The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1893-08-11

/ Its obligation SO far as such an obligation
has been imposed upon it, to provide foI
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 Oul
| currency and the currency Of the world
through general international co-0pera ton
and agreement, it is obvious that the
United States will not be In a position
to gain a hearing in favor OF such an
arrangement so long as we are willing
to continue our attempt TO accomplish
the result single-handed.
The sfParfty'' Problem.
The knowledge in business circles
| among our own people that our govern
ment cannot make It's fat equivalent to
intrinsic value, nor keep inferior money
on a parity with superior money by its
own independent efforts, has resulted in
such a lack of confidence at home, in the
stability of currency value, that capital
refuses its aid TO new enterprises, while
millions are actually Withdrawn from the
channels of trade and commerce to be-
come idle and unproductive in the hands
Of timid owners. Foreign investors,
equally alert not only decline to pur-
chase American securities, but make haste
to sacrifice those which they already
have.
1t does not meet the situation to say
that the apprehension in regard to the
future of our finances is grounuIess, and
that there is no reason for lack of conf
dence in the purposes or power of the
government in the premises. The very
existence of this apprehension and lack
of confidence, however caused, is a men
ace which ought not for a moment to be
disregarded. Possibly if the undertake
ing we have in hand were the mainten-
ance of specific known quantity of -sll-
yer at a parity with gold, our ability to
do SO 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 re-
gard to an amount of silver increasing
at the rate of fifty millions of dollars
yearly, with no fixed termination to- such
increase, 1t can hardly be said that a
problem is presented whose solution is
free from doubt.
Sound Currency Essential.
The people of the United States are en-
titled 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 experiments OPP
posed to the policy and practice of other
civilized states, nor is it justified in per-
mitting 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. 1t concerns every bus
mess and calling and enters every house
hold in the land.
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 threat
en- us, the speculatOr may anticipate
harvest gathered from the misfortune of
others; the capitalist may protect himself
by boarding or may even find profit in
the fiuctuation of values; but the wage
earner-the first to be injured by a
deprecated currency and the last to re-
ceivc the benefit of its correction, is prac-
tically defenseless. He relies for work
upon the ventures of confident and con-
tented capital. This failing him, his con-
dition is without alienation, for he can
neither prey on the misfortune of others,
nor hoard his labor. One of the greatest
statesmen our country has known, speak
ing more than fifty years ago, when
derangement of the currency had caused
comercial distress, said:
'The very man of all others who has
the deepest interest in a sound currency
and who suffers most by mischievous leg
islation in money matters, is the man VINO
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
.Nf< flIFfU a
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 gov
ernment.
Prompt Action Necessary.
II is of the utmost Importance that
such relief as congress can afford In the
existing situation be afforded at once.
The maxim that he gives twice who gives
quickly is directly applicable 1t may be
true that the embarassments from which
the business of the country is suffering
arise as much from evils apprehended as
from those actually existing. We may
hone. too. that calm counsels will prevail,
and that neither the capitalist nor the
wage-earners will give way TO unreason-
ing panic and sacrifice their property or
their interests under the influence OF eA-
aggerated FEARS. NeNeEthSACSS -
day's 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 for its existence.
Whatever else the people have right
to expect from congress, they may GER
tainIy demand that legislation condemned
by the ordeal of three years disastrous
experience shall be removed from the
statute books as soon as their representa-
tiyes can legitimately deal with it.
Tariff Reform Postponed.
1t was my purpose to summon congress
IN snecial session early in the coming
Sentember that we might enter promptly
upon the work of tariff reform, which the
true interests of the country clearly de-
mand. which so large majority OF the
people as 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 tar
iff reform has lost nothing OF its lmme-
date and permanent Importance, and
must in the near future engage the at
tention of congress. il has seemed to me
that the financial condition of the coun-
try should at once and before all other
subjects. be considered by your honorable
body.
/ earnestly recommend the prompt re-
peal of the provision of the act passed
July IA, 1890, authorizing the purchase
of silver bullion and that other legisla-
tive action may put beyond all doubt or
mistake the intention and the ability of