The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1893-08-16


ciated silver. a: this stage gold and
silver must part company and the gov
eminent must fail in its established
policy to maintain the two metals on q
parity with each other.
Given over to the exclusive OF cur
rency greatly deprecated according to
the standard of the commercial world,
we could no longer claim pIuce among
nations of the first class, nor could our
government claim performance Of its
obligations so far as such an obligation
has been imposed upon it, to provide fox
the use of the people the best and safest
money. If, as many of its friends
claim, silver ought to occupy a larger
place in our currency and the currency
Of the world through general internS-
tional cooperation, and agreement, it
is desirous that the United States will
not be in position to gai2 hearing
in favor of such an arrangement so
long as all are willing 70 continue our
attempt single handed. The knowl-
edge in business circles among our own
people that our government cannot
make its fat equivalent to intrinsic
value, 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 stabilities of currency values that
capital refuses its aid to new enter
prises while millions are actually with
drawn from the channels of trade and
commerce to become idle and unprc-
ductive in the hands of timid owners.
Foreign nations, equally alert, not
only decline to purchase American Sc
curities, but make haste to sacrifice
those which they already have. 1tdoes
not meet the situation to say that ap-
prehension in regard to the future Of
our finances is groundless, and that
there is no reason for lack of confidence
in the purposes OF power Of the govern
ment in the premises. The very exis-
tence Of this apprehension and the lack
Of confidence, however caused, is me-
mace which ought not for a moment to
be disregarded. Possibly, if the under
taking we have in hand were the main
tenance of a specific known quantity of
silver at parity with gold our ability
to do 80 might be estimated and gauged
and perhaps in view of our unparalleled
growth and resources, might be favor
ably passed upon. But when our
avowed endeavor is to maintain such
parity in regard to an amount of silver
increasing at the rate of $4,000, 900
yearly, with no fixed termination to
such increase 1t can hardly be said that
a problem is presented whose
solution is free from doubt.
The people of the United States are
entitled to 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 e1per-
iments opposed to the policy and prac-
tice Of other civilized states, nor is 1t
justified in permitting an exaggerated
and unreasonable reliance on our ma
tional strength and ability to jeopar-
die the peoples money. This matter
rises above the plane of party politics.
It vitallv concerns every business and
calling aud enters every household in
the land. There is one important as
pect of the subject which especially
should never be overlooked. At times,
like the present, when the evils of un-
sound finance threaten US, the specula-
tor may anticipate harvest gathered
from the misfertunes of others. The
capitalist may protect himself by hoard
ing or may even find profit in the fuc-
tuation of values; but the wage-earner
the first to be injured by a depreci-
sted currency and the last to receive
the benefit of its correction-is practi-
cally defenseless.
He relies for work upon the ventures
of confident and contented capital.
This failing him, his condition is with.
out alienation, for he can neither prev
on the misfortunes of others nor hoard
his labor.
One Of the greatest statesmen our
country has known, speaking more than
so years ago, when arrangement Of
the currency had caused commercial
distress, said: 1.-THE very man of all 9TH
CPS who has the deepest interest in
sound currency and who suffers most by
mischievous legislation in money mat
ters, 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 IS impressively remind US that
failure in the discharge Of our duty at
this time must especially injure those
of our countrymen who labor, and who,
because of their number and condition,
are entitled to the most watchful care
Of their government. It is of the ut
most importance that such relief as con-
gress can afford in the existing situa-
tson be afforded at once. The maxim,
'Ee gives twice who giyes quickly" Ia
directly applicable.
It may be true that the e1Abarrass-
ments from which the bnsineas Of she
country is suffering, arise as much from
evils apprehended, as from those actu-
ally existing. AL may hope, too, that
calm counsels will prevail and that
neither the capitalists nor the wage
earners will give way to uureasoning
panic and sacrifice their property or
their interests under the influence of
exaggerated fears.
Nevertheless, every days delay in re-