The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-08-09
and more appreciative of nations to add

recently Drawn from our treasury and
exported to increase the financial
strength OF foreign nations. The excess
of the export OF gold over its imports
for the year ending June 80, 1893,
amounts to more than eighty.seven
millions Of dollars. Between the LIST
day OF July, 1899, and the 18th day of
July, 1893, the gold coin and bullion in
our Treasury decreased more than one
hundred millions Of dollars, while dur.
ing the same period the silver coin and
bullion increased more than one hun
dred and forty-seven millions OF dollars.
"Unless the Government bonds are to
be constantly issued and sold to replen-
ish our exhausted gold, only to be again
exhausted 1t is apparent that the OBJ
Grafton OF the silver purchase law now
in force leads in the direction Of the
entire substitution of silver for the gold
in the Government Treasury and that
this must be followed by the payment
of all Government obligations in depre-
ciated silver. At this stage gold and
silver must part company and the Gov
eminent must tail in it's established
policy to maintain the two metals on a
parity with each other. Given over to
the exclusive use Of q currency greatly
deprecated according to the standard 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 obliga.
ton 40 far as such an obligation has
been imposed upon it, to provide for the
use OF the people the best and safest
money.
SILVER ARGUMENTS ANSWERED.
"lf, as many of its friends claim,
silver ought to occupy larger place in
our currency and the currency of the
world through general interference, CO.
operation and agreement, it Is obvious
that the United States will not be in a
position to gain hearing in favor of
such an arrangement so long as we are
| willing to continue our attempt to &C.
complish the result siugle-handed.
Tho knowledge in business circles
among our own people that our govern.
ment cannot make it's fiat equivalent to
intrinsic value, nor keep inferior money
on parity with superior money by it's
own independent efforts, has resulted in
such lack of confidence at home in the
stability of currency values that capital
refuses its aid to new enterprises, while
millions are actually withdrawn from
the channels OF trade and commerce to
become idle and unproductive in the
hands OF timid owners.
"Foreign interests, equally alert. not
only decline to purchase American Sc
curities, but make haste 10 sacrifice
those which they already have. 1t
does not meet the situation to saw that
apprehension in regard to the future of
our finances is groundless, and that
thore is no reason for lack OF confidence
in the purposes or power of the Govern
mont in the premises.
1.-The very existence of this appre-
hension and lack of confidence, however
caused, Is menance which ought not
for moment to be disregarded. Pos.
siblY if the undertaking we have in
hand were the maintenance of a specific
known quality Of silver at parity with
gold our ability to do so might be esti.
mated and guaged, and perha ps, in Wow
of our unparalleled growth and re.
sources. 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 $50, 10000 yearly, with no fixed
termination to such increase, it can
hardly be said problem is presented
whose solution is free from doubt.
The people OF the United States are
entitled to a 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-
perinents opposed to the policy and
practice of other civilized States, nor is
1t justified in permitting an exagger-
ated and unreasonable reliance on our
national strength AID ability to iaopar-
die the soundness Of the peoples
money.
This matter rises above the plane of
party policies. 1t 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 like the present.
When the evils of unsound finance
threat ten us, the speculstor may antici-
pate harvest gathered from the mis-
| fortune OF others. The capitalist NAV
protect himself by boarding, or may
even find profit in the fuctuation Of
values; but the wage earner-the first
| to be injured by depressed currency
and the last to receive the benefit of its
correction-is practically defenseless
| lie relies for work upon the ventures OF
| confident and contented capital. This
! failing him, his condition is without a.
deviation, for he can neither prey on
| the misfOrtuneS of others nor hoard his
| labor.
Zone of the greatest statemen our
country has ever known, speaking more
than fifty years ago when a derange-
ment OF the currency had caused COM
| mercial distress, said: The very man
OF all others who has the deepest inter.
est in sound currency, and who sui fers
most by mischievous legislation in
money matters, is the man who has
daily bread by his daily TOLL Those
words are as pointed now as on the day
thew were uttered and Oupht m i'm Mos