The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1895-02-07
THE MONEY FAMINE.

The situation in Washington looks like
q deadlock. Cleveland and Carlisle want
to Issue additional millions OF gold bonds
and congress objects. The revenue 10
running behind and the expenditure is
running ahead, and the president can
only see one way of maintaining public
credit and that Through the issuance Of
bonds. Ii would seem to the ordinary
business mind that the most natural way
to preserve our credit is to make the ex-
pendtures conform to the revenues or
vice versa, instead of borrowing money at
four per cent. to do it, even il the bankers
who want the bonds urge this measure.
II is difficult to see how this continual
borrowing and going deeper 10 debt will
beget confidence or hep our credit.
The indications point stongly to fall
ure OF the presidents efforts to get his
pet measure through; nor, as Teller
served notice on him, will any hasty and
i'll considered financial bill be allowed to
pass. The fact is that a msjority OF both
democrats and republicans in congress
want some measure OF businesslike char
acter and scope. We have been working
on an unstable financial basis for years
and that the business ballast OF the coun-
try has not been sooner displaced is due
to the wonderful resources and recupera-
tive powers OF our land. We have been
taking u marvellous amount OF wealth
from our soil, but at the same time we
have been spreading over new territory
and developing new industries and we
have found that there is not enough
money for these purposes and the de-
nand for relief is growing. The people
want an honest money, money that will
permit the farmer to sell his products for
more than it costs to grow them. A
money that will admit OF the merchant
and the manufacturer making profit on
his goods-an honest full-power, primary
money silver money. We want silver
remonetized and the shattered founda-
ton Of our monetary system restored
The brainy men OF congress see, and the
people are with them, that credit has
been ground into powder and exploded,
because there was not enough money for
it to rest on when the storm came. They
see that we cannot have revival OF in
dustrial activity till we have more money,
and that 80 long as the industry and the
production OF the country is dead the
revenue will remain and become inrreas-
ingly inadequate.
This state OF affairs from which we are
suffering has been coming ON for long
time and was foreseen and clearly foretold.
Alfred De Rothschild, of London, the
greatest gold bug 10 the world, but also
the greatest fnsncier, said in the Brus-
sells monetary convention of 1892, and
the words we're pregnant with fate
Gentlemen, need hardly remind you
that the stock OF silver in the world is es-
timated at some thousands OF millions
and ii this conference were TO break up
without arriving at any definite result
there would be depreciation in the value
oil that commodity which 1t would be
frightfui to contemplate, and out OF which
a monetary panic would ensue. the far
spreading effects of which it would be
impossible to fortell.
Rothschild knew that the screws were
coming down hard, terribly hard. He
had every reason for knowing, and he
eased his conscience-ior his action can
be accounted for in no other way-by
suggesting a besgarly compromise and
withdrawing it on the first opposition.
He was ready TO ride on the whirlwind,
and he washed his hands of the results.
The clear headed prophets OF England
and America told what would happen,
but the other prophets, those OF Bsal,
were followed and as result misery,
suffering and distress have spread
throughout the land