Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1893-08-10

subjected to the payment OF new obliga.
tons sAmpunting to about el50, ,0O0, coo on
as consequence, for the first
time since Its creation, been encroached
on Wesavc thus made the depletion OF
our gold easy, and have tempted other
and mor& apprcciative nations 10 add it to
their sRck. That the opportunity we
have ofsfcd has not been neglected is
shown bx the large amounts Of gold which
have beep recently drawn from our treas
ury and exported to increase the financial
strength of.foreign nations
The excess OF exports of gold over its
imports Tor the year ending June 80, 1893,
amounted to over SS7 SOC, 900 Between the
lst day OF July, 1890, and the 18th day
OF july, 1919, the gold coin and bullion in
our treasury decreased more than $l3l,-
ooV,Mo. Whitc during the same period the
silver cotn and bullion in the treasury in
creased mere than s;s7, COO, coo.
Trend Of the Purchase Law.
Unlsse government bonds are to be con-
stanflv Issued and sold TO replenish our
exhausted gold, only to be rgain ex-
lAustcas Is apparent that the operation
Of the exJ.Asrarehase law nov In force
s1GAs34G4& of the entire snb-
stitution of silver for the gold in the
government treasury, and that this must
be followed by the payment OF all govern.
ment 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 parity with each other.
Given over to the exclusive use of a cur
rency 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 government claim q per
fornlance of its obligation, 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 it's
friends claim, silver ought to occupy a
larger place in our currency and the cur
rency Of the world through general inter.
national cooperation and agreement.
1t is obvious that the United States will
not be in position to gain a hearing In
favor OF such an arrangement SO long az
we are willing to continue our attempt to
accomplish the result single handed.
Why Capital Is Tim;d.
The knowledge in business circles
among our own people that our govern
ment cannot make its fiat equivalent to
Intrinsic valne, nor keep inferior money
on parity with superior money by its
own independent efforts has resulted in
such a lack Of confidence at home in the
stability OF currency values that capital
refuses its aid to new enterprises, while
millions arc actually Withdrawn from the
channels of trade and commerce to lie
idle and unproductiyc In the hands of
timid owners. Foreign investors, equally
alert. not only decline to purchase Amer
lean securities but make haste to sacri-
flee those which they already
have. 1t does not mend the sit
uation to say that apprehension in regard
to the future Of our finances is groundless
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 u menace
which ought not for moment to be dis
regarded. Possibly If the undertaking
we have in hand were the maintenance
OF II specific known quantity of
do so might be estimated and gagged and
perhaps, in view of our unparalleled
growth and resources. might be fayorab.y y
passed upon. But when our avowed en-
deavor is 10 maintain such parity in re-
gard to an amount of silver increasing at
the rate of So0,O10,0M yearly, with no fixed
termination to such increase, 1t can hardly
be said that problem is presented whose
solution is free from doubt.
The people of the United States arc en-
titled to a sound and stable currency anu
20 '..e-fr- .xsss rses sss,.sh on, es~-Y x
change and In every market OF the world.
Their government has no right to iEjure
to the policy and practice of
other civilized states nor is
it justified in permitting an
exaggerated and unreasonable reliance
on our national strength and ability to
jeopnrdize the soundness of the people s
money.
This matter rises above the plane of
1t virtually concerns every business
and calling and every household in the
land.
An Important aspect.
There is one important aspect of the
subject which especially should never be
overlooked. At times like the present
when the evils of unsound finances
ticipate harvest gathered from
the misfortunes of others. the
capitalist may protect himself by
boarding or may even find profit in the
huctuation of values; but the wage
earner-the first to be injured by a deprc-
ciated currency and the last to receive
the benefit of its corrcction-is practically
defenseless. He relies for work upon the
ventures OF confdent and contentcd capi-
tai. This failing him his condition is
without alienation. for he can neither
prey on the misfortunes OF others nor
hoard his labor.
One OF the greatest statesmen our coun-
try has known, speaking more than fifty
years ago when arrangement of the cur
rcncy had caused commercial 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 toil.n
These words are as pertinent now as on
the day they were uttered and ought to
impressiyely remind us that d failure in
the discharge of our duty at this time
must especially injure those of our coun,
trymen who labor and who because OF
their number and condition are entitled
to the most watchful care of their govern
ment
Relief Should Be Spsedy.
1t is of the utmost Importance that such
relief as congress can Il ford in the exist.
ing situation be afforded ut once. The
maxim ''he gives twice who gives quickly
is directly applicable. 1t may be true tina,
the embarrassments from which the bust
ness Of the country is suffering arise as
much from evils apprehended as from
those actually existing. We may hope,
toe, that calm councils will prevail
ana tHaI neither the capitalists nor the
wage earners will give way to unreasoil-
ing panic aud sacrifice their property or
their interests under the influence of ex-
aggerated fears. Nevertheless every
days delay in removing one of the plain
and principal causes of the present state
of things enlarges the mischief already
done and increases the responsibility OF
the government
Whatever else the people have o right
to expect of congress they may certainly
demand that the legislation condemned
by the ordeal of three years disastrous
experience shall be removed from the
statute books as soon as their representa-.
tivcs can legitimately deal with it.
financial. Legislation Has thu Floor.
1t was my purpose to summon congress
in special session early in the coming Sep,
tember that we might enter promptly
upon the work of tariff reform, which the
true interests OF the country clearly de,
mand, which 30 large a majority OF the
people, rs shown by their suffrages, de.
sire and expect, and to the accomplish.
ment Of which every effort Of the present
administration Is pledged But while