San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1893-08-08

lars. Unless government bonds are
to be constantly issued, and sold TO
repeniSh our exhausted . gold, only
TO be again exhausted, it is apparent
that the operation of the silver purchase
law, now in force, leads in the direction
OF an entire substitution OF silver for gold
i'll the government treasury, aud that
this must be followed by the payment Of
all government obligations in deprecated
silver. AT this state 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 exclusive
use of currency, greatly deprecated &C
cOrding to the standard Of the CONNER
cal world, we could no longer claim
place among nations OF the tirSt-clasS
nor could our government claim the per-
Torrance of its obligations so far as such
an obligation has been imposed upon it,
to provide for the use Of the people, the
best and safest money. III as many OF its
friends claim silver ought to occupy
larger place in our currency, and cur
rency Of the world, through general
international CO. operation and agreement
1t 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
accomplish the result single handed.
knowledge in business circles among our
own people, that our government cannot
make its fiat equivalent to intrinsic value,
nor keep inferior money on parity with
superior money, by its own indepen-
dent efforts, has resulted in such
lack of confidence at home in stability of
currency values, that capital refuses its
aid to the new enterprises, while millions
are actually withdrawn from the chan
nels of trade, and commerce, to lie idle
and unproductive insthe hands Of owners.
Foreign investors equally alert, not only
decline to purchase. American securities,
but make hast to sacrifice those which
they already have 1t does not meet the
situation to say that apprehension
in regard to the future of our
no reason for lack Of confidence In the
purposes and powers of the government
in the premises. The very existence of
this apprehension, and the lack Of con-
fidence. however caused, is menace
which ought not for moment to be dis
regarded Possibly, II the undertaking
we have IN hand, were the maintenance
Of specific known quantity OF silver, at
parity with gold. our ability to do so
might be estimated and gagged, and
perhaps, in view of our unparal-
ieled growth and resources, might
be favOrably passed upon. But when
our aVowed end is to maintain such parity
in regard to an amount of silver increas-
ing at a rate Of S50OOO.OO OF dollars year
", with no fixed termination to such an
increase, it can hardly be said that the
problem is presented, whose solution is
free from doubt. The people Of the
United States are entitled to sound stable
currency, and 10 money recognized as
such on every exchange, and in every
market the world. Their government has
no right to iniur them by financial expert
ment opposed to the policy and practice or
other civilized states, nor is 1t Justified In
permitting an exaggerated and unreason-
able reliance on our national strength
and ability, to jeopardize to soundness OF
the peoples money. This matter rises
above the plane Of party policies. 1t con-
Germs every business and call ing, and en-
tiers every household in the land. There
is one important aspect OF the subject
which especially should never, be over
looked, at times Ike the pres
ent, when evils Of unsound fl
nance threaten US speculation may
anticipate the harvest. gathered from the
misfortune Of others. The capitalist may
protect himself by boarding, or may even
lind profit in the tluctCation OF values,
but the wage Garner is the first to be in :
iured by the deprecated currency, and
last. to receive the benefit of its correc'
tiOn IS practically defenseleSS. lie relies
for the work upon the ventures OF CONT
dent and contented capital. This failing
him. his condition is without alienation,
for he can neither prey on the mis-
fortunes of others, nor hoard his labor.
One OF the greatest statesman
our country has known, speaking
more than fifty years ago, when a de-
rangement of the currency had caused
commercial distress. said: The very man
of all others who has the deepest interest
H., Uh n
by miSchieVOuS legislation in money mat
tiers 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
remind us that failure in the discharge Of
our duty at this time must especially in
lure those of our cOuntrymen who labor,
and who, because OF their number and
condition are entitled to the most watch
full care of their government. That IT Is
OF utmost Importance that such relief as
Congress can afford in existing situation
be afforded at once. The maXium, ne
gives twice who gives quickly, Is direct
ly applicable. 1t may be true that EN-.
barrassments from which the business OF
the country is suffering, arise as much
from evils apprehPnded as from those
actually existing. We may hope too that
calm counsels will prevail and that nei-
Their capitalists nor wage earnerS Will
give way TO an unreasoning panic and
sacrifice their property or their interests,
under the influence OF exaggerated 1earS.
Nevertheless. every days delay in re-
moving one Of the plain and principal
causes of the present state of things, en-,
IargeS the mischief, already done, and
increases the responsibility of the govern
ment for its existence. Whatever else the
people have a right to expect from Con
gress, they may certainly aemanH Ghat az
three years disastrous experience, shall
he removed from the statute book, as
soon as their representatives can legiti-
mately deal with it.
II was my purpose to summon Congress
in special session early in the coming
S,a.,on,har tbat yyp might antpr DrOmDt-