The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1893-08-25

SHOWN 10y the large amounts OF SOiu
which have recently been drawn from
our treasury and exported to increase
the financial strength of foreign ma
tious. The excess of exports of gold
over its imports for the year ending
June Both, 1898, amounted TO more
than S7A millions of dollars. Between
the first day OF July, 1890, and the
first day of July, 1898, the gold coin
and bullion in our treasury decreased
more than 132 millions of dollars,
while for the same period the silver
coin and bullion in the treasury in
creased more than 147 millions of
dollars.
Unless government bonds are to be
constantly issued and sold to replen sh
our exhausted gold, only to be again
exhausted, 1t is apparent that the
operation of the silver purchase law
the entire substitution of silver for
gold in the government treasury and
that this must be followed by the pay
ment of government obligations in
deprecated silver. At this stage gold
and silver must part company and the
government must fail in its established
policy to maintain the two metals on
a par with each other. Given over to
the exclusive use OF a currency great
ly deprecated according to the stand
ard of the commercial world, we could
no longer claim place among nations
of the first class, nor could our govern
ment claim performance of its obli-
cations, so far as such an obligation
has been imposed upon it, to provide
for the use of the people the best and
safest money. If, as many OF its friends
claim, silver ought to occupy larger
place in our currency and the currency
of the world through general interna-
tional cooperation and agreement, it is
obvious that the United States will not
be in position to gain a hearing in
favor of such 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 our
own government cannot make its fiat
equivalent to intrinsic value, nor keep
in force money on parity with
superior money by its own indepen-
dent efforts, has resulted in such
lack of confidence at home, in in
stability of currency values, that
capital refuses its aid to new enter
prises, while millions are actually
withdrawn from the channels of trade
and commerce to become idle and I'M
productive in the hands of timid
owner. Foreign investors equally
alert not only 20 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 ground
less and that there is no reason for
lack of confidence in the purposes or in
the power of the government in the
premises. The very existence of this
apprehension and lack of confidence.
however caused, is a menace which
ought not for moment to be disre-
garded. Possibly if the undertaking
we have in hand were the mainte-
nance OF a specified known quantity
of silver as the parity with gold, our
ability to do so might be estimated
and gagged, and perhaps in view of
our unparalleled growth and resources
might be favorably passed upon. But
when our avowed endeavor is to
maintain such a parity in regard to
an amount of silver increasing at the
rate of fifty millions of dollars per
year, with no fixed termination to
such increase, it can hardly be said
that a problem is presented whose
solution is free from doubt. The peo-
pie of the United States are entitled
to IA sound and stable currency and to
money recognized as such on every
exchange and in every market of the
world. Their government has no
right to injure them by financial eX-
periments opposed to the policy and
practice of other civilized States,
nor is it justified in permitting
an exaggerated and unreasonable reli-
ance on our national strength and
ability to jeopardise 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 specially should never
be overlooked. At times like the
finance threaten US, the speculator
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
Garner, the first to be injured by a de-
preciated currency and the last to re-
ceive the benefit of it's correction, is
practically defenceless. He relies for
his work upon the ventures of conf
dent and contented capital. This
falling, his condition is without
alienation. He can never prey
on the misfortune of others
nor hoard his labor. One of the great
est statesmen our country has known,
speaking more than fifty years ago,
when a degrangemento of the currency
had caused commercial distress, said:
'fThe very man of all others who has
the deepest interest in a sound curren-
cy and who suffers most by mischiev-
Gus legislation in money 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 re-
mind us that failure in the discharge
of our duty at this time must espec-
tally injure those of Our countrymen
who labor and who, because of their
number and condition, are entitled to
the most watchful care of their gov
eminent. 1t is of the utmost import
ance that such relief as congress can
offer in the existing situation be Of
fered at once. The maxim, "He gives
twice who give quickly" is directly
applicable. 1t may be true that the
embarrassment from which the bust
ness of the country is suffering is as