The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-08-09
CLEVELAND ON SILVER.
Continued from First Page.

strength of foreign nations. The excess
of exports of gold over it's imports for the
year ending June 80, 1858, amounted to
more than 81 1-2 million dollars. Be
tween the first day of July, 1920, and the
18th day of July, 1858, the gold coin and
bullion in our treasury decreased more
than 1872, 900, 600, while during the same
period the silver coin and bullion IN the
treasury increased to more than S147, 0O0,-
600. Unless the government bonds are
to be constantly increased and sold to re-
plenish our exhausted gold, only to be
again exhausted, it is apparent bnat Jne
operation of the silver purchase law, now
in force, leads in the direction OF the en-
tire substitution of silver for gold IN the
government treasury, and that this must
be followed by the payment OF all gov
eminent obligations III deprecated silver.
At this stage 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 the exclusive use
of currency greatly deprecated accord
ing to the standard of the commercial
world, we could no longer claim place
among nations of the first class, nor
could our government claim a perform
ance 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.
If, asssma of lis friends claim, silver
ought to occupy d larger place IN our
currency and the currency of the world
through general international co-opera-
ton and agreement, it is obvious that
the United States will not be in a posi-
ton to gain hearing in favor OF such an
arrangement SO long as we are Wiling
to continue our, attempt to accomplish
the result single handed. The knowledge
in business circles among our own
people, that our government cannon
make it's fiat equivalent to intrinsic
value, nor keep inferior money on parity
with superior money by its own indie
pendent efforts, has resulted in such a
lack of confidence at home in the stablll-
ty of currency values that capital refuses
it's aid to new enterprises, While millions
are actually withdrawn from the chan
nels of trade and commence to become
idle and unproductive in the hands OF
timid owners. Foreign investors equally
alert not only decline to purchase Amerl-
can securities 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 conf
government in the premises. The very
existence of this apprehension and lack
of confidence, however caused, is me-
mace which ought not for moment TO
be disregarded.
Probably if the undertaking we have
in hand were the maintenance OF a
specific known quantity of silver at
SO might be estimated and gagged 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 $50, 900, 900, yearly, with no
fixed termination to such increase, IT
can hardly be said that a problem IS
presented whose solution is free from
doubt.
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 in the
world Their government has no right to
iniure them by financial experiments OPP
posed to the policy and practice OF other
civilized states Nor is it justified in
permitting an exaggerated and unreason-
able 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 vitality concerns every
business and calling and enters every
household 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 finance
threaten us, the speculator may anticipate
a harvest from the misfortune of others;
the capitalist may protect himself by
boarding or may even find profit in the
fluctuations OF Values. but the wage
Garner, the first to be injured by de-
preciated currency and the last to receive
the benefit of it's correction, is practically
defencelesS.
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
fifty years ago when arrangement of the
currency had caused commercial distress,
said: "The very man of all others who
has the deepest interest in sound cur
rency and who suffers most by mis-
chievous legislation in money matters 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 injure those OF our
countrymen who labor and who, because
of their number and condition, are en-
titled to the most watchful care OF their
government
1t is of the utmost Importance that
such relief as Congress can afford in the
existing situation be afforded at once.
The maxim, He gives twice who gives
quickly is directly applicable.
It may be true that the embarrassment
from which the business of the country
is suffering arises as much from evils ap-
pretended as from those actually exist
ing. We may hope, too, that calm coun-
sells will prevail and that neither the
capitalists nor the wage earners will give
way to an unreasoning panic, and sacri-
flee their interests under the influence OF
exaggerated fears.
Neytheless, every days delay in remov-
ing 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
It's existence.
Whatever else the people have a right
to expect from Congress they may GER
tainly demand that legislation con-
denned by the ordeal of three years. dis
astrous experience shall be removed from
the statute books as soon as their repre-
cantatiyes can ]epitjmatelV deal with it