The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1898-01-04


needs. From this fact grave confusion
hns arisen. Tho existence OF 10 largo nm
amount Of demand obliguii1ns I'm the
hands OF The people affords nm oppor.
tunity 10 ill.dlsposd persons 10 ornbar.
raSs mo treasury In umns OF danger or
whr, which Hhoud not bo allowed 10 OK
list War. a failure Of royonue. a com.
in"rclal rcyulslon, an election, n weak
prnsIdont--any one Of these unfayorablo
conditions. exciting alarm ana thon panic.
might cause tho treasury TO be depletso
Of iis gold and itg notes to bo dish0aored
II II dangerous weakness In our system
that today tho decision whSthcr our stan.
dard shall consist Of gold o. silver rests
Win the cHccU.lyc. The danger IN ne
existence 0f zb large dennnd debi Oh
.ho United 8thtos ~ sgB.72s07 arlses
from hc fact tha9 The government ls not
IN q position properly 10 protect is gold
reserves. These reserves are expossI 10
attack, without any means Of resistance
such as lip IN The hands Df banks wbenI
Obliged 10 pr0tect banking reserves The
sorloio aHpecl of the present sltuatlonl
Ia mofe clear Whon h II understood tiiat
n The g0YsrnmTnt should raise any doubt
as 20 'its ability 10 rtdeern ~ deniind Oh.
'lgnuons. then all Dther forms Of The cur.
roncy dependent npon the character oil
our lawful money bocome Of uncfrtainl
value Hence doubt ns to gold re-.
demfslon by the government throws dls. |
trtdIt and do,tlG upon tho means Of pay.
mcnt by every financial institution Of me
country and rrn.is nervous fre,norl
through thn whole organization Of trade
ard commerce. The sllghtaai question NJ
TO the attitude Of the tr,,nfury 30 lntf.
maiciy Affects thc pro-pevaty Of our coun.
try ihm Il is imperative tina, tho govern |
mcnt should cease To occupy hls critical
position ln fegarl 10 the money of the
country Ti!s + an The moro true when
Il is recalled t,In for seventeen yoaru the
government made no pretcncc TO keep
10 promises. afJ the remaining forms OF |
currency Of the country had correspond.
lnsly do'crioraicd.
AZ a nra and essential step N his re-. |
form. he FUNDS Of uhe treasury conncciciI
aith he currency should be- kep, lis
tinut firm those pertaining TO Income
and outgo by assigning them 10 a division
or issic hni redemption, 10 begin. from
.hc pfohont stock of gold In The treasury.
q reserve should be- placed In THIS division
amounting 10 q per cent OF the total de-.
rand obhgationu 81 the trclsury. 20. |
geihcr with a sum Of per cent OF the
nuhstaniing siiyc' coinage In addition.
the secretary Of the treasury In author.
lied 10 sui bonds for gold TO msa any
possibl. demand for redemption So soon
nT this authority IL granted no further
wililnsnoss and abilBy OF the Treasury
to rcdrrsn Hz demand OBLIGATIONS IN
gold
Tho commission recommend the entire
hu gradual rciiramen, Of all goyornmentl
pap,- money In oNlcr that this may be
done corner,piiyely and NIthol, reducing
any needed portion OF our circulation. thc
government notes when redeemed should
oc ~ once cancelled up 10 The amount cf
so onooo After that amoaut shall have
b~cn paid and cancelled the treasury
shall from time to time cancel sucA fur.
thor amount OF notes redeemed Turing
i'o hrt nvc years az shall equal but not
exceed, the i's'rcnsc of national bank
notes issued subsNiurnt to tlr taking ef.
feet Of tlc proposed act. II at The end OF
nvc years next after the taking eject
Of the proposed Ac, any United States
notes and Treasury notes shall be out.
',nnling a sum not cNcee Ting one-firin
OF such outstanding amount shall be- re.
tired aad cancelled each year thereafter,
aad at the end OF ten years after the pass.
axe OF the pgoro oJcd oct INC United States
I oics and Treasury notes then outstand.
Ing shall CEASE to DE legal tender for all
debts public ami private exccp, for dues
TO the United States. The commission be.
llcvc that better medium Of exchange
quicker In Responding 10 the needs OF
business than an inelastlc government pa
per. can be provided by A wcll-adjusted
system OF bank issues.