Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-08-19
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J4OEcUcAEaICC VI dt(dSh ApOI TO so
vency by those who hold its obliga
tions. Designing to have banks
created under it and subject to govern
tmental supervision, supply the currenc,
needs of the country. it still insists OF
competing with them in their note Is
suing function and prevents through
tax and other barriers which the law
erect, accomplishing the very purpose
for which they were brought into being
4 by the operation of the Bland-Alli'
son act was caused the coming OF many
millions of silver dollars at value far
more than the commercial value of the
| silver metal in them and of far less
i value than the metal in the gold dollar
with which it is provided. They shall
/ be of equal legal tender value and
/ alongside of which they are expected
| to circulate And as il to add the
| browning act to series Of complica-
tions already perplexing to an unheard
of degree, the Sherman law has given
us still other silver dollars and treas
| ury notes to burden an already over
burdened gold reserve. without in the
smallest measure adding to it's safe
guards. We search in vain, to find
some solid foundation upon which all
this structure rests, but the statute
| books reveal nothing, save that there
lis drawn about it what is deemed the
sacred circle of governmental pro-
| lection. in the declaration ostentatiOus-
| ly made that it is the established
policy of the United States to maintain
the two metals at a parity with each
other upon the present legal ratio or
such ratio as may be provided by law
The declaration is made and then to
proclaim the shah and pretense Of it,
the secretary of the treasury is denied
the full and adequate powers necessary
to enable him under any and all cir
cumstances to enfore that policy to the
credit of the nation and with the least
expense to the citizen.
ut would be foolish to undertake to
conceal that the source of our difficult
ties which has blighted the past con-
fronts the present and threatens the
future, lies in the fear that the United
States cannot in the face of existing
laws maintain unswervingly the gold
standard as it's unit of value. The
faintest suspicion that it will not be
able now or in the future to meet its
obligations in conformity with that
fine sense of financial integrity which
has heretofore been observed would
again give the business world such
shock as to cause a deadening of re-
viving industry and destroy returning
prosperity. The unlimited resources
of the country and the unbounded en-
ergies of the people, are equally unvail-
ing in giving aid and comfort. The
fault lies in the governments financial
system. and not in the rule of conduct
which guides the individual as an in
dividual. Until the national fault is
eradicated, the citizen must continue to
suffer for his country's folly, both in
purse and in reputation. The boastful
plea of the sustaining power of patriot
ism as applied to the country's cur
rency issues in time of financial stress
is Of no avail.
The Treasury Department should be
in such condition that it would not
find it necessary for it's protection to
have the citizen eliminate all the ele-
ments of human selfishness when deal
ing with it. In order to inspire conf
dence it must stand upon the same
footing as any other business estab-
lishment, ready and willing to pay the
governments debts without asking
leniency from it's creditors and at no
time having larger liability outstand-
ing than it is able to liquidate.
1T is asserted that when the revenues
of the government exceed it's necessary
expenditures, no further trouble will
follow, and the argument based upon
former conditions under a plethora of
money in the treasury is advanced in
support of the contention. 1t is for
gotten, however, how greatly the bur-
den placed upon the treasury has been
increased through silver purchases and
issues, and how, under existing condi-
tons of today, the treasury has no gold
income from the ordinary channels of
receipts. The difficulty is a more far
reaching one than mere lack of revenue
1t touches the vital point in trenching
upon the confidence of those dealing
with us in our ability and continuing
determination to maintain gold pay
ments. Complete confidence cannot be
restored by increasing the government
tai income, but even if it could, there
would be no guarantee against future
cause. That danger can only be elm
mated by rendering it impossible to
have the treasury the one source of
gold supply for the people of every
nation 1t Is not sufficient to have our
currency good today. but an earnest
must be given that it will be good to-
morrow and throughout the future
That promise cannot be accepted unless
legislative action once for all establish
beyond the peradventure of doubt
that ours is gold standard country
with laws establishing the fact sc
plain that he who runs may read, and
with treasury so equipped and re- 4
|ssourceful as to be unmoved, no matte, 1
how strongly assaulted. 1t will not be
fully credited as long as it is but the
policy of an executive officer, and not
the uncontradicted expression of stat
utory law.
Il am aware that all this cannot be
brought about without a struggle. II
rests with nations law making powers
to say whether the people shall be freed
from this body of DEATH or whether
they shall still continue to carry 1t
With the American people the most
potent force for good is the might OF
Il II -