Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-10-31
SOUNDING THE ALARM.

Views of q Pacific Coast Paper on tho FL
nancial Question.
The condition of the national fnan-
ces at present is too alarming for par
tisanship. There is no use Disgusting
the fact, the country cannot go on as
it is going without another serious
financial crisis, compared with which
the collapse of 1898 will be bagatelle.
Silver being practically demonetized
and the administration absolutely re-
fusing to pay the expenses of the gov
eminent with anything but gold, this
great country, with its wonderful re-
sources, marvellous wealth and the
greatest civilized population of any
nation in the world, finds itself abso-
lutely at the mercy of two men, one a
foreigner and the other a Spectator
and stock jobber. These two men can
ruin every man in the country; can
cause a financial panic in five minutes;
and yet when the monometallists are
asked for remedy they cry out with
a loud voice, ''Sell bonds and call in
the greenbacks."
Not oingle solitary suggestion is
made by any gold-bug paper or speaker
in the country of how the crisis that
mas now cAlStcu Al luis country 1OT
nearly thirty months is to be removed.
Selling bonds is but a temporary ex-
pedient.
Even a nation like this cannot go on
selling bonds forever; and we do not
believe the people of this country are
willing to establish a perpetual inter-
est account of millions in vain effort
to do the impossible. No limit is set
to this issuing of bonds, and no one
pretends to say when it is to stop, be-
cause no one has any remedy to Of
fer to remove the excuse for issuing
them.
We say no one has any remedy. That
is hardly correct, perhaps, for there is
one scheme which it is unders TODD the
president proposes torecommend in his
next message, although it involves
further Issue of some $500, 900, 900 in
bonds as a starter. We have referred
before, to the plan to withdraw all
United States notes or greenbacks,
and to give to the banks absolutely
the control and power to issue paper
money in this country. This scheme,
which involves at once an increase
in the national Indebtedness.
decrease in the circulating medium
and the placing of the control of the
national finances absolutely in the
hands of Wall street and its foreign
allies, is the only suggestion or plan
the go1d-bugs have been able to devise
to remove 3 condition of affairs that all
admit cannot continue.
1t is in line with the contraction of
the currency, and the narrowing of the
medium of exchange, which is the
great cardinal principle of monometal-
lism. First, silver is demonetized-
that cut down the money of the coun-
try one-half; now paper is to go. too.
and we shall be absolutely upon gold
basis with scarcely So per head as the
circulating medium Of the country.
The public will be told, of course,
that the banks will issue all the money
needed and that there will be no con-
traction of the currency. But who is
to guarantee this? Who is to force the
banks to issue dollar more than they
choose? And is it not their interest to
make the commodity in which they
deal scarce rather than plentiful?
But aside from the question OF the
contraction of the currency by the re-
firing of the greenbaeks comes the
question, do the people of the United
States propose to have their entire
monetary system depend on the good
will of lot of foreign stock gam
blers? The continued expectation OF