The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-08-09


If, as many of it's friends claim, silver
ought to occupy larger place in our cur
rency and the currency of the world
through general international cooperation
and agreement, it is obvious that the
United States will not be in position to
gain a hearing in favor of such an arrange
ment so long as we are willing to con-
tinue our attempt to accomplish the re-
suit single handed.
Resulted In Lack Of Confidence.
The knowledge in business circles among
our'own people that our government can
not make its fiat equivalent to intrinsic
value, nor keep in force our money on a
parity with superior money by it's own in
dependent efforts, has resulted in such a
lack of confidence at home in the stability
of currency values that capital refuses it's
aid to new enterprises. while millions are
actually withdrawn from channels of
trade and commerce to become idle and
unproductive in the hands of timid own
ers. Foreign investors, equally alert, not
only decline to purchase American securi-
ties, 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
groundless, and that there is no reason for
lack of confidence in the purposes of the
government in the premises.
Should Not Be Disregarded.
The very existence of this apprehension
and lack of confidence, however caused, is
a menace which ought not for moment to
be disregarded. Possibly if the undertake
ing we have in hand, were the maintenance
of specific known quantity of silver at q
parity with gold, our ability to do so
might be estimated and gagged, and per-
haps III view of our unparalleled growth
and resources, 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
$5O,OO0,0OO yearly, with no fixed termina-
ton to such increase, it can hardly be said
that a problem is presented whose solution
is free from doubt.
Entitled to a Sound Currency.
The people of the United States are en-
titled to a sound and stable currency, and
to money recognized as such on every ex-
change and in every market of the world.
Their government has no right to injure
them by financial experiments opposed 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
jeOpardiZe the sOundness of the peoples
money.
This matter rises above the plane of
party politics. It vitality concerns every
business and calling and enters every
household in the land. There is one inn
portant aspect of the subject which
especially should never be overlooked At
times like the present, when the evils of
unsOund finance threaten us, the specu-
lator may anticipate harvest, gathered
from the misfortune of others, the cap
1talist may protect himself by boarding or
may even find profit in the f1uctuation of
values.
The Wage Garner Defenseless.
But the wage-earner, the first to be in
jured by deprecated currency and the
last to receive the benefit of It's correction,
is practically defenseless. He relies for
work upon the ventures of confident
and contented capital. 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
country has known, speaking more than
80 years ago when arrangement of the
currency had caused commercial distress,
said: "The very man of all others who
has the deepest interest in a sound cur
rency 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 as pertinent now as in
the day they were uttered, and ought to
lmpressively remind us that 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
10 The most watchful care of their govern
ment.
Should Act at Once.
IL Is Tar the most important that such
reheI as congress can afford in the exist
ing sltuaCon be afforded at once The
MAXIM ne gives twice who gives
quickly Is directly applicable. It may
be true that the embarrassments from
which the business of the country is suf
fering arise as much from evils appre-
hended 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 unreas-
oning panic, and sacrifice their property q,
their interests under the influence of ex
aggerated fears. Nevertheless, every day.
delay in removing one of the plain ant
principal causes of the present state O
things enlarges the mischief alread,
done and increases the responsible
ity of the government for its existence
Whatever else the people have right t,
expect from congress they may certainl,
demand that legislation condemned b,
the ordeal of three years disastrous ex
perience shall be removed from the statut
books as soon as their representatives cal
legitimately deal with it.
Tariff Can Wait
It was my purpose to summon congress
in special session early in the coming Sep
TENDER that we might enter promptl
upon the work of tariff reform
which the true interests of the countr
clearly demand, which SO large . majorit
Of the people as shown by their suffrage
desire and expect, and to the accom-
plishment Of which every effort 9
the present administration is pledged. Blu
while tariff reform has lost nothing of it
immediate and permanent Importance