The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1897-12-31
rs WE'LL SPOKEN OF
PRESIDENTS MESSAGE Tc
CONGRESS COMPLiMENTED.

CONGRESS coMPLiMENTED.
His Advice ON Money Question Looked
Upon as Sound and LogicaI-If Fol-
lowed Will Lead to an Easy solu-
tion of That Issue.
E. F. PARSONS, Special Correspondent
Washington, D. CAS- to what con-
gress will do about the great subjects
which are to come before it, is ques-
tion many people in Washington and
elsewhere are now asking. Of course
it is more easily asked than answered, ),
as the time for action approaches.
President McKinley's admirable mes
sage has clarified the atmosphere, so to
speak, and has suggested such simple
and effective solutions of the apparently
vexed problems that there is great en-
couragement not alone among friends of
the administration, but among people
who actually want to see definite action
upon these important questions and to
see them adjusted without reference to
party prejudice or partisan bias.
The currency problem, which looked
SO large and alarming few weeks ago
assumes very different aspect in the
light cast upon it by President McKin
ley's message. Simple as his PROPOSE
tions is, many people see in it an open
door to final solution of the currency
problem and one through which the
government may walk without danger
of disturbance. The feeling which ex-
listed few months ago that revision
of the currency system, and one which
should eliminate the gold hearing obli-
cations could not be accomplished with
out general upsetting of business
methods and perhaps without material
ly increasing the Indebtedness of the
government, is rapidly giving way in
view of the admirable plan outlined by
the president.
IF congress will follow the presi-
dents ADVICE in this matter" said a
distinguished and experienced official
of the government who has had long
opportunity to study matters of this
kind, the people of this country will
wake up some fine morning few years
hence and find that tie currency system
has been changed in satisfactory way
without any financial disturbance and
almost without the people being con-
scious of it. The presidents propos;.
tion to retain in the treasury the gold
demand obligations which are re-
deemed in gold and to permit the ma
ftnnol Ho fn tI,ntr
SO as to fill the vacancy that retention
of United States notes would cause and
also that the banks be required to re-
deem their notes in gold, will, if car
ried out, gradually transfer TO the
shoulders of the banks that duty of
providing the gold for the demands of
the country which the government has
heretofore attempted to main. ain.
This plan, if carried out, would, in my
opinion, solve the entire currency prob
lem and do it in such gradual quite
way that it would not disturb business
conditions or compel the increase John
Sherman, when he was preparing, as
secretary Of the treasury. to resume
specie payment, said: The way to re-
sumo is to resume Now it seems that
another Ohio man has come to the
front with an equally simple, practical
currency reform proposition which III ly
go into operation as smoothly and sat
isfactOrily and with as valuable results
as did the specie resumption under Sec
retary Sherman, now the distinguished
and honored head of the department of
state.
The few people who were inclined to
criticse the operations of the Dingley
law have learned that their criticisms
were not well founded. That law has
in it's first four months produced nearly
10 per cent more revenue than did the
Wilson law in the corresponding four
months of its history, and has increased
its earnings more than 25 per cent in
that length of time. Assistant Secre-
tary Howell, who has been many years
connected with the customs service of
the government, has caused very care
full estimate to be made of the earning
| which this law would have produced in
the past four months had the importa-
tions been up to the normal. To OBJ
tain the nomral importations he takes
those of the year 1892, which was
looked upon as fair example of the
importing habits of the United States.
He finds that if the importations of the
past four months had been equal to
those months in 1892 the customs earn
ings of the new law would have been
blO2, 600, 600, instead of $34, 1000, 900,
as they were, or an average of nearly
SIT, 900, 900 per month in excess of its
actual earnings meantime. This gives
great encouragement to the friends of
the law and they look forward with abb
solute confidence to it's earning capacity
and to the probability that it will,
within the next few months, show to
the country its ability to supply all the
revenue needed.
On this subject it is proper to say
that the so-called estimates of the treas
ury department which indicate that the
revenue for the next fiscal year will be
$21, 900, 900 short of the expenditures
are entirely misleading. The law re-
quires the war department. to include in
its river and harbor figures the entire
estimates of the officers in charge of the
various works, which brings the es-
innate for river and harbor work, alone,
for the fiscal year above $50, 600, 900,
while it is we'll known that the custom
is to appropriate no more than one
fourth of that sum. 1t is thus apparent
that while the estimates for expendi-
lures are nominally in excess of those
relating to receipts. that in fact the re-
ceipts will be greater than the expendi-
lures.
Rigid economy in public expenditure
is the watchword on the Republican
side in congress. This was the recon-