The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1897-12-31
eoNps AND euNCOMBE.
President Mckinicy's Ideas Abo"s
Eiuuucle ring.


One OF the features Of the presidents
message most difficult to account for
is the elaborate explanation that fresi-
dent McKinleygiyes of the way the end
less chain may operate to deplete Inc
gold reserve and thus make bond issue
necessary. The explanation IS iden ticai
with the explanation that President
Cleveland and Secretary Carlisle gave
10 congress- on more than one occasion.
President Mckinley says that we have
5000 900. 600 of currency to keep at par
with gold; that nobody Is Obliged 10 re-
deem in gold but the government; that
the revenues of the government are not
required to be paid in gold; that the
ONLY way the government can get gold
with certainty is by borrowing. lie
adds:
."rhe law which requires the govern
uent. after having redeemed lis lnited
states notes. TO pay them out again aS cur
rent funds. demands a constant refieh-
ishment OF the gold reserve rms - es,
pecally so in times OF business panic ana
| when the revenues are insufficient 70 meet
! tho expenses OF the government
The serious question then is; ShaH we
! continue the policy that has been pursued
! IN the past-that is, when the gold reserve
reaches the point OF danger. issue moIe
| bonds and supply the needed Gold-or shan
we provide other means to prevent the re-
| curing drains upon the gold reserNef
If no further legislation Is had ana the
Motley OF selling bonds is TO be continued
! then congress should give the secretary
Of the treasury authority TO sell bohds
at long or short periods. bearing a less
rate OF interest than is now authorized by
I law"
WHY should President Mckinley pre-
sent these pregnant facts 10 the atten-
ton of his partisan friends and support
ers. who had formerly so scornfully
tossed them aside as wicked inve ntions
of President Cleveland? Why should
he make the republicans swallow the
endless chain" theory, and especially
at this time? There is no pressure now
tending to diminish the gold reserve.
The insrilciency of the revenues does
not have such a tendency, as the ex-
periencc Of the past four months shows.
While the revenues have been running
behind Mt an average rate of more tnan
50 600. 600. the gold reserve has steady
and materially increased. July /. 1877
ii stood at $4,000 900. December J.
1857. it stood at Sl5,.0oo0O0 While
the treasury ran behind Si50O0.Ooo IN
cash it's stock Of gold increased Sl7.CN0'
600. The dependence Of the gold re-
serve upon revenues isn't apparent &
long as there is available cash in thu
treasury aside from the gold reserve
to pay deficiencies with. If the dehci
continues to run at the present rate
for four or five months longer all thu
cash except the gold will be used NJ
and further deficits will reduce the gol'
reserve. But the Dingley bill. we ar
, told. will be producing plenty OF rev
.. enue in a few months and thus all dan
ger TO the gold reserve will be avertec
That being the case. it is difficult u
, understand why so much OF the mes
sage was devoted to discussion OF s.
: Improbable a thing as n bond issue
/, What is the sense OF discussing bon
! issues when we have a sound none
party in power and the Dingley tarli
!. law in full swing? 1t is truly incom
, hensible.-Utica Observer.