The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1895-03-30
USELESS Al IRN.

An exchange that is a strong advo-
cate of unlimited coinage, discerns a
cloud in the financial horizon that
threatens trouble to the monetary
system now followed In this country.
Speaking Of the prospects of Japan
demanding large indemnity in gold,
because it is the only honest coin Of
com merce, it says:
"This demand on China for gold
will put the oriental nation in tho
msrkets for the .wherewIthpl.' and
probably Baron Rothschlld, or some OF
his agents, will be among the first in
terviewed. Where is the gold to come
frem9 Certainly the policy of most
European nations, welded to the sin
gle gold standard, will not permit the
taking of gold from the pubic treas
ury. Attention will be at once
turned to the United States whose
financial policy is to decline to pay out
silver to public creditors, though other
nations SUIT their convenience in this
matter. A raid on the treasury will
at once be made through New York
institutions, and in very short time
there will be need to buy our gold
back again at an aggravatingly high
figure. Our managers claim that the
silver is all needed to redeem the sill.
yer certificates in circulation. but never
using it all for that purpose, gold be-
ing used as money of redemption.
Pursuing general policy which rare
ly if ever leaves a dollar of net in
come in the public treasury, following
suicidal financial policy which puts
us at the mercy of the holders of gold,
nothing but ruin can result, and it has
long been upon u.s."
Our esteemed cotemporary knows
that the last issue of bonds by the ad-
ministration was eagerly purchased in
Europe, and at good premium. Mr..
Cleveland thought it desirable that the
gold should come from foreign coun-
tries, and not be taken from cur cir
culation. Double the amount would
have been taken at the same figures,
and the only criticism on the presi-
dents action in this regard was that
he did not allow American citizens to
make the deal. As rich a country as
Ohina oan procure all the gold she
wsnts>to satisfy the demands of Japan,
and if American capitalists do not
wish to invest there will be no law
compelling them to do so. This fear
of the country being drained of the
standard circulating medium is very
chimerical. There is more danger of
our capitalists, with unlimited coinage
in operation, boarding their gold and
purchasing silver bullion and turning
every fifty cents worth of it in circu-
latlon for dollar, thereby debauehing
the money of the country aod impov-
erishlng every laborer who has to earn
his bread by daily labor, paid for ir
deprecated currency.
The coin in which the silver certiH-
Gates are redeemed are optional with
the holder, and in nearly every in
stance gold has been demanded. We
presume, although the editor of our
esteemed cotemporary may be an hon
est advocate of free coinage, if he had
q thousand dollar certificate that he
desired cashed at the treasury he
would earnestly ask for gold, the same
as large majority Of the creditors of
the government. The people UNDER
stand that gold is the standard, and
they countenanoe silver only as a sub
sidiary coin and convenient as repre-
sentipg small values. This constitutes
its commercial status, and wild theor-
lists can no more change this law than
they can that of supply and demand.
EDITOEIAL NOTES.