The times. (Owosso, Mich.) 1882-1897, 1893-08-11

IL, TO provide for the use of the people the
best and safest money.
IL as many of its friends claim, silver
ought TO occupy larger place IN our cur
rency as the currency Of the world through
general international cooperation and
agreement, il 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.
The knowledge in business circles among
our own people that our government can
not make its fiat equivalent to intrinsic
value, nor keep inferior money on parity
with superior money by its own independ-
ent efforts, has resulted in such lack of
confidence at home in the stability of cur
rency values, that capital refuses its aid to
new enterprises while millions are actually
withdrawn from the channels of trade and
and commerce to become idle and unpro-
ductive in the hands of timid owners.
Foreign investors equally alert not only
decline TO purchase American securities,
but make haste to sacrifice those which
they already have.
1t does not meet the situation that APP
prehension in regard to the future of our
finances is groundless, and that there is no
reason for lack of condolences in the pur-
poses or power Of the government in the
premises. The existence of this appre-
hension and lack of confidence, however
caused, is "A menace which ought not for a
moment be diSregarded
Possibly if the undertaking we have in
hand, were the maintenance of a specific
known silver at parity with gold, our
ability to do so might be estimated and
gagged, and perhaps, in view of our I'M
paralleled 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 increas-
ing at the rate of $50, DOC, 600 yearly, with no
fixed termination to such increase, it can
hardly be said that problem is presented
whose solution is free from doubt.
Entitled to 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 jeop-
ardize the sOundness of the peoples money
This matter rises above the plane of
party politics 1t vitality concerns every
business and calling and enters every
household III the land There is one i'm
portant aspect of the subject which should
never he overlooked. In times like the
present when the evils of unsound finance
threaten US, the speculator may anticipate
harvest gathered from the misfortune of
Others the capitalist may protect him
self by boarding or may even find
profit III the tuctuation of values; but the
wage earner-the first to be injured by a
deprecated currency and the last to re-
ceive the benefit of its correction-is prac-
tically defenseless. He relies for work
upon the ventures of confident and con-
tented capital This failing, his condition
is without alienation, for he can neither
prey on the misfortunes of others, nor
hoard his labor. One of the greatest states
men our country has known, speaking
more than so years ago when derange
ment of the currency had caused COM
mercal distress, said: 1.-The very man of
all others who has the deepest interest in
a sound currency and who suffers most by
mischievous legislation in money matters,
is the man who earns his daily bread 10y
his daily toll "
These words are as pertinent now as on
the day they We're uttered and ought to
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 num-
Der and condition, are entitled to the most
watchful care Of their government.
1t is of the utmost importance that such
relief as congress can afford in' the exist
ing situation be afforded at once The
maxim, "He gives twice who gives
quickly" is directly applicable. 1t may
De true that the cmbarrassments from
which the business Of the country is suffer
ing arose as much from evils apprehended
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 unreaSOning
panic and sacrifice their property or their
interests under the influence of exaggerated
fears.
Recommends Prompt Repeal.
Nevertheless. every days delay in re-
moving one of the plain and principal
causes of the present state of things en-
larges the mischief already done and in
creases the responsibility OF the govern
ment for its existence. Whatever else the
people have a right to expect from congress
they may certainly demand that legislation
condemned 10y the ordeal of three years
disastrous experience shall be removed
from the statute books as soon as their
representatives can lPgitimately deal
with it.
1t was my purpose TO summon congress
in special session early in the coming Sep
TENDER that we might enter promptly upon
the work of tariff reform, which the true
interests of the country demand, which so
large majority OF the people, as shown
by their sutfrages, desire and expect, and
to the accomplishment of which every
effort of the present administration is
pledged. But while tariff reform has lost
nothing of its immediate and permanent
Importance and must in the near future
engage the attention of congress, it has
seemed TO me that the financial condition
of the country should at once and before
all ether subjects, be considered by your
honorable body.
earnestly recommend the prompt re
peal of the provisions of the act passed
July IA, 1890, authorizing the purchase of
silver bullion and that other Legislative
action may put beyond all doubt or mis-
take the intention and the ability of the
government to ill its pecuniary obligations
in money universally recognized by all
civilized countries.
GROVER CLEVELAND.
EYErIIrIME MANSInN Aun Z lSl2