The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1893-07-01
PUBLIC CONFIDENCE.

stability Of banking institutions; but
it must also be recollected that public
faith is the corner stone upon which
nearly all international and many na-
tional transactions rest. If the peo-
pie had confidence in the ability of
the government to successfully over
come the difficulties which surrounded
it from 1861 to 1865 there would
never have been the least depreciation
of the circulating medium. Green
backs would always have been at par,
and the resumption act would not
have been needed. This confidence of
.he public is the only reason that
Great Britain can float the large debt
she now does, and yet have her bonds
eagerly sought in every market, and
the country continue prosperous, not
withstanding the heavy dram upon
the resources to pay the annual inter
est. The same is true of the United
States since the fiscal policy of the ma
tion has been marked out on the basis
Of honor and honesty. A fair test of
the strength of public faith could be
made if both of these countries were
to adopt bimetallism, and give no.
tice to their bondholders that as
coupons became due they would be
paid at the bank Of England and at all
q. S. sub-treasurles in gold and silver
at the face value of both coins. As
q result the greatest financial eruption
would take place in these countries
that has occurred during modern his
tory. 1t can he easily seen If the two,
greatest commercial nations of modern
times base their transactions upon
simply the faith of the world in their
ability and integrity to pay their enor-
NOUS Indebtedness, that the lack of
public confidence in banking institu-
tion, which patterns on a small scale
after the same financial plan, would
quickly cause it to fall in shapeless
ruins. There may be plenty of money
in the country to insure business pros
perity; but the pivot, in great de-
gree upon which private transactions
rest, is the same that makes the public
debt of nation not derogatory to its
growth or development, and this has
been rendered somewhat uncertain in
the last few months. This vas first
made apparent by foreigners with
drawing their investments, until-al-
though there may be 'plenty of
monsy"-there Is not as much as there
was year ago.
The change made last fall was
radical one, both in the economic and
fiscal policy of the government. For
over thirty years the Republican party
has inaugurated the system of tariff
on imports, and the Chicago platform,
on which Mr.. Cleveland was elected,
declared this unconstitutional. 1t was
also opposed to other important meas
ures which had been adopted for the
same length of time. This indicated
change in many matters which would
effect the finances and industries of
the nation, and it is no surprise that
there is an unsteadiness manifested in
business il every portion of the land.
If it were to be admitted that free
trade and bi-metallism would be as
beneficial to productive and manufac-
turing industries as protection and the
Republican financial system, yet the
change from the one to the other has
been SO sudden that public faith will
be shaken for some time. The wool
buyer of Boston or the New England
manufacturer would not exercise good
judgment if he were to purchase
his supply of the home product,
when, in a few months he could
buy the Australian or Argentine
clip at a lower figure. And the owner
of iron works in Pennsylvania will not
invest largely until he knows whether
he has to compete with the British
manufacturer. These are two instances
where good sense demands caution and
care, even if Democratic doctrines are
better for the people, and a thousand
others might be named. But, if we
state facts as they are, that the coun-
try has prospered as never before in
its history under the management of
craftsmanship, and that
Democracy has opposed every measure
that has tended to this advancement,
it is readily seen what has caused the
upheavals which has lately been suf-
tered.
The Sherman act-which was a COM
promise to save the country from finan-
nal ruin attempted by free silver
Democrats have had its effect in
lepleting the treasury; but foreigners
would not have waited three years if
his was the only thing that made
hem tremulous. There is no denying
he fact that public confidence in the
government is shaken at home and
broad, and this cannot be restored
Until Democratic congress convenes
md marks out safe and stable sys-
EN- of finances and economics for the
to follow.
THE SHADOW. Il
There has been no change of policy
" the Democratic administration
ince the Inauguration of President