The advocate., 1897-08-25

ltal, and with the absolutely unlimited
credit which this implies. Is it pos
sible to conceive Of any privately
owned bank which can secure the cir
culating medium Of the country as this
bank can? There is a place for banks
in our monetary system, a much larger
place than they now fill, but by substi-
tuting bank paper for government pa
per the country would create a great
danger to remove a lesser one.
Topeka Capital: "Of course. during
Republican administrations there never
has been a working of the endless
chain and there never will be-" says
the esteemed Kansas City Journal This
sort of blind faith in the Republican
party's ability to prevent vicious sys-
tenn from having evil effects may be all
very well at present, but 1t is liable to
rise up some day to trouble the Jour
nal. The endless chain" currency is
still there, and as long as it is there
it will be menace to good times. It
is essentially wrong in principle. While
1t causes no difficulties when things
are going along smoothly and exports
largely exceed imports, it is certain
to aggravate business depressiOns and
to bring about panic or an issue of
bonds just as soon as exports fall
below imports or but few millions
above. President Mckinley is opposed
to the endless chain" and the Repub-
lican party's first duty is to take this
problem up with firm hand and solve
1t in thorOughgOing manner, regard
less of the howls Of inflationists and
the protests of timid Republicans.
Mobile Register: It would seem that
the two metals are regarded simply as
money metals. From them coin of
final payment are made. The theory
advanced for some time has been that
there was not enough gold in the world
to serve for the carrying on of busi-
ness transactions of the world. From
this has arisen the demand that silver
be resOrted to, since it is to be had in
large quantity. The hope Of some peo-
pie and the expectation of others has
served to maintain the price Of silver.
There was a chance that the United
States would remonetize silver, or that
several of the leading nations Of the
world would remOnetize it. Any in
crease Of that chance affected favOrably
the market price of silver ANY de-
crease Of that chance affected it unfa-
vorably. The discovery of immense
amounts of gold at Klondike was an
unfavorable feature, so far as silver
was concerned, since, if the reports of
the discovery are true, the fear that
there will not be enough gold to carry
on the business Of the world will prove
grOundless. Consequently the demand
for the reconciliation of silver will be
lessened, and the chances Of it's re-
monetizatiOn diminished. From this
has followed the fall in price of the
white metal.
New Union: Journalistic realism
claims the right to publish everything
that occurs as news. 1t is from this
sort of realism that society of the pres
ent day has the most fear. 1t is non
sense for the press to charge the in
crease of Outlawry among young lads
to reading cheap novels, so long as
their own pages contain material of the
same sort. The position of the news
paper as an instructor is certainly hon
Orable in intent, but the result can
hardly be more than sporadic and Incl
dental. AS party organ, a newspaper
can rarely be consistent with the opin-
ions held by its own managers and
editors. 1t seldom occurs that either
party or any party has a platform
that is solidly believed in by dozen
independent thinkers. On the stats of
a great daily are mixed up men of all
shades Of opinions as to such prob
lens as tariff, currency and States