The Mason County journal. [volume] (Shelton, W.T.) 1886-1927, 1895-12-13
Public Sentiment and the President.

One of the golden rules of Abraham
Lincoln was this characteristic apho- |
rism: with public sentiment on its
side, everything succeeds; with public
entagainst it, nothing succeeds"
Judged by this standard, the fnan-
cial policy of President Cleveland as
set forth in his message, is foredoOmed
to failure. 1t has no public sentiment
behind it. SO true is this that it is
hardly worth while to discuss it.. 1t
would certainly be a waste of breath to
spend time in urging the objections to
the plan. 1t is enough to know that
there is no public sentiment, North or
South, East or West, Republican or
Democratic, rural or urban, demanding
the destruction of the greenbaek. No
doubt individuals can be found here
and there of that way of thinking, but
nowhere enough to constitute a claim
that such views are rep preventative of
public opinion.
But while it would be waste of
time to discuss the substitution of ma
tional bank notes for greenbacks and
treasury notes, or rather destroying
the latter without any assurance that
the former would be issued in their
place, it is we'll to examine the basis of
the demand. Mr. Cleveland rests his
position that the greenbacks must 60
upon the assumption that otherwise
the gold will leave the country. That
is not only the foundation stone, but
the entire building material OF his ar
gument. Let us see what the facts
are. Major E. G.. Leech, formerly di-
rector of the mint, contributes brief
but meaty article to the November
number of Rhodes Journal of Banking
entitled "Our Increasing Gold Stock"
One might be tempted, after reading
Mr.. Cleveland's message, to suppose
this title to be bit of grim humOr, an
effort to make merry over q very seri-
Gus, if not specially solemn, subject.
But instead of that Mr.. Leech, who,
by the way, is u very conservative fl
nancier, goes on to show III detail that,
so far from being on the decline, our
stock of gold tends to increase Just
now the flow is in the other direction,
but that is so unusual as to justify the
conclusion that some other cause
comes in to explain the present out
flow of gold.
Resumption dates from the begin
ming of the calendar year 1879, the
Leech figures begin with the fiscal year
1878. He gives us two tables. The
first covers the years 1SS91S94 inclu-
sive, and in regard to them he simply
gives the net gold exports and the gold
product by years, six years in all, and
for the eleven other years he gives the
,2xcess of gold exports over imports,
year by year, the excess of imports
over exports, and then the production
by years. The net gain of the first
eleven years was $611 ,267 ,S46 and the
net loss of the following six years was
$15, 154,776, or, punching the two ia
bles, we have net gain for the seven
years of $596,113
1t is not possible to give with pre-
cision the net result for the entire
period since the greenbacks were put
upon specie basis, but, roughly speak
ing, and being under, rather than over,
the facts, the increase has been $780,
600, 1000, about two millions and half
a month.
1t is no wonder the people refuse TO
be fri ghtened. If, after restoring pro-
tective duties, add thus re-establishing
favorable balance of trade. the gold
continues to flow abroad and seriously
threatens the stability of our none
tary system, then it will he in order
to inquire into the ACCESSIBILITY of
changing that system, but that is a
contingency of great remoteness.
There is every reason to believe that a
restoration of sound tariff would
wholly remedy the evil which rests
like an incubus upon the present adj
ministration.-InterO Ocean.