Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-12-11
A EINAL GOODBYE.

A EINAL GOODBYE.
[Concluded from Second Pagel
Il surplus fortunately in its treasury to
the payment of expenses not met by
its current revenues is not ut all To be
likcned to II man living beyond his in
come and thus mourning debt or en-
croaching on his principal. 1t is not
one of the functions of our govern
ment to accumulate and make addi-
tons to fund not needed for I'M
mediate expenditure. With individ-
uals it is the chief object of struggle
and effort. The application of an ac-
cumulated fund by the government to
the payment of its running expenses
is duty An individual living be-
yond his income and embarrassing
himself with debt, or drawing upon
his accumulated fund of principal, is
unfortunate or imprOvident. The
distinction is between a government
charged with the duty of expanding
for the benefit of the people and for
proper purposes all the money it re-
ceives from any source and the indi-
vidual who is expected to manifest Il
natural desire to avoid debt or to ac-
cumulate as much as possible and to
live within the income derived from
such accumulatlOns, to the end that
they may be increased or at least re-
ma irnI Cor. fhn f,,t,r
and enjoyment of himself and the OBJ
jects of his love and affection who
may survive him. 1t is UNNECESSARILY
better to appropriate our surplus to
the payment of justitiable expenses
than to allow it to become an invita-
ton to reckless appropriations and
extravagant expenditures. l suppose
it will not be denied that under the
present law our people obtain the
necessa1ies of comfortable existence
at a cheaper rate than formerly. This
Is matter of supreme Importance,
since it is the palpable duty of every
just government to make the burdens
of taxation as light as possible. The
people should not be required to re-
linquish this privilege of cheap living
except under the stress of their gov
ernment's necessities, made plainly
manifest.
FINANCIAL REFORM.
This reference to the condition and
prospects of our revenues naturally
suggests an allusion to the weakness
and vices of our financial methods.
They have been frequently pressed
upon the attention eff Congress in
previous executive communications
and the inevitable danger of their
continued liberation pointed out.
Without now repeating these details,
| cannot refrain from again earnestly
presenting the necessity of the prompt
reform of a system opposed to the rule
of sound finance and shown by exper-
fence to be fraught with the greatest
peril and perplexity.
The terrible civil war which shook
the foundations of our government
more than thirty years ago brought in
its train the destruction of property,
the wasting OF our country's substance
and the estrangement of brethren.
These are now past and forgotten.
Even the distressing loss of life the
conflict entailed is but sacred mem
DRY which fosters patriotic sentiment
and keeps alive tender regard for
those who nobly died. And yet there
remains with us to-day in full strength,
as an incident of that tremendous
struggle, n feature of its financial
necessities not only unsuited to our
present circumstances, but manifestly
disturbing menace to business Sc
curity and an ever present agent of
monetary distress Because we may
be undergoing temporary relief from
its pressing influence, this should not
lull us into a false security nor lead
us to forget the suddenness of past
| visitations. am more convinced
than ever that we can have no assured
financial peace and safety until the
government currency obligations upon
which gold may be demanded from
the treasury are withdrawn from cir
culation and cancelled. This might
be done, as has been heretofore recon-
mended, by their exchange for long
time bonds bearing low rate of inter
est or by their redemption with the
proceeds of such bonds. Even if only
the United States notes known as
greenbacks were thus retired, it is
probable that the treasury notes issued
in payment of silver purchases under
the act of July IA, 1890, now paid in
gold when demanded, would not Gre
ate such disturbance as they might
from time to time, when received in
the treasury by redemption in gold or
otherwise, be gradually and prudently
replaced by the silver coin. This
plan of issuing bonds for the purpose
OF redemption certainly appears to be
the most effective and direct path to
the needed reform.
In default of this, however, it would
be step in the right direction if cur
rency obligations redeemable in gold,
whenever so redeemed should be can
celled instead of being reissued. This
condition would be a slow remedy but
it would improve present conditions.
National banks should redeem their
own notes. They should be allowed
to issue circulation to the par value of
bonds deposited as security for its re-
demption and the tax on their circula-
ton should be reduced to one-fourth
OF one per cent.
In considering projects for the re-
tlrement of the United States notes
and Treasury notes issued under the
law of 1890, l am of the opinion that
we have placed too much stress upon
the danger of contracting the cur
rency and have calculated too little
upon the gold that would be added
to orr circulation, if invited by us to
better and safer financial methods. 1t
is not so much a contraction of our
currency that should be avoided, as
wrong distribution. This might be
obviated and any fears of harmful