Daily capital journal. (Salem, Or.) 1896-1899, 1896-12-08


sources Of revenue To enable the gov
ernment TO meet the necessary eX-
penses of its maintenance. COnslu-
ereu as To its sutliciency in TINS
aspect the present law can
by no means fall under just
condemnation.
| believe our present tariff law, II
allowed u fair opportunity,wi in the
near future yield a revenue whlcn,
with reasonably economical eXpendl-
lures, will overcome all Deficiencies.
In the meantime, no deficit that mas
occurred or may occuEneed excite or
disturb us. To meet any such dehcl-
ency, we have in the treasury, IN ad-
dition to gold reserve of SlOO,OOO,OOO,
a Surplus of more than Sl2S,O S,OOO,OO0
applicable to the payment OF the eX-
penses of the government and Whlcn
must, unless expended for that pur-
pose, remain 10 useless hoard, or, II
not eXtravagantly wasted, must II any
event be prevented from the purpose
of its exaction from our people. Ihe
payment, therefore, of any deficiency
in the revenue from this fund.- is moth
ing more than its proper and legiti-
mate use. The government thus APP
| plying surplus fortunately in it.
treasury to the payment OF expenses
not met by its current revenues,is not
at all to be likened to a man living be
! yOnd his income and thus incurrlng
debt or encrOaching on his principal.
1t is not one of the functions OF our
government TO accumulate and make
additions to fund not needed for inn
mediate expenditure. With individ-
+uals it is the chief object Of struggle
and effort. The application OF an
accumulated fund by the government
to the payment of its running expenses
is duty. Such Irrational results fall
far short of compenSating the palpa-
BILE evils charged to the account OF
trusts and mOnOpolies. Their ten
dency is to crush out individual inde-
pendence and hinder or prevent the
free use of human facilities and the
full de evelopment Of human character.
Through them the farmer, the arti-
san and the small trader is in danger
Of dislodgment from the proud posi-
tiOn of being his own master, watch
full OF all that touches his cOuntry's
prosperity in which he has an indi-
vidual lot, and interested in all that
affects the advantages Of business OF
which he is a factor. 1t is immeas-
urably better to appropriate our sur
plus to the payment of justitiable ex-
penses than to allow it to become an
Invitation to reckless appropriations
and eXtravagant expenditures. sup
pose it will not be denied that under
the present law our people obtain the
necessaries of a comfortable existence
at 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 relin-
quish this privilege of cheap living
except under the stress OF their gov
ernments necessarily made plainly
manifest.
This reference to the condition and
prospects of our revenues naturally
suggests an illusion to the weakness
and the vices of eur financial methods.
They have been frequently pressed
upon the attention of congress in pre-
vious executive communications and
the inevitable danger Of their contin-
ued liberation pointed out / 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 with
drawn from circulation and cancelled.
This might be done as has been here
tOfore recommended, but their eX-
change for the long time bonds bear
ing low rate of interest 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 create such dis
turbances as they might from time to
time when received in the treasury
by redemdtion in gold or otherwise,
be gradually and prudently replaced
by the silver coin.
This plan of issuing bonds for the
purpose of redemption certainly ap-
pears to be the most effective and
direct path to the needed reform.
In default of this, however, it would
be a step in the right direction if cur
rency obligations redeemable in gold
whenever so redeemed should be can
celled instead of being reissued. This
operation would be a slow remedy, but
it would improve present conditions.