The Dalles daily chronicle. [volume] (The Dalles, Or.) 1890-1948, 1896-12-22
Statement of Governments
Financial Condition.
THE DEBT is STEADILY INCREASING
Estimated Years Deficiency Exceeds
S1xty-fOur MiIlions--The Retire
ment of Treasury Notes is
Strongly Urged.

WASHINGTON, Dec. 2I.-In his discus
sion of the currency the secretary makes
an exhaustive argument in favor of the
retirement from circulation of United
States, and treasury notes in the course
of which he says:
'Our experience since the resumption
of specie payments has so thoroughly de-
monstrated the impolicy of attempting
to maintain the circulation of these notes
as permanent part of our currency,
that further argument upon the question
seems to be unnecessary except for the
purpose of again pressing the subject up
on the attention of congress, and urging
the prompt adoption of such measures
as will, within a reasonable time, elm
mate this element of weakness from our
system.
1.-The maintenance of policy which
neces =arily imposes upon the govern
ment the burden of furnishing gold at
the public expense to whom may de-
mand it for use or boarding at home, as
for export to other countries, cannot be
justified upon any ground of expediency
or sound financial principle. While the
government has power to borrow money,
it is not its duty to issue public obliga-
tIons merely for the purpose of provid-
ing paper currency for use in the tran
saction of business, nor has it the con-
stitutional power to make its promise a
legal tender in the payment of private
debts. Such policy, even if sanctioned
by the constitution, instead of imparting
strength and stability to our currency
system, endangers it by the introduc-
tion of political and partisan considera-
tions into the management of subject
which ought to be regulated entirely by
the business interests of the people and
the laws of trade and the principles
which control honest commercial inter-
course.
although the actual ability of the
government to redeem its notes prompt
ly in gold coin may be undisputed, still
the question whether they will be or
ought to be so redeemed, must always
be open to public discussion, and it is
we'll known that the constant agitation
of this question during the past five
years has upon several occasions greatly
imperiled the safety OF our entire cur
rency system.
$50 long as the United States notes re-
main in circulation, questions as to the
mode and manner of their redemption
and as to the means of procuring and
maintaining coin reserve for that pur-
pose will be political issues, and so long
as these questions remain in politics.
public confidence in the stability of our
currency will be more or less disturbed.
DANGER OF, ovERcoNFIDENcE.
"We must not be deluded into feel
ing of security by the fact that there has
been suspension of gold Withdrawals
during the last few months and large
accession to our stock of gold from
abroad during the same time because
there is no sufficient reason to believe
this condition of affairs will be perma.
nent, if our existing system is main.
tanned.
'sNo system of coinage that can be de
vised will furnish the government with
either gold or silver unless it pays for i
with means already collected by taxa
ton orsby contracting and indebtedness