The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-08-08
by the payment OF all government o5li-
cations in, deprecated silver.
MIST PAPT COMPANY

| At this stage guii and silver must part
company and the government must fall
in its established policy TO maintain the
| two metals on parity with each other.
| Given over to the exclusive use OF a
currency greatly deprecated according
| TO the standard Of the commercial world.
| VIC could no longer claim place among
| nations OF the first class, nor could our
government claim q performances of its
obligation, so far as such an obligation
| has been imposed upon, to provide for
| tho use Of the people the best and safest
1 money.
| If. as many of its friends claim, silver
ought to occupy larger place in our
rency and the currency of the world
through general international co-opera-
\ tion and agreement. It Is obvious that
| the United States will not be In a posi-
| tion to gain hearing in favor of such
an arrangement SO long rs We are willing
| 10 continue our attemnt to accomplish
the result single handed.
The knowledge in business circles
among our own people that our Govern
ment cannot maze its fiat equiva-
| lent 10 Intrinsic value, nor keep
| inferior money on parity with
superior money by its own independent
efforts. has resulted in such lack or
confidence at home, in the stability of
currency values that capital refuses it's
aid 10 new enterprises while millions are
of trade and commerce TO become idle
aud unproductive in the hands OF timid
owners. Foreign investors equally alert
hot only decline 10 purchase American
securities, but make haste to sacrince
those which they already have.
LACK OF CONFIDENCE.
1t DOES not meet Tie situation to say
that apprehension In regard TO the future
OF our fnances is groundless aud that
there Is no reason for lack OF confidence
in the purposes or power of the govern
ment in che premises. The very exist
ence of this apprehension. however,
caused. is menace which ought not
Possibly If the undertaking we
have In hand were the main
tenance of specific known guam tity of
silver as the parity with gold. our ability
to do so might be estimated and gauged,
aud perhaps in view of our unparalleled
growth and resources, might be iavor-
aoly 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 millions OF dollars
yearly, with no fixed termination to such
Increase. it can hardly be said that pro-
blem is presented whose solution is free
from DOUBT.
The people of the United States are en-
titled to q sound and stable currency and
to money recognized as snch on every
exchange and in every market of the
world. Their government has no right
to injure them by financial experiments
opposed to the policy and practice of
other civilized states. nor is it Justified iu
permitting an exaggerated and unrea-
sonable reliance on our national strength
and ability to jeopardizs 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 inn
portant aspect of lhe subject which ss-
pecially should never be overl oked. At
times like the present, when the evils Of
unsound finance threaten US. the specula-
tor may anticipate harvest gathered
from The misfortune OF others, the capi-
talist may protect himself by boarding or
may even find profit in the
fuctuation of values. but the
wage Garner, the first TO be
injured by deprecated currency and
ths last to receive the oeuafi5 OF its cor
rsction-is practically defenseless. 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 misiortunes of others. nor hoard his
labor. One OF the greatest statesmen our
country has known, speaking more than
fifty years ago, when q derangemenG of
The currency had caused commercial
distress, said:
"The very man of all others who has
ths deepest interest in sound currency,
and who suffers most bv miscnievous
Legislation in money matters, is the man
VINO earns his daily bread by his daily
toll"
AT ONCE!
These words are as pertinent now as
on the day they were uttered, and ought
to impressively remind that failure in
the discharge of our duty at this time
must especially iDjure those of our coun-
trymen who labor, and who, because of
their munger aud condition, are entitled
to the most watchfui care of their gov
ernment.
1t is of the utmost Importance that such
relief rs Congress can afford In the exist
ing situation be afforded at once. The
maxim, HE gives twice who gives quick
ly," is directly applicable. 1t may be
true that the emDarrassmsnts from
which the business OF the country is
suffering arise as much from evils appre-
hended as from those actually existing.
We may hope. too. that calm counsels
Will prevail. and that neither the Capital
lists nor the wage earners will give way
to uHreasoning panic, aud sacrifice
their property or their interests
under the influence of exaggerated fears.
Nevertheless, every days delay in re-
moving one OF the plain and principal
causes of the present state of things ell
larges the mischief already done and in
creases the responsibility OF the Govern
ment for its existence. Whatever else
the people have a right to expect from
Congress. they may certainly demand
that legislation condemned by the ordeal
of three years disastrous experiences shall
be removed from tho statute books as
soon as their representatives can legiti-
mateiy deal with 1t.
1t was my purpose to summon Con-
gress In special session early in the
coming September that we might enter
promptly upon the work of tariff reform.
which the true Interests of the country
clearly demand which SO large majority
OF the people as shown by their
sufferages. desire and expect, and to the
accomplishments 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 Congress,
it mas seemed to me that the financial
condition of the country should at once
and before all other subjects be con-
sidered by your honorable body.
earnestly recommend the prompt re-
peal of the PROVISIONS of the act pas led
July il. 1890, authorizing the purchase OF
silver bullion, aud that other legislative
action may put beyond all doubt or mis-
take the intention and the ability OF the
Government to fulfill its pecuniary obl:-
cations In money universally recognized
by all civilized countries.
GROVER CLEVELAND.