The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1895-12-07
Highest of all in Leavenng Power-Latest U. S. Govt Report
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ABSOEUTEEY PURE


already taken towards the improve
ment of our economic and financial
system, and we appreciate how we'll
the way has been prepared for further
progress by an aroused and intelligent
popular interest in the subject. BY
command OF the people, customs rev.
enue syrtem, designed for protection,
but really benefting evored classes at
the expense Of the great mass of our
countrymen, and which while ineffi-
cient for the purpose of revenue, cur
tailed trade relations and impeded our
entrance into the markets of the world,
has been supplanted by tariff policy
which, in principle, is based upon a
ldenial of such rights.
The compulsory purchase and coin
age Of silver by the government, un-
protected and regulated by business
conditions, and needless of our coun-
try's need, which for more than fifteen
years deluged our circulation, UNDER
mined confidence abroad in our inan-
cial ability, and at last eliminated in
distress and panic at home, has been
recently stopped by the repeal of the
laws which forced this reckless system
upon the country. The things thus
accomplished, notwithstanding the inn
provements and beneficent effects, fall
far short of curing the monetary evils
from which we suffer as the result of
long indulgence in ill-advised financial
expeditions.
After explaining the resumption Of
specie payment and the creation of the
reserve gold fund of 500, 900, ,000a the
president gives a brief monetary his
tory of the United States, quoting the
fact that in July, 1890, congress pro-
vided for the purchase Of silver bullion
but decided that gold and silver must
be kept at parity. The redemption
of treasury notes, treated as gold obli-
cations, in 1893 amounted to sl55, ,oO0,-
900, with s50O,0O0,0OO outstanding.
This resulted in the depletion of the
gold reserve'to s97, l,340, and there
were prospects of further depletion
owing to the high tariff laws in vogue
until the passage of the Wilson bill,
together with the infusion of silver
into the currency and the increasing
agitation for its free coinage. In con-
sequence of these conditions the re-
serve had fallen in February, 1894, to
$85, ,43S, ,377, a decrease of S31, 900, 900 in
nine months. To relieve this state Of
affairs bonds amounting to s62,0o0,000
we're issued under the redemption ect
Of 1896, &C., =. i.
President Cleveland explains the me-
cesity of the Morgan-Belmont syndi-
cate and declares that il, at its efion
in July, congress had authorized the
issuance Of three per cent bonds, Sl6,
900, 900 would have been saved. Des-
pite these efforts, the gold reserve is in
about the same condition, there being
but s79, 1888, 1855 on hand at present.
1879 and 1890 but 2s,000,0OO
If gold was withdrawn, while between
1890 and 1895 the amounts 1875, 100000
This is attributed to the increased
purchase of silver, The government
las. paid in gold nine-tenths of its obli-
yations. 1t has incurred bonded In
of sos, ,5O0,0O0in in establish
ng the gold reserve, and expended
162 ,315, 400 in IN effort to maintain It,
resides annual interest to the amount
t Sll, 100000. Immediate relief by
sgislation is asked. Greenbacks and
notes should be retired by ex-
for them bonds OF small de-
The secretary OF the
should be empowered to sell
onds abroad for gold in order to cam
ell these notes. The amount of cur
ency withdrawn would not be over
s6, ,000, 600, which would be supplied
y gold.
The president suggests as a relief to
REGULATION that banks be allowed to is.
le notes to the full amount of bonds
eposited, and the tax on their circula-
on reduced to one-fourth of one per
,nt. Asa further eliefitissuggested
laL revenue collections be made pay
Die in gold, not in United States and
easury notes on demand. To insist in
lie payment of silver notes, the presi-
ent declares, would insure the parity
stween gold and silver, which the gov
'nment is bound to maintain Anex
,ss of revenue receipts would not al
n the question, as in the struggle to
aintain the gold reserve the treasury
,uld not pay debts with the money it
Id, bnt only with gold, which, to the !.
reign investor, is the only concern.
8 the withdraw of gold is direct
suit of fright, there is nothing to al
viate the situation so much as legis-
tion which will lessen the desire for
I'D. 1t is not clear how an increase
revenue. unless it be in gold. can
tisfy those whose only desire Is to
'aw gold from the government store.
therefore, a revenue increase Is de-
FREE COINAGE OF SILVER.
Speaking of the proposition to re-
we the financial situation by the free
image of silver at the ratio of l6 to 1,
e president declares that no govern
ent, no human contrivance, no act of
gislation has ever been able to hold
g two metals together in free coinage
q ratio of appreciative difference
,m that which is established by the
irkets of the wsrld. A change in
lndards to silver monometalism
,uld bring collapse to our entire
edit system.