present
administration is pleged. But while
tariff reform has lost nothing OF its i'm
mediate and permanent Importance and
must in the near future engage the atten.
ton of Congress, it has seemed to me that
the financial condition OF the country
should at once and before all other sub.
iects be considered by your honorable
body.
PROMPT REPEAL OF THE SHERMAN Law
RECOMMENDED.
earnestly recommend the prompt re
peal of the provisions of the act passed
July IA, 1890, authorizing the purchase o.
silver bullion and that other Legislative
action may put beyond all doubt of mis-.
take the intention and ability of the gov.
eminent to fulfil its pecuniary obligation,
in the money universally recognized by
all civilized countries.
| GROVER CLEVELAND.
EXECUTIVE MANSION, Aug. z, 1898.