The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1895-01-31
WHERE ARE WE ATT

well instructed finamier in the broad,
political economic sense OF the word is a
horse OF another color. He is an exem-
plification OF the truth OF the axiom that
great bodies move slowly. Indeed his ris
inertia is such that at times he does not
move at all. He is slow of heart to be-
lieve all that the prophets have spoken.
He has bowed down and worshipped the
golden calf. He has forsaken the democ-
racv OF the fathers, and now the leaders
OF the party in congress are making the
historic aisles ring with the puzzled in
auiry: Where are We at?' The ques-
ton is echoed in doubtful and dlspairing
accents from the Atlantic to the Pacific
by suffering people. They ask for bread
and stone is given them.
The other day democratic leader in
the house compared the ship of state to
the boa. seen by the poet-"With palsied
men at the oars and blind man at the
helm" The blind man is steering the
boat on to the rocks, and the rowers are
in palsy of perplexity. But Palinurus
has at last caught sight of one Of the
rocks lit has been in plain sight for near
ly year. and he has lifted up bis voice
and warned his crew, describing the dan
ger clearly as ''the most dangerous and
irritating feature OF the situation"
The situation, briefly, is as follows:
The revenue does not meet the expendi-
ture. The gold reserve is depleted-gold
bonds are sold to build up the reserve
and meet current expenses. 1.-THE treas
ury is dispoled of this gold without can
ceiling single government obligation,
and solely for the benefit OF those who
find profit in shipping it abroad, or
whose fears induce them to hoard it at
home. We have outstanding about $780,
100000 of currency notes OF the govern
ment for which gold may be demanded.
and curiously enough the law requires
that when presented, and in fact redeem
ed and paid in gold, they shall be reissu-
ed. Thus the same notes may do duty
many times in drawing gold from the
treasury. Nor can the process be arrest
ell as loLg as private parties for profit or
otherwise (the italics are our own see any
advantage in repeating the operation"
The private parties referred to are doubt
less the New York gentlemen with Sem
itic, Dutch, Dago or Gallic names who
represent, or are in sympathy with, the
Rothschild gold octopus of Europe.
Amosg our household words in America
now are such as these: Lazarus freres
have engaged two millions Of gold for
shipment to Europe on Saturday" And
they take our gold away 'for profit or
otherwise" All, yes. Americans are
beginning to see that Lazarus and his
brethren are simply doing the bidding of
their impenitent kindred, the gold owners
of Europe, who are trying land they have
been successful hitherto) to scare US into
doing their will. The president is right
enough. There is danger here and a
most "curious and irritating one too.
But while he is right as far as he goes,
his diagnosis does not go far enough.
The root Of the trouble is the curious
and irritating" position of gold. One
sin generally leads to another. When
silver was demonetized did it occur to
Mr.. Cleveland that that act (by making
our then indebtedness, which was pay
able in coin Of gold or silver, payable in
gold only would, as it has done, in
crease enormously the burden of the
American debtor to the advantage OF the
European CREDITOR Again, it may have
seemed fine thing to pay silver obliga-
tons in gold whenever asked to do so,
but what has been the result? The abso-
lutte RELOCATION Of silver to the position of
credit money, and the fear that any effort
now to redeem silver obligations in silver
coin, as they should be redeemed, would
lead to swift and sure disaster.
Gala halt, Mr.. President. Whether
you realize it or not you still have the
lines in your hands and the bit in the
horses mouth. If you must issue gold
bonds make such provisions as will en-.
sure the taking of these bonds by the
people OF America. Issue them in small
denominations, and make the issue pure.
ly one for popular national subscription
We shall then have the bonds and the
gold too. TIE French people take the
loans issued by their government. snd
this is one great secret of frances finan
cial strength. And France land England
too, for that matter protects her gold in
stead Of giving every assistance to its
withdrawal. Let us 90 and do likewise
But, as we have said, We think the
president fails to see the root of tn,
trouble, the suicidal demonstration oil
silver. And we are OF the opinion tina
congress is tired OF these eternal anC
futile efforts at momenetary and snrfac,
improvement, and is in a mood to cut int
the cancer. We hope, and believe. that
congress will very properly decline u
sanction the issue OF more gold bonds I'm
less something is done for the restoration
of silver. 1t is just the old process o
pouring water into a sieve, only the slev'
10 changed. 1t is putting US more anC
more deeply in Europe's debt, and tina
largely for current expenses. Whenever
the gold owners pull the string the doors
of the treasury must swing open out
wards.
We repeat our conviction that If We