The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1895-09-28
AN INCONSISTENT PAPER.

Some days ago We criticised the Ore
gonian for its inconsistency, in that it
first declared the financial system OF
this country was the cause of the drain
on the gold reserve in the United
States treasury (which statement we
indorse) and later, in spirit of dema-
| gogy and through blind partisanship,
declaring it was the Democratic tariff
which caused us to import more than
we exported, while at the same time it
reduced the revenue, thus draining
the treasury of gold. For this criti-
cism the Oregonian laboriously takes
US to task for being "uncandidly
stupid" In doing so, 1t reiterates its
statement that the financial system is
the real cause, admitting the business
| of our criticism. but at the same time
says the tariff is partly the cause. We
recognize easily the plain and clear
| distinction it makes in correcting both
of it's statements. According to its
latest ideas 1.-The financial system
causes the raid on the treasury, while
the Democratic tariff system sends the
gold to Europe. Will it now kindly,
from the inexhaustable stores of its
superior wisdom. drop a few crumbs
and explain, to enlighten our stupidity
and educate the balance of the COM
mon herd, how the tariff. which, it
says, has caused US to have an excess
of imports over exports, and which
excess is said to amount to about $685.
600, 600, has caused the sending of
$500, ,OOO, 900 gold to Europe? The $685.
0,000 for the sake of the argument
we will admit, but the 1921, 900, 900, the
balance, we turn over to the distin-
guished consideration of our learned
contemporary, to which all things are
plain as mud, excepting always, its
own stupidity. 1t has placed itself
awkardly enough between two posi-
tions, Numerically opposed to each
other, and in defending one invari-
ably attacks the other. 1t would be
reasonably "happy with either were
t'other dear charmer away" This is
illustrated in it's issue cf yesterday.
In an editorial under the heading,
"The Only Remedy" and which i'm
mediately follows the article we have
commented upon, after describing the
operation of the financial system of
England, it says:
'No such simple remedy as this is
possible under our unfortunate system.
When money is scarce in New York,
the rate OF discount is raised; but,
gorged as the circulation is with gov
ernment credit currency, money, or
what passes for money, may be very
abundant when gold is very scarce, or
is boarded by the banks and only OBJ
tainable from the treasury. Then we
may see, as at present, rapid drain of
gold, exhausting the resources of the
treasury, simultaneous with, and, in
deed, mainly caused by,Na very low
rate of interest in New York. The
drain was checked temporarily by the
costly operations Of the syndicate,
which produced by artificial means the
effect upon the price of foreign ex-
change of high discount rate, but
this cannot be kept up for long. 1t
would be stopped at once by natural
rise of the rate of interest. This was
expected during the fall, from demand
for money to move the crops. But it did
not come to any great extent, nor is it
likely to come so long as the redund-
ancy of legal tenders exists. The only
remedy is to retire the excess of credit
to take the government out
of the banking business"