Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1896-01-16
Saint Maru's Beacon
Continued from 1st Page.)
THE BATTLE OF 1895.


seriously blundered-upon the
subject of silver. And here know
] part company with great many
good and patriotic men Of all par
ties. But | would be untrue to !
myself did | not speak out my con-
victions. l am we'll aware that one |
of the most abtruse Of our econo-
mic sciences is finance, and / free
ly admit my inability to grapple
with it or comprehend it as should.
And also know that STOOLS rush
in where angels fear to tread"
Still ! have given the subject some
thought, aud ! have Of late COM
pared the views of our public men
as given through the press of the
country high up in the financial
world.
have also given serious, prayer
ful thought to that part of the
Presidents message touching cur
financial situation. | am con-
strained to say, from the Presi-
dents own showing. our finances
are in more unhealthy condition
ton than | supposed. He can only
point to one remedy, as he suppos-
es, for our financial ills. and that
is the retirement and cancellation
Of our United States notes or green
backs, as well as the Treasury notes
issued in payment of silver purcha
ses under the Sherman bill, and to
substitute for them further issue
OF longtime bonds, foated, OF
course. at as low rate Of interest as
possible. In other words, lie pro-
poses to shift upon futurity debt,
or rather condition of our finan-
clal life that should be met today.
Yet we have already had three is
sues of bonds, and he honestly adj
mIts that it does not ''fill the bill"
Its effects are only temporary, and
the exasperating drain of gold still
goes on.
Now, in my humble opinion, our
whole system of finance is rotten
to the core. We are endeavoring
to maintain parity where none
exists. nor can exist under present
conditions. This issuing of bonds
promises to pay-in order to get
the gold to keep so cent dollar at
par, and thereby keep our credit
gilt-edged, is like an individual
who. being unable to meet his in
debtedn"ss, borrows money, gives
his note for the amount in order to
keep up his credit
The very fact that he has to bor-
row initiates against him. And
just so with the government. Each
succeeding issue of bonds effects
deliteriously our credit at home and
abroad, and which, of course, IS
Numerically opposed to that in
tended. Still under existing laws,
If our currency must be kept at par,
the President can do nothing else
but issue bonds. As long as the
government is able to give a gold
dollar for fifty cent silver dollar
on demand, so long will it pass cur
rent as hundred cent dollar, but
no longer. This anomaly in our
finances cannot exist forever. That
something must be done is plain,
not only to our President, but to
every financier in the country. The
President pretty correctly diagnoses
the case when he SAYS: Whatever
is attempted should be entered upon
fully approaching the fact that bv
careless easy descent We have reach
ed dangerous depth. and that our
ascent will not" be accom- plished
without labori0us toll and struggle.
We shall be wise il we realize that
we are financially i'll. Sad that our
restoration to health may require
heroic treatment and unpleasant
remedies"
Such language as this. from such
source, is anything but reassur-
ing. We have been priding our
selves that our credit AT home and
abroad has been. and is, aoOve qurs-
ton. yet after all these years of con
traction aud shrinkage of values
We are told We are financially i'll. >
these are truthful words truthful
ly spoken. and the cause is of long
standing. Slowly but surely has
this insiduous disease gnawed at
the vltals of our monetary life un-
til now We are sick nigh unto death.
This tronhla NJ I nndars.an1 =,