The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1893-08-17


"The knowledge In business circles
among our own people that our govern
ment cannot make its fiat equivalent
to intrinsic value nor keep inferior
money on parity with superior money
by It's own independent effort has re.
suited In such lack of confidence at
home in the stability of currency values
that capital refuses its aid to new enter
prlser while millions are actually with
drawn from the channels of trade and
commerce to become lille and unproduc-
tive in the bands of timid owners
Foreign investors are especially alert
and not only decline to purchase
American securities but make haste to
sacrifice those Which they already have.
vt does not meet the situation to say
that tine apprehension III regard to the
future of our finances is groundleSs,
and that there is no reason for lack of
confidence In the purposes or power of
the government in the premises. The
very existence of this apprehension and
lack of confidence, however caused, is
Il menace which ought not for mo-
ment to he diSregarded. Possibly if the
Undertaking we have in hand were the
maintenance of a specific and known
quantity of silver at a parity with gold
our ability to do so might be estimated
~
unparalleled growth and resources,
might be favOrably passed upon. But
when our aVowed endeavOr is TO main
tain such parity in regard to an
amount of silver increasing at the rate
OF SoO,OOO,OOO yearly. with no fixed ter
lnlnatl0n to such increase, it can hard
ly be said that a problem is presented
whose solution is free from doubt.
The people Of the United States are
entitled to sound and stable currency
and to money recognized as such on
every exchange and IN every market
81 the world. Their government has
no right to injure them by financial ex.
perlmeEts opposed to the policy and
practice of other civilized States, nor
Is 1t justified in permitting an exag-
gerated and unreasonable reliance on
our national strength and ability to
JeopardiZe the sOundness of the peoples
money.
This matter rises above the plane of
politics. Its 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 likes the present. When the
evils of unsound finance threaten us
the speculator may anticipate har-
others. The capitalist may protect
himself by boarding or may even find
profit in the tluctuation 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 defenSelesS. lie relies
for work upon the ventures of conf
dent and cOntented capital. This fail
ing him, his condition is without al
deviation, for he can neither prey on
the misfOrtunes of others nor hoard his
1bOr. One Of the greatest statesmen
our country has known, speaking more
than iltty years ago, when derange-
ment OF the currency had caused com
mercial distress, said: The very man of
all others who has the deepest interest in
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 us 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
I'M lure those of our country, the men
who labor and who, because of their
number and condition, are entitled to
to the most Watchful care of their
government.
ut 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 embarrassment
from which the business of the country
is suffering arises 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 earners
will give way to unreasoning panic and
sacrifice their property or their inter
esJS 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
thing enlarges the mischief already
done and increases the responsibility of
the government for it's existence.
Whatever else the people have a right
to expect from Congress they may Ger
tainly demand that legislation con
demned by the ordeal of three years as
a disastrous experience shall be re-
moved from the books as soon as their
representatives can legitimatey deal
with it.
at 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 re-
form. which the true interests of the
country clearly demand. which 50 large
majority of the people as shown by
their suiIrages 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 It's immediate and per-
manents Importance, and must in the
near future engage the attention of
Congress, it has seemed to me that the
financial condition Of the country
should at once, and before all other sub
lects, be considered by your honorable
body.
81 earnestly recommend the prompt
repeal of the provisions Of the Act
passed July II, 1890, authorizing the
purchase of silver bullion and that
other Legislative action may put be
yOnd all doubt or mistake the inten-
tion and the ability of the government
to fulliIl it's pecuniary obligations in
money universally recognized by all
civilized countries.
Signed "GROvER CLEVELAND.
Executive Mansion, Aug. 7, 1893. "