The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1895-11-01

saved the interest on e345, 00O, 600 OF
The public debt, and besides have Sc.
cured to our people the best form Of
paper money ever devised of univers.
al credit In the commercial world.
Why is it the maintenance at PAL
Of this money has been constantly
threatened during the present ad'
ministration? The only answer te
this is the powers that be have used
the gold specifically pledged for the
redemption of the United States
notes to make good the deficiency OF
revenl caused by the Wilson-Gor.
man Brice tariff law. This Is q gross
and pa!pable violation OF law and Of
the cleaiest public policy. When the
revenues Of the government fell be-
low TIC expenditures the deficit
should have been promptly met BY
borrowing money. instead Of rising
that which was specifically pledged
for anot her purpose.
When Cleveland was elected presi
dent with the ayowed purpose Of re
duclng the tariff, both houses Of con
gress were willing to authorize the
issue Of per cent bonds to meet the
anticipated deficiency. aud these
could readily have been sold ut par
I introduced q bill for that purpose
but IL was defeated by the declara
tion Of both Cleveland and Carlisle
that 1t was unnecessary. The last
congress was ready to pass such bill
but they opposed 1t and resorted tc
the gold reserve, and thus created q
doubt whether we could maintain oul
notes at par with gold. This fatal
policy of unlawfully diverting the
gold in the treasury to the payment
Of current deficiencies is the cause,
and the sole cause, Of the present q.
nanclal disturbance.
Aud now the remedy proposed by
Carlisle In recent speech In Boston,
apparently with the approval Of Cleve.
land, is to retire the greenbacks by
the issue of bonds, ana thus SADDLE
the government with the interest on
e346, 900, 600 Of bonds. This Is not the
worst of 1t. The mass of silver certi-
ficates and treasury notes can then
be redeemed only in silver dollars,
and this means the silver standard
alone. The only way they propose to
prevent this Is by the sale Of more
bonds to redeem these notes and GER
tificates, thus converting all our cur.
rency into interest bearing bonds and
leaving US no paper money except
national bank notes.
So radical y change in our financial
system can only result in Q great loes
to the government In the large To-
crease Of the interest-bearlng debt,
and in wild disturbance of the indus.
tries and commerce Of our country.
Fortunately. the incoming congress
is republican. 1t will no doubt pro
vide additional tax or duties to meet
current deficiencies. preserve intac,
the gold reserve, and MAINTAIN at pal
with geld all forms of money, wheth
CT OF coin or paper. In the perform
ance of this duty it will impose sucl
taxes and duties as will be least bur
denson~ to the people and vii
strengthen and protect home indust
ries.
believe II the republican polio,
since the war had been maintaine,
uninterrupted by the present admin
stration, and the Mckinley law ha,
remained In force, subject to sucl
changes as time proved necessary, tn
recent financial disturbance woul
not have occurred and the entire il
terest-Dearing debt Of the Unite
States would have been paid in fu
u before the close of the century,"