The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1892-07-02
THE FINANCIAL ISSUES JOINED.

two financial planks. One is silver
straddle, says an exchange, and the
other commitment of the party to
the policy of restoring the paper
money system which was obtained be-
fore the war. The first had been dis
cussed great deal in advance, and
was fought over in the convention;
the second was not talked about at all
iE the press, nor noticed, apparently,
IN the convention. It could not have
got through the committee, however,
without having its provisions distinctly
understood, for, in strong contrast to
the juggle of words on the silver ques-
tion, this bank-note plank is brief and
explicit. The Democratic plank runs
thus:
Sec. z. We denouuce the Republican
legislation known as the Sherman act OF
1890 as a cowardly makeshift, fraught
with possibilities of danger in the future,
which should make all OF its supporters,
as well as its author, ANXIOUS for its
speedy repeal. We hold the use OF both
gold and silver as q standard money OF
the country, and to the coinage CT both
gold and silver without discriminating
against either metal or charge for mint
age, but the dollar unit of coinage OF
both metals must be of equal intrinsic
and exchangeable value, or be adjusted
through international agreement, or by
such safeguards of legislation as shall in
sure the maintenance of the purity of the
two metals, and the equal power of every
dollar at all times in the markets and In
the payments of debts; and we demand
that all paper money shall be kept at par
with and redeemable IN such coin. We
insist upon this policy as especially nee
essary for the protection of the farmers
and laboring classes, the first and most
defenseless victims of unstable money
and fuctuating currency.
Sec. s. We recommend that the pro.
hibitory 10 per cent tax on State bank
issues be repealed.
The Sherman bill referred to is the
act under which practically all the
silver output of our own mines, except
what may be needed for the mechan-
ical arts, is utilized in the form of
bullion or coin, for money, being
bought by the government in the open
market at the market rate, and paid
for in bran new United States notes,
redeemable in coin. This act the
Democratic party stands pledged to
repeal on the alleged ground that 1t
is "a cowardly makestift, ,fraught with
possibilities of danger in the future" !"
Having repealed that bill what nextg
Right here comes the evasion, the
straddle. awe hold" says the plank,
s'to the use of both gold and silver as
the standard money of the country"
which is the statement of an abstrat
principle on which no controversy can
arise in American politics. Some
eastern goldites really believe in the
single standard, the gold dollar being
that monetary unit, as some silverites,
on the other hand, believe in bringing
gold down to the level of silver, but
nearly everybody would like to see the
gold and silver dollars broug hit into
intrinsic accord. The next sentence
of the resolution begins, as it will be
observed, as if it was the intention of
the writer to come out for free COIN
age, as that term is used, but it veers
off and comes to the conclusion that
such coinage must be upon the basis of
equality in intrinsic value, condition
precedent which is happily remote.
Taken as a whole the declaration is
simply equivalent to begging the silver
men not to push that issue. Which
ever party comes into power, no such
as the Bland bill can receive
the signature of the next president.
l. would have been absurd to have
adopted free silver plank for Mr..
Cleveland to stand on. 1t is well
known that he is radical goldite.
He has never concealed the fact. If
he could have his way there would be
q prompt stop put to the further use
Of silver for money of a full legal ten
der value and quality.
The other proposition, to revive the
state bank money of ante bellum times,
has in il a serious menace to the fnan-
cial system of the country. 1t is
to go back to "stumptail," /"
''red dog" and all that sort Of money.
Do the people of this country, es-
pecially of these western states, want
of that kind? Many of our
and farmers of to-day can
recall the evils of that old system, and
the enormous rates charged on eastern
exchange.
Nobody at the north, so far as we
are aware, wants to, return to state
but at the south the feeling in
favor Of it is very strong. The DEM
ocratic party has agreed to give the
south this pet measure if allowed to
control the government. "We recon-
mend," says plank s, "that the prohib-
tory 10 per cent on state bank issues
be repealed" This is a email plank,
but it covers the entire ground.
1t may be said that no state need
authorize the issue of bills if it does
not want to, which is true, of course.
but it is to be remembered that If even
only one out of the forty-four states in
the Union should authorize bank is
sues that would be enough to open
The foodgates for the whole country.
AS the campaign progresses this feat
ire of the political situation will as
sumo large proportions, especially in
,he minds of the more thoughtful and
element of the people.