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Volume: IX Pages: 401-405 (extract) "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 international cooperation 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 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 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 values that capital refuses its
aid to new enterprises, while millions are actually
withdrawn from the channels of trade and commerce to
become idle and unproductive 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.
It 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 confidence 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 menace which ought not
for a moment to be disregarded. Possibly, if the
undertaking we have in hand were the maintenance of a
specific known quantity of silver 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 favorably passed upon. But when our
avowed endeavor is to maintain such parity in regard to
an amount of silver increasing at the rate of
$50,000,000 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 entitled to a 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 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 jeopardize the soundness of the
people's money.
This matter rises above the plane of party politics. It
vitally 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 gathered from the misfortune of
others, the capitalist may protect himself by hoarding
or may even find profit in the fluctuations of values;
but the wage earner---the first to be injured by a
depreciated currency and the last to receive the benefit
of its correction---is practically defenseless.
He relies for work upon the ventures of confident and
contented capital. This failing him, his condition is
without alleviation, 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 a derangement of the currency
had caused commercial distress, said: "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 by
his daily toil." These words are as pertinent now as on
the day they were uttered, and ought to impressively
remind us that a 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 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
embarrassments from which the business of the country is
suffering arise 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.
Nevertheless, every 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 a right to expect from
Congress, they may certainly demand that legislation
condemned by the ordeal of three years' disastrous
experience shall be removed from the statute books as
soon as their representatives can legitimately deal with
it.
It was my purpose to summon Congress in Special session
early in the coming September, that we might enter
promptly upon the work of tariff reform, which the true
interests of the country clearly demand, which so large
a majority of the people, as shown by their suffrages,
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 other subjects be considered by
your honorable body.
I earnestly recommend the prompt repeal of the
provisions of the act passed July 14, 1890, authorizing
the purchase of silver bullion, and that other
legislative action may put beyond all doubt or mistake
the intention and the ability of the Government to
fulfill its pecuniary obligations in money universally
recognized by all civilized countries.
GROVER CLEVELAND
During the term of Grover Cleveland while in office as
President March 4,
1893 to March 4, 1897.
Executive Mansion, March 29, 1894.
Volume: IX Pages: 483-484(Extract)"The financial
disturbance which swept over the country during the last
year was unparalleled in its severity and disastrous
consequences. There seemed to be almost an entire
displacement of faith in our financial ability and a
loss of confidence in our fiscal policy. Among those who
attempted to assign causes for our distress it was very
generally conceded that the operation of a provision of
law then in force which required the Government to
purchase monthly a large amount of silver bullion and
issue its notes in payment therefore was either entirely
or to a large extent responsible for our condition. This
led to the repeal on the 1st day of November, 1893, of
this statutory provision.
We had, however, fallen so low in the depths of
depression and timidity and apprehension had so
completely gained control in financial circles that our
rapid recuperation could not be reasonably expected."
[END OF ARTICLE]
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