The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1893-04-28
GO VERNMENT FINANCES.

all unsettled condition.. Dut Oh The
whole, it seems rather more assur-
ing. That there has been, and is
now, cause for some alarm is gen.
orally admitted, but the best means
of remedying the present condi-
ton of affairs is the point of diff
ference. Gold has been flying the
country at rapid rate for some
time, and many expected Il finan-
cial panic when the gold reserve
of $100,O00,00O was reached and
broken. The upper crust of the
reserve was removed Oh the 2Ist,
and scarcely tremor Of the eX-
pected financial earthquake was
felt in the money centers of the
country. TO a correspondent Sem
ator Chandler said:
Il can state the position I take
in single proposition, and that is
that the secretary of the treasury
ought to use the hundred millions
of the reserve if it becomes neces-
sary, and not issue any bonds un-
til he Is obliged to. That large
fund was made to be used. That
is what it is there for, and it should
be called upon before any other
steps are taken. The law requires
national banks to retain 10 per
cent of their earning for surplus
TO be used in an emergency, and
why should not the government
resort to the same policy? | am
afraid that gold will soon go to a
premium, and the country be fore
ed to silver basis"
When asked what effect the f.
nancial situation would have upon
the calling Of an extra session, Mr.
Chandler replied:
THAT question can best be an.
swered by the party i'll power.
The question Of an extra session
depends entirely upon the present
administration, whether it is broad
and large in its contemplation OF
public affairs or small and made
quate, whetherit shall prove strong
and courageous. If it is strong
and has the courage for which
some people give it credit, Mr..
Cleveland will call an extra ses
sion and repeal the of law 1890.
Whether congress will Or will not
follow the advice of the president
in this matter, lie can at least place
the responsibility upon congress.
In my opinion Mr.. Cleveland will
surely go to ruin if he permits gold
to ~o a premium, rather than
call an extra session."
The president is more confident.
He says:
1.-The inclination on the part of
the public to accept newspaper re-
ports concerning the intentions of
those charged with the manage
ment of our national finances seems
to justify my emphatic contradic-
ton of the statement that the re-
demption of any kind of treasury
notes, except in gold, has at any
time been determined upon, or
contemplated by the secretary of
the treasury, or any other member
of the present administration.
The president and his cabinet are
absolutely harmonious in the de-
termination to exercise every pow
er conferred upon them to main
tain the public credit, to keep the
public faith and to preserve the
parity between gold and silver and
between all finance obligations of
the government. While the law
of 1890, forcing the purchase of a
fixed amount of silver every month
provides that the secretary of the
treasury, in his discretion, may re-
deem in either gold or silver the
treasury notes given in payment
of silver purchases, yet the decIara-
ton of the policy of the govern
ment, to maintain the parity of
the two metals, seems so clearly TO
regulate this discretion as to die
tate their redemption in gold. OF
course, perplexity and difficulties
have grown out of an unfortunate
financial policy which we found in
vogue, and embarassments have
arisen from ill-advised financial
legislation confronting us at every
turn, but with a cheerful confidence
among the people and a patriotic
disposition to cooperate, pending a
legislative return to a better and
sounder financial plan, the strong
credit of the country is still unim-
paired and the good sense of our
people, which has never failed in
the time of need, is at hand to
save US from disaster"
MILLIONAIRE Barnes, of Lansing,
who few days ago did not owe a