The record-union., 1897-08-19
ubin C Co., 4OO-4I2 X Street. Sacramento

conformity with that fine sense of finan-
cial integrity which has heretofore been
observed would again give the business
world such a shock as to cause a dead
ening of reviving industry and destroy
returning prosperity. There is no relief
from this situation in the great individ-
ual wealth of the individual citizen nor
in his individual desire to maintain his
credit. The unlimited resources of the
country and the unbounded energies of
the people are equally unavailing in Civ
| ing aid and comfort. The fault lies in
the Governments financial system and
not in the rule of conduct which guides
| the individual as an individual Until
the national fault is eradicated the cit
iZen must continue to suffer for his
country's folly, both in purse and in
reputation. The boastful plea of the
sustaining power of patriotism as ap-
Piled to the country's currency issues,
III time of a financial stress is of no
avail A great Government fiscal op-
eratiOns cannot be conducted simply
upon patriotism, nor can they be based
upon sentiment. The Government lacks
in dignity when it places itself in a posi-
| tion where it is either a mendicant ask
ing aid from private citizens or weak
| ling at their mercy. 1t possibly may be
a bad thing from the patriots stand
point to present for redemption the cur
repcy demand obligations which the
| Treasurer under the mandate of the law
sends forth, at a time when the Govern
ment is financially embarrassed, but
the act is a business one and is gov
| erned by business reasons. The Treas
ury Department should be in such a
condition that it would not find it nee
essary for its protection to have the
citizen eliminate all the elements of hui
man selfishness when dealing with it.
In order to inspire confidence it must
stand upon the same footing as any
other business establishment, ready and
willing to pay the Governments debts
without asking leniency from it's cred
| itors and at no time having a larger
| liability outstanding than it is able to
liquidate. 1t certainly ought not to in
sist on voluntarily furnishing the means
for its own destruction and then COM
| plain if those means are employed and
danger threatened.
The citizen who notes the trend of
events must see that the cloud upon the
| beautiful horizon which we count as
!
already ours, is the ambiguity in gov
ernmental contracts introduced by the
| legal tender issues. These issues are
! condemned by the student of finance
familiar with the worlds monetary his
tory, and with equal emphasis by the
man of affairs trained in the school of
business. In their operation they con-
stitute the strongest hope of the advo-
Yates of the free coinage of silver, thus
working a double hindrance to the re-
turn of complete and lasting prosperity.
The advocate of the free coinage of sill
yer believes that through them a silver
basis must ultimately be reached, and
because of this resists their payment
and cancellation, unless silver dollars
at ratio of 16 to 1 be substituted in
their stead. He protests with
equal vehemence against their
conversion into absolute gold certif1-
Gates in explicit terms In their pres
ent position and treatment they compel
the interests of trade and the cause Of
labor, the undertakings of the manu-
facturer all to give hostages to for
tune"
Those who now assert that they are
patriotic emblem of the war and un-
changed must remain ''the peoples
money" should study the history of
their creation and their effect upon the
| country's welfare. They are demand
obligations never retired yielding to no
ordinary rules of trade necessities in
expansion or contraction in volume. In
the very terms of the contract which