The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-01-18
MIR. MILLS AND FINANCE.

On the 18th of the present month
Mr.. Mills of Texas introduced into the
senate a resolution containing seven
propositions that he desired to see con-
stitute the outlines of the financial
policy of the United States. The day
following Mr.. Mills delivered a speech
on his resolution. the synopsis of which
appeared in our dispatches yesterday.
Both the resolution and the speech
as might be expected from their
source, contained very much that was
good and the whole plan if adopted
would be infinitely better than that
upon which the financial affairs of
the country are now conducted;
though in our judgment it falls be-
low the real heights Of the country
necessities. The propositions of Mr.
Mills resolution are as follows:
First-Against the retirement of out
standing legal tender notes.
Second-Favoring the coinage of the
silver bullion in the treasury.
Third-The issuance of emergency
legal tender notes in case of a de-
flciency.
Fourth-Against the interest bearing
bonds.
Notwithstanding a policy of the
United States in paying obligations in
both gold and silver
Sixth-Repudiating the theory that a
public debt is a public blessing.
Seventh-Urging the rapid extin-
punishment of the national debt and the
maintenance of the sinking fund there
for.
The speech of Mr., Mills in support of
his financial policy for the govern
ment is as gratifying as the resolu-
ton which brought it forth. He de-
clared that the national bank idea was
not Democratic idea. He further de-
clared that Democratic policy favored
the retention by the government and
people of the money-making preroga-
tive, saying that the people had al
ways stood against bonds and bank
circulation. Furthermore he said:
LET any party dare go before the
country in a contest with a plain
declaratio favoring a bonded debt
and bank circulation, and when the
campaign is over that party will need
the services of a first-class under
taker''
On the duty of the secretary of the
treasury and the futility of bond is
sues to cure our financial ailments,
Mr. Mills said:
Why did not our distinguished sec
rotary of the treasury when the
bank conspiracy began, say to these
gentlemen, now show your cards and
l viii pay you in silver? If the secre-
tary had coined the silver in the treas
ury and paid it for current expenses
there would have been no deficit The
presidents bond issues were futile 1t
was like pouring water through a
sieve. The hundred million issue a
few days hence would be followed by
another hundred millions in a few
months. The presidents language con-
corning the finances sounded like the
statements of Jay Cooke when he adj
vocated national debts as national
blessings.
1t is all the more gratifying to hear
Mr. Mills make such remarks as these
because it was thought that while
silver had entirely lost so able an adj
vocate the single gold standard cause
had won his abilities to its support.
His resolution and the speech in sup
port Of it, however, give conclusive evil
dence that while Mr.. Mills may have
modified his views as to the propriety
of the United States undertaking TIE
full restoration of silver to free and
unlimited coinage, at the ratio of 16
to ], without waiting for the co-opera-
ton of other nations, the gold stand
ard men and the banking interest have
gained no ally in Mr. Mills. If Achilles
may not fight to the full height of
his great power with the Greeks, nei-
Their will he be found in the camp of
the Trojans fighting against the
Greeks. SO much of the silver cause
Mr.. Mills incorporates in his resolution
and speech that it is clear his SYM
pathies are with the silver cause. Let
him but substitute the free and I'M
limited coinage of silver at the present
legal ratio without waiting for the
action of any other nation, for his
second proposition which provides only
for the coinage of the silver bullion
in the treasury, and we would be viii
ling to see Mr.. Mills plan adopted as
the financial policy of the United
States.
Mr. Frederick Graham of London,