The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1893-11-04
HONEST MONEY.

The passage yesterday by the senate
of the bill for the repeal of the silver
purchase clause of the Sherman act
will be hailed with joy by the people
of the country, irrespective OF party
afilIation, and will be the means of
establishing our financial policy upon
a sound basis 1t should have been
done immediately after the house had
passed the Wilson bill; but the silver
ties made determined fight in favor
of the few mine owners in the United
States, and succeeded in delaying leg
islation for several weeks.
For years it has been known to the
financiers of the country that this con.
fict between honest money and de-
preciated currency was certain; but
the 6nal struggle had been postponed
TO the latest possible time. In 1890
the battle was imminent, and il it had
resulted at that time it would have
been disastrous to the friends of
sound currency. By the superior
generalship Of Republican statesmen
it was deferred by the passage
of the Sherman act, originated
by the man whose name it bears as
merely truce until the friends of a
single standard as a measure of values
could meet their enemies on more ad-
vantageous grounds
During the last campaign Demo
tic orators all over the land proclaimed
from every rostrum in the country
that with the advent of that party in
power free-coinage of silver would be
firmly established; but while the Chi
cago platform leaned strongly in that
direction, at the head of the ticket was
man who had frequently expressed
himself in favor of the commercial
standard of the world.
The expected change in the eco
nomic policy of the nation, as con-
sequence of the Democratic victory last
fall, together with the constant drain
on the treasury and the fear of the es-
tablishment of deprecated currency
called for immediate action. The
final struggle could not be postponed
any longer. With the assurance that
the protective policy would continue,
the truce might have lasted for years
longer without any material injury to
the business interests of the country;
but Democratic free,.rade forced it to
an immediate decision.
The firm convictions of President
Cleveland, which have lmpelled him to
unhesitat!ngly throw down the guaut-
let to many of the leaders of his
party, and the staunch support of Rs
publicans, who have been the uncom-
promising friends of honest money
during the most trying cpochs in the
history of the republic, have resulted
in the complete discontinue of the
enemies of sound monetary system.
This will marx an era in the finances
of the nation, which will have its effect
if the question is brought to the pc
litical surface hereafter. We can now
say to the commercial nations of the
world the United States will pay 100
cents on every dollar in circulation,
and all securities held will be redeemed
in coin, measured by the universal
standard. The laborer can also be as.
sured that the purchasing power Of
his money will be equal to that paid
in any other country. Capital need
not now be afraid of depreciation, if
AnNColCd3 anu Uduho dAu uOhCy
tsrs can with perfect confidence make
loans on approved securities
If President Cleveland will exert
the same frmness in favor of the
American policy of protection as he
has In favor of an honest dollar, the
business of the country will again re-
vert to its former prosperous channel,
and the widespread distress and
financial depression will disappear.
With fairness it may be claimed that
Mr.. Cleveland has proved himself in
harmony with the traditions of the
Republican party in favor of sound
national currency, and it is to be
hoped he may display the same friend
illness toward The economic policy OF |
that