The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1897-11-27

Ymf. cage tnab MS
kengthen the credit of
to make its paper cur
renco hicf> lble; but while Mr.. Gage
is a recognized successful fnancier
and banker, his plan is certainly not
one he would adopt in ordinary busi-
ness to strengthen the credit of his
bank ror increase the stability of it's
outstanding paper. If his bank had
an interest bearing debt of $780,
and like non interest bearing debt of
100000, he could not expect to
strengthen its credit by converting the
latter into a debt hearing interest.
That is. if he had deposits amounting
100000 on which he was paying in
terest and similar amount on which
he was not paying interest, his method
for creating confidence in the drafts
drawn against his bank would not be
by agreeing to pay interest on the
S100, 900 for which he is not now pay
ing interest. Yet this is just what
he proposes to do to create conf
dence in or stability of the drafts
against the government, which he in
sists must be national bank notes.
] The government has an interest
bearing debt of something over $780,
| 600, 900 and q NOTWITHSTANDING debt
of S750,000,000 in uncovered paper.
which Mr.. Gage says must be converted
into bonds TO be bought and deposited
by national banks with the U. S. treas
ury to secure their circulation. Ger
tainly he could not hope to improve
the credit of the government by i'm
pairing its ability to pay, and this
would be what would result when its
obligations were increased by doubling
the interest payments it would be
forced to meet.
The credit of the nation is based
solely upon the confidence there is in
its stability, its ability to meet all de-
mands made against it. Were it not
for this confidence, government bonds
would be at a discount and national
bank notes would be worth little more
than the paper on which they are
printed, for there is not one cent back
of them but the credit of the nation.
should Mr.. Cages plan succeed and |
become law, the government credit |
would be impaired in proportion to
the amount of increased burdens in in
terest charges that are created. Hence |
his plan to increase the stability of the |
circulating medium will diminish it.
Senator Gormon's friends are en-
couraging him to run for governor of |
Maryland next year, but he prefers to
go to Europe to rest up. After being |
a boss for so long, no doubt the SEN
ator needs rest, and the longer he pro-
longs it across the waters the better it
will be for Maryland. l
A decision of the supreme court in
the case of the Dayton Hardware Co.
is q serious set back to the state hoard
of equalization, and in fact invalidates
the acts of that body. If the board is
not clothed with authority to raise as
sessments where country authorities
have neglected to comply with the law,
it is deprived of all powers that could
be beneficial to the state at large.
Wherever they have been tried,
postal sayings banks have given sa&is-
faction to the people. They have 1
proven q constant invitation to thrift
and economy, and have been the in
centive that has built up many small
fortune. The establishment of such
institutions in this country would be
in accordance with the principle that
should characterize all legislation-
protection of those who are weakest
and require the greatest protection.
Portland wholesalers who visited
The Dalles Monday were most favor
ably impressed with the Importance of
the city as distributing point, and
much good may come out of their be-
coming better acquainted with The
Dalles in its resources, and in return
The Dalles can be of advantage to
Portland in giving it trade that now
goes elsewhere. Portland depends on
The entire state for support, and it is
TO the mutual advantage of the |.
and all parts OF the state
that friendly business relations exist.
Little political bees are beginning to
buzz around in bonnets over on the !
vest side of the mountains, and the
atest one that has been heard making
lis wings futter lit on Harry Benson, |
in his ear that he would be ,
! favorable candidate before" the next
'epublican convention for superintend-
mt of public instruction. When this {
Jews was broken to Supt. Irwin in a
lotel lobby at Portland the other c
vening, there was palor came over c
he reverend geutleman's face that in
icated that he expected to hold on to
he job another four years. Rev. r.
vim appears to think he has sure z
hing on the nomination, but sure
hings sometimes crawl. 4;
Carter Harrison, mayor of Chicago,
) no doubt shrewd politician, but e
he makes mistakes, He
his services to Tammany in
he recent election in New York, and
-as probably a factor in the election
f Van Wyck. After thus identifying
imself with Tammany, he comes out
'ith declaration that. he will not be ,
party to any scheme that Tammany
lay originate to turn down Bryan
nd take up some other man for the
presidential candidate in I,
300. 1t is difficult to see how Mr.. !
arrison is going to be of much
eight in opposing the New York I.
osses, since having SO recently allied
imself to them.
MIDDLE-ROADERs AT ST. LOUIS.