Smyrna times., 1893-07-05

THE question of finance is the one
above all others now bOthering the ad-
minisiration and disturbing the nation.
The shrinkage in values since spring
opened has already been places at one
billion OF dollars, and every day still
banks are cOllapsing, business estab-
lishments suspending, and unrest and
general want of faith characteriZing
all branches of trade. Back of the
banker, the manufacturer, the mer-
chant and the investor is the farmer, for
out of the ground springs all sources
Of wealth. Wheat has gone to the
lowest point known in its history, as
has also silver, the value being below
half the value fixed on it by the Gov
ernment. The situation is indeed grave,
and to steer the Ship of State out of
the maelstrom will require the best
efforts of the wisest and clearest heads
of the nation. What we most need is
a policy, National policy, adapted to
the needs of this nation as differing
from other nations. The following,
from g daily paper, presents fair idea
of the weighty matter now confront
ing those in charge of our public af-
fairs:
The price of wheat and the price OF
silver bullion is now lower than either
of those products have ever been be-
fore. Until recently there had been
an enormous outflow of gold to Eu-
rOpean countries; the reserve gold
fund has fallen below the limit fixed
by law; there have been innumerable
failures of banking and commercial
concerns there is scarcity of cur
rency, largely the result of boarding
by timid folks, and now the annOunc
ment comes from India that the free
coinage of silver there has been sus
pended, with the understanding tha
gold is to be made the standard o.
value.
For three months the administra
ton has been cOgitating over the q
naneial situation which is not a salts
factory one by any means. The indi
cations now point in the direction O
reduced hours of labor for wage earn
ers, and there is a growing deman,
that something should be done to es
tablish confidence and to dispel th
feeling of uncertainty, which has jus
been heightened by the news from In
dia.
President Cleveland has announce
that he will call an extra session {
Congress in August, when ths
body will be asked to repeal the Silve
purchasing act of 1890, which is RlmoS
generally believed to be the source {
the financial disease from which "
are now suffering. The political ply
sicians of several schools have expresse
the belief that the repeal of the 18S
act is absolutely necessary in order
place the country on a sOunder fnal
cial basis. The President has had 4
guarantees that Congress will repei
that act, and he has hesitated abOl
calling a special session. His annOun
ment that the special session will
called in August was in the natul
of warning to Congress to be pr
pared to act when called tOgethe
The repeal of the silver purchasing a
is prabably ADVOCATED by a majority
both houses, yet there has been a Sc
timent that the mere repeal of the a
would not be sufficient, and that som
thing else must be done. Some ha'
favored free coinage and Others the
repeal the tax on state bank issues,
return for the repeal of the act of lSs
The action of the Indian GOvernme
has, however, had the effect of changil
the sentiment in the South cOncernil
the act of 1890, and it is now in h
direction of an unqualified cessation
the purchase of silver. In additiO
there is a distinct and growing dema
for a special session of Congress a
President Cleveland has received ma
letters and kilograms to that effect.
While the exact meaning of the cOuT
of the Indian Government seems J
TO be a matter of conjecture, it is q
orally believed that gold standard
the ultimate object in view. T
leaves the United States practically I
emily silver-buyiRg nation. This ia
az already stated, has only heighten
the feeling Of uncertainty.